BUY COLPAL | TARGET: Rs 1,730 | STOP LOSS: Rs 1,595
The stock is making a 'higher top and higher bottom' formation and is trading in a rising channel on the daily chart. It has provided a breakout from a rounding bottom formation and has scaled to a fresh new high. The volume was higher than average which supports the price action and we can expect the upside momentum to continue. The MACD has provided a fresh buy crossover on the daily chart above the zero line. The stock also witnessed a built-up of long positions with the addition of 15 per cent open interest.
BUY GODREJCP | TARGET: Rs 850 | STOP LOSS: Rs 732
The stock has provided a much-awaited breakout from a two-year long consolidation. The breakout was very well supported by the higher than average daily volume which hints of a further upside momentum. The momentum indicators and oscillators are in the buy mode on the daily as well as weekly scales which also supports the positive momentum. The stock also witnessed a built-up of long positions with the addition of 4 per cent open interest.
BUY HERO MOTOCO | TARGET: Rs 3,350 | STOP LOSS: Rs 3,110
The stock has negated the formation of the 'lower top and the lower bottom' formation and has provided a breakout from a symmetrical triangle formation on the daily chart. It also surpassed the upper band of the Bollinger band on the daily time frame. The conservative target of the said pattern is coming around 3,350 levels. The MACD has provided a fresh buy crossover and RSI has reversed from the oversold territory on the daily chart which hints of a further momentum on the higher side.
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Disclaimer: Nilesh Jain is Technical and Derivatives Research - Equity Research at Anand Rathi Shares and Stock Brokers. He may have positions in one or all of the above mentioned stocks. Views are personal.
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