STOP LOOSS: 459
The stock has recently taken multiple support at around Rs 453-456 zones and moving upwards after a consolidation of last 10 trading sessions. It has managed to hold the important support and given a close above its 50 DMA by negating its immediate lower top – lower bottom formation.
BAJAJ CORP: BUY
TARGET: Rs 472
STOP LOSS: Rs 434
It has been making higher highs – higher lows on weekly chart and surpassed its falling supply trend line by holding above 50 DMA. It has also crossed immediate hurdle of 445 levels and gave the highest daily close of last thirty three trading sessions.
TARGET: Rs 1,920
STOP LOSS: Rs 1,804
It has taken multiple support and moving upwards from last four trading sessions and crossed the hurdle of Rs 1,835 zones. It is set to start an up move after the overall consolidation of last 12 trading sessions. Earlier it corrected from Rs 2096 to 1760 zones and now moving upwards led by short covering activities so also looks attractive in terms of risk - reward ratio.
JSW ENERGY: SELL
TARGET: Rs 83
STOP LOSS: Rs 91
It failed to cross 90 zones after the recovery of last six trading sessions and shorts are again being active in the counter. It has tendency of witnessing sustain pressure after an every bounce back move and we are expecting this behavior to continue as per its price and open interest data.
Disclaimer: We are suggesting all these stocks to our clients but no personal holdings
Chandan Taparia is a technical analyst with Anand Rathi Retail Research