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Finolex shares have given a Cup & Handle breakout on the monthly charts and can be bought at above Rs 275 by aggressive traders for a target of Rs 325, and a stop loss can be placed below Rs 229.
The brokerage, in its report released on Thursday, said, "With increasing indigenization and favourable government policies, defence sector will continue to flourish. We maintain our overweight stance. Our preferred stocks in the sector are HAL, BEL, and Data Patterns."
Data Patterns share price: When asked about an update on BrahMos, the company management said, "BrahMos seeker is about to get flight tested anytime. We are not very sure exactly in the next few weeks. It is still in that stage. The BrahMos flight testing is over, we will be able to announce this. But it is the program is on, it is current and they are expecting to do a flight test very soon."
The stock has been taking support above the 50-Days Exponential Moving Average on the daily charts. On the monthly charts, it has been making higher lows for the past eight months.
Data Patterns made a stellar debut on the stock exchanges as the shares of the company listed at a premium of over 47 per cent.