Web Exclusive
Stock picks by Nilesh Jain of Anand Rathi: Buy Adani Enterprises, Wipro

Photo: Shutterstock.com
BUY ADANIENT | TARGET: Rs 350 | STOP LOSS: Rs 315

The stock has provided a fresh breakout from its falling channel on the daily chart. The higher-than-average volume activity supported the breakout. The momentum indicator RSI has reversed from its oversold territory and breached its falling trend line on the daily scale which hints at positive momentum in the counter.

BUY NAUKRI | TARGET: Rs 3,800 | STOP LOSS: Rs 3,475

The stock has formed a bullish engulfing candlestick pattern on the daily chart which is considered as a bullish reversal pattern. It is also trading in a rising channel and currently, it is near the lower end of the channel. Hence, the risk-reward is in the favor of the long positions. It has also surpassed its short-term 21-DMA which is placed near 3,500 levels. A fresh buy crossover can be seen in MACD on the daily chart. Based on the above rationale, we can expect the stock to test the upper end of the channel which is placed at 3,800 levels. 

BUY WIPRO | TARGET: Rs 355 | STOP LOSS: Rs 331

The stock formed a bullish engulfing candlestick pattern on the daily chart and also breached its falling trend line. A short-covering move was seen in the previous trading session and now we can expect some long build-up in this counter. A fresh buy crossover can be seen in MACD on the hourly chart whereas RSI is also moving higher from its oversold territory. The overall set-up hints at a possible reversal in the counter in the short term. 



Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel