Stocks in Focus

After massive rally on Friday, bulls were on the back foot on Monday as profit booking dragged the indices below 8500 levels. Since morning, Realty, Oil & Gas and Capital Goods sectors saw selling pressure whereas PSU banks showed decent buying interest after the announcement of “Indradhanush” plan by government.

On technical charts, Nifty is continuously trading in the wide range of 8320-8650 from past few weeks and also manages to hold the level above 200EMA. Either side break may be on the upper side (8650) or lower side (8320) can be the decisive move for near term. For next session, support is seen around 8440-8410 levels and resistance is seen at 8520-8540 levels for next session.

CROMPTON GREAVES (LONG)

Stop Loss: Rs.182/-

Target: Rs. 193-195

It appear from chart that stock was consolidating in the range of 176-198 levels from past few weeks, which lead to trade in lower highs and higher lows on daily charts. It is likely to give the breakout of downward sloping resistance line so one can buy in the range of 185-186 levels for the upside target of 193-195 levels with SL of 182.

EXIDE INDS (LONG)

Stop Loss: Rs 154

Target: Rs 187-190

After finding support around 140 levels, stock rebounded sharply and broken all its important moving averages and continuously trading above the same. On Monday, stock went up by over 1.5% and gave the breakout of consolidation with decent volume. So, one can buy in the range of 159-160 levels for the upside target of 167-169 levels with SL below 154.

HAVELLS INDIA (SHORT)

Last close: Rs 274.00

Target: Rs 260-257

Stock was forming “Head and Shoulder” pattern on daily charts and gave the neckline breakdown of same during last traded week. On Monday, stock went down by 1.4% and confirms the further downside. So, one can sell in the range of 268-270 levels for the downside target of 260-257 levels with SL below 274.

DABUR - BUY

Stop Loss:-Rs 291

Target: Rs 315

The stock has taken multiple supports near the Rs 290 zone in the last five consecutive weeks. In the previous trading session, the stock made a bullish harami candle on the daily charts, which affirms our positive view and indicates a 'hold' at current levels. So we are advising investors to trade long, with a stop-loss of Rs 291 for an upside target of Rs 315.

AUROBINDO PHARMA - BUY

Stop Loss: Rs 755

Target:Rs 820

The stock is holding its support base, with fresh built-up of long positions. It has been making higher highs-higher lows from the past two trading sessions and is set to resume the next leg of its rally, as per recent price behavior. It is showing the strength to move towards higher levels. So we are recommending to trade long with stop loss of Rs 755 for an upside target of Rs 820.

TATA POWER - SELL

Stop Loss Rs 72

Target: Rs 65

The stock is continuously trading in weakness from last one year and witnessing selling pressure at every minor attempt to bounce back. It is trading at one-year lows and has been making lower tops and lower bottom formation on the charts. It has added huge short positions, with shorts rollover from the last series to current series, and has broken all its support levels. This indicate that the stock is totally in a bear grip. One can sell the stock with a stop-loss of Rs 72 for a downside target of Rs 65.