STOPLOSS: Rs 338
TARGET: Rs 361
The stock is moving after taking support at its 50 DMA and crossed and closed above the immediate hurdle of 350 zones. It registered a price volume breakout on daily chart after a consolidation in last eight sessions. It consolidated in a range after witnessing a strong run up from 290 to 356 levels in the first week of march and is now again set to start next rally towards 361 and higher levels. Thus recommending to buy the stock with the stop loss of 338 for the upside target of 361 levels.
BUY INDIA CEMENTS:
STOPLOSS: Rs 74
TARGET: Rs 82
The stock crossed and closed above its 50 DMA after the struggle of last thirty three trading sessions. It has been making higher top higher bottom formation from last sixteen trading sessions. It has been continuously respecting to its 13 DMA from last thirteen trading sessions. It crossed its 50% Fibonacci retracement levels of the fall witnessed in the month of February. Thus recommending to buy the stock with the stop loss of 74 for the upside target of 82 levels.
SELL BATA INDIA:
STOPLOSS: Rs 503
TARGET: Rs 473
The stock has been trading in a range from last ten weeks and constantly finding hurdle at the higher levels. It turned from the resistance levels and failed to recover with recovery in the broader market with shorts being active in the counter. It has been making lower top – lower bottom formation from last eight series. So, recommending to sell the stock with the stop loss of 503 for the downside target of 473 levels.
SELL INDIABULLS HOUSING FINANCE:
STOPLOSS: Rs 650
TARGET: Rs 610
The stock failed to hold the support of 630 levels and is continuously making lower top – lower bottom price formation from nine trading sessions. It failed to cross the hurdle of 690 levels even after the recovery witnessed in previous week and started to decline with shorts being active in the counter. It has been finding hurdle at every resistance levels and short term trend of the stock has turned to negative. One can sell the stock with stop loss of 650 for the downside target of 610 levels.
Disclaimer : We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a derivatives analyst with Anand Rathi