Web Exclusive
Stock picks by Nilesh Jain of Anand Rathi: Buy IGL, Colgate Palmolive

The momentum indicators and oscillators for IGL shares are in the buy mode | Photo: Shutterstock.com
BUY IGL | TARGET: Rs 535 | STOP LOSS: Rs 480

The stock has provided a golden crossover on the daily chart where a 50-DMA surpassed its 200-DMA hinting at a fresh momentum in the counter. On the weekly scale, meanwhile, it is hovering near its 200-weekly moving average placed at 501 levels and breakout from the same will be confirmed on the higher side. The momentum indicators and oscillators are in the buy mode on the weekly scales which also supports the positive momentum.

BUY COLPAL | TARGET: Rs 1,700 | STOP LOSS: Rs 1,570

The stock is in a secular uptrend and has provided a breakout from a double bottom formation on the daily chart. It has also surpassed the upper band of the Bollinger band which hints of a fresh upmove in the counter. The momentum indicator RSI has reversed from oversold territory and MACD has provided a fresh buy crossover on the daily chart.

BUY ICICIGI | TARGET: Rs 1,540 | STOP LOSS: Rs 1,430

The stock is making a higher top and higher bottom formation on the daily chart. It has also provided a breakout from a flag and poll pattern on the daily chart and the conservative target for the same is coming around 1,540 levels. It is also trading well above its short-term and long-term moving averages. 

==============================

Disclaimer: Nilesh Jain is Technical and Derivatives Research - Equity Research at Anand Rathi Shares and Stock Brokers. He may have positions in one or all of the above mentioned stocks. Views are personal.

 


Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

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