Stock Recommendations

SENSEX (27809) BSE Sensex opened positive and traded flat in the absence of directional cues from the global market. It was not able to hold the previous day’s positive journey and closed in negative territory with the loss of 28 points. Now index needs to hold above 27800 levels to continue its positive trend and move towards its psychological 29000 levels while on the downside, immediate support exists at around 27600 levels and below that bears may drag the index towards 27300 levels.

INTRADAY PICKS

Godrej Industries (LTP: 363) SELL For today's trade, short position can be initiated only in Rs.369-373 range for target of Rs.355 with a strict stop loss of Rs.375.

Maruti Suzuki (LTP: 3,698) SELL For today's trade, short position can be initiated only in Rs.3,730-3,750 range for target of Rs.3,660 with a strict stop loss of Rs.3,765. 

HCLTECH gave a strong break out from a triangle formation on daily chart and continued the up move of previous session and also breached its falling supply trend line on weekly chart. The RSI indicator is also indicating strength in the stock and showing the potential to move further towards 988 levels. Thus traders can buy the stock between Rs.945 to 955 with stop loss of 931 for the upside target of 988 levels.

AXISBANK traded with strength in the previous session even after the flattish move of the broader market. It is turning from the lower band of the range and breaking out from the falling supply trend line. It is trading above its 35, 50 and 200 DMA. The RSI is also supporting the up move with rise in trading volumes. Thus traders can buy the stock between Rs.559 to 565 with stop loss of 551 for the upside target of 584 levels.

Technical Stock Recommendations

Amtek Auto managed to take off post forming base around Rs140-150 range and later rose to almost month high (i.e. Rs162), with the strong volume, where the stock had given break-out from the falling trend line, closed above its 20-days EMA & 50-days EMA and visited its 100-days SMA all alone on the same day. Bullish Stochastic (5,3), RSI (14,9) above 50-mark and positive cross-over in MACD (12,26,9) are also signaling change in the short-term trend and in favor of price rise. As per the current set-up, we believe such formation will help the stock to visit upper band of the channel in short-term.

Thus, for today's trade, long position can be initiated only in Rs.155-150 range for target of Rs.190 with a closing based stop loss of Rs.140