Stock Recommendations

Bharat Forge: BUY

Stop Loss: Rs 1,240

Target: Rs 1,315

The stock has crossed and closed above immediate hurdle of 1260 zones and looks strong to head towards 1315 and 1350 levels. It has seen huge buying interest in last couple of trading sessions and holding well above its 50 DMA. We are recommending to buy the stock at decline with the stop loss of 1240 for the upside target of 1315 levels.

KSL (Kalyani Steel): BUY

Stop Loss: Rs 154

Target: Rs 169

The stock has been making higher top - higher bottom formation from last four weeks. Recently, it took support near the 145 zones and is moving upwards with rising trading volumes. We are recommending to buy the stock with the stop loss of 154 for the upside target of 169 levels.

Hindalco: SELL

Stop Loss: Rs 91

Target: Rs 83.50

The stock recorded one year lowest levels and is continuously trading in bears grip. It witnesses sustained selling pressure at every small bounce back move. It is trading at one year low levels and has been making lower top ? lower bottom formation. It has added huge short positions with shorts rollover from one series to next series and it has also broken important support of 100 and 90 levels. One can sell the stock with stop loss of 91 for the downside target of 83.50 levels.

Shipping Corporation of India (SCI): BUY

Stop Loss: Rs 78

Target: 88/93

Rationale: On the weekly charts, the stock has given a fresh swing breakout after breaking levels of 73. On the daily charts, stock yesterday completed and broke out of a Bullish Flag pattern, with a breakout line of 79. Keeping the longer term trend as well as the short term price pattern in play, I believe the stock can head higher from current levels.

Titan: BUY

Stop Loss: Rs 332

Target: 350

Rationale: On the monthly charts, TITAN is forming a Bullish hammer pattern after seeing a recovery from 314 levels few weeks ago. Its nearing the 50 DMA, and if the stock breaks out of the band, then I believe that the stock can see some strong trending moves in the short term.

Bank of India: SELL

Stop Loss: Rs 182

Target: 173

Rationale: After touching the upper end of the Bollinger Band (20,2) the stock is witnessing some correction, and with weakness in Banknifty, I think this is one of weaker stocks, as it is struggling to break the 100 DMA and 200 DMA.

Ambuja Cements: BUY

Stop Loss: Rs 222

Target: 237

Rationale: The cement stocks did pretty well in yesterday’s session, and in Ambuja Cement, the modified RSI and modified MACD are showing signs of a strong breakout. Stock also closed above the mid Bollinger band, indicating a positive short term uptrend could begin for the short term.

Apollo Tyres: SELL

Stop Loss: Rs 198

Target: 191

Rationale: A bearish engulfing pattern with higher volumes indicate that the stock could witness a short term reversal. Modified RSI and modified MACD are also indicating this recent rally in the stock could be used as a sell on rallies