The stock of Piramal Enterprises has provided a breakout from a symmetrical triangle formation on the daily chart
BUY MOTHERSUMI | TARGET: Rs 120 | STOP LOSS: Rs 108
The stock has formed a strong base at around 103 levels and has witnessed a strong recovery from the same. It has also provided a fresh breakout from a small rectangle pattern on the daily chart. The major support of its 200-DMA is placed at around 100 levels. The momentum indicators and oscillators are in the buy mode on the weekly as well as daily scales which hints at a further positive momentum in the counter. The stock has also witnessed a build-up of a long position with the addition of approximately 5 per cent open interest.
BUY PEL | TARGET: Rs 1,430 | STOP LOSS: Rs 1,295
The stock has provided a breakout from a symmetrical triangle formation on the daily chart. The momentum indicator RSI has also breached the falling trend line and MACD provided a fresh buy crossover on the daily chart which hints of further positive momentum in the counter. It is also trading well above its short-term and long-term moving averages. Based on the above rationale we can expect a fresh momentum in the counter.
BUY JUBLFOOD | TARGET: Rs 2,350 | STOP LOSS: Rs 2,180
The stock has provided a fresh breakout from a falling channel on the daily chart. It also surpassed the centerline of the Bollinger band which is called the exponential moving average and now it is heading towards the upper end of the band which is placed at 2350 levels. It also reclaimed its short-term 21-DMA which was placed at 2230 levels. The momentum indicators and oscillators have turned positive on the daily chart which hints at a strong pullback in the short term.
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.