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Three stocks that Nilesh Jain of Anand Rathi Shares is bullish on

The stock of Biocon is trading in a rising channel and is currently at the lower end of the channel
BUY HINDPETRO | TARGET: Rs 230 | STOP LOSS: Rs 213

The stock has witnessed a golden crossover on the daily chart where 50-DMA has crossed its 200-DMA from down to up. It has also formed a strong base at around 205 levels and is making a higher top and higher bottom formation on the daily chart. The momentum indicators and oscillators are in the buy mode on the weekly scales which also supports the positive momentum. The stock also witnessed a short covering of positions and now we can expect a build-up of long positions going forward.

BUY BIOCON | TARGET: Rs 480 | STOP LOSS: Rs 448

The stock is trading in a rising channel and is currently at the lower end of the channel. It has also taken the support of 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 480 levels. The momentum indicator RSI has reversed from the oversold territory on the daily chart hints of a further momentum on the higher side.

BUY UBL | TARGET: Rs 1,260 | STOP LOSS: Rs 1,130

The stock is on the verge of a major breakout from a triple top formation. It has also formed a rounding bottom formation and the neckline is placed at 1,200 levels. A breach of the resistance will provide fresh momentum towards 1,260 levels. It is also trading well above its short-term and long-term moving averages. The weekly MACD and RSI is very well in the buy mode.

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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.


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