BUY JM FINANCIAL LTD | TARGET: Rs 109 | STOP LOSS: Rs 96
JM FINANCIAL has re-tested the breakout zone of the recently made ‘cup & Handle’ pattern on the daily chart that even coincides with the lower band of the Bollinger. The stock price has seen strong support and has bounced from the lower band suggesting a strong support zone near the previous breakout zone. On the oscillator front, 14 period RSI has seen reversal on the higher side indicating strength in the counter from a short-term perspective.
BUY POWER FINANCE CORPORATION LTD | TARGET: Rs 155 | STOP LOSS: Rs 120
PFC is in a secular uptrend and is in the cycle of higher highs higher lows on the daily time frame. The stock is currently placed above its major exponential moving averages affirming the inherent strength in the counter. Also, the monthly RSI is about to come out of a falling trend-line and that can give immense strength to the price movement. From a risk-reward point of view, the stock is suitably placed and momentum could be seen from here onwards.
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Disclaimer: Osho Krishan is senior manager – equity research at Anand Rathi Shares & Stock Brokers. Views expressed are personal.
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