PETRONET LNG: BUY Target: Rs 190: Stop Loss: Rs 178
It has given a strong breakout from its consolidation phase of last six weeks. It crossed and closed above its immediate hurdle of Rs 183 levels. It gave the highest daily close of last thirty one trading sessions above its 50 DMA. It has taken multiple supports at its Rs 170-171 levels and turning from the lower levels thus looks attractive in terms of risk reward ratio. So recommending buying the stock with the stop loss of Rs 178 for the upside target of Rs 190 levels.
BANK OF INDIA: BUY Target: Rs 150: Stop Loss: Rs 140
It has formed inverted head & shoulders which has bullish implication by its nature but requires to cross and hold above Rs 145-146 zones to get the pattern breakout for an upside potential target towards Rs 150 and higher levels. It headed towards its 50 DMA and negated its negative pattern. So recommending buying the stock with the stop loss of Rs 140 for the upside target of Rs 150 levels.
M&M FINANCIAL: BUY: Target: Rs 245: Stop Loss: Rs 230
It negated the negative trend of last four week and is moving after taking multiple support at Rs 225-227 zones. It is turning from the lower levels thus looks attractive in terms of risk reward ratio. So recommending to go long in the stock with the stop loss of Rs 230 for the upside target of Rs 245 levels.
ACC: SELL: Target: Rs 1,323: Stop Loss: Rs 1,405
It failed to cross immediate hurdle of Rs 1380-1400 zones and has been making lower top – lower bottom formation. It is witnessing built up of short position with open interest addition of around 13% in the October series and these shorts are intact in the counter. We are expecting this weakness to continue for next coming sessions. So, one can sell the stock with the stop loss of Rs 1405 for the downside target of Rs 1323 levels.
Disclaimer: We are suggesting all these stocks to our clients but no personal holdings.