Stock Market Recommendations

KPIT: Buy  

Target: Rs 145

Stop Loss: Rs 118

After significant correction in first half of this calendar year, counter has been moving up with formation of higher top and higher bottom on daily charts. Recently stock corrected from 135 to 112 levels, which is 61.80% retracement of previous impulsive move from 102 to 135 levels. So the price extension of this impulsive move gives us the target of 145 for the counter. Stock trading decisively above 89 EMA is also a positive indication. Fix stop loss @ 118 and go long. Time horizon for the trade is around 2 weeks.

JUST DIAL: Sell

Target: Rs 930

Stop Loss: Rs 1,065.

Both in daily and weekly chart this counter remains in low to and low bottom formation. In recent bounce back of previous impulsive move from 1290 to 1007, stock didn’t even manage to retrace till 38.20% which is sign of weakness. We expect stock to remain under pressure and breach the psychological support of 1000 and move down to the levels of 930, which is our target price. Fix a stop loss of 1065 for this trade whose time horizon is around 2-3 weeks.

CROMPTON GREAVES: Buy

Target: Rs 206

Stop Loss: Rs 179

On daily charts stock is moving in a triangle and is about to move out of this pattern. On weekly chart there is a clear visibility of a pennant. This increases likely hood of upper ward breakout from the daily triangular pattern. Though target price from break of pennant pattern can be quite aggressive but for time being we expect stock to move to the levels of 206. Fix a stop loss of 179 and go long.

IOC: Buy

Target: Rs.420-425

Stop Loss – Rs 390.00

The stock has completed its correction and is ready for its next move higher, buy with SL of 390 and targets of 420/425.  

JK TYRE: Buy

Target: Rs.130

Stop Loss – Rs 112.00

The stock has again broken out above its 200 DMA and traders can go long with SL of 112 and target of 130.  

TCI: Buy 

Target: Rs.322

Stop Loss  – Rs 297

The stock has given a strong break out from a long consolidation zone on the monthly charts giving a close at life time high. go long with SL of 297 and target of 322.   

PNB: Buy

Target: Rs.182

Stop Loss: Rs166.00

The share has corrected after a sharp up move and will take support at its 200 DMA (170). go long with SL at 166 and target of 182.

VEDANTA LIMITED: Sell

Target: Rs.96

Stop Loss: Rs.109.00

The share has given a mild recovery from highly oversold territory which might not sustain. Traders can go short at 104 with a stop loss of 109 and target of 96.