BUY ULTRATECH CEMENT
Target: Rs 4,019
Stop Loss: Rs 3,875
Ultratech cements have provided a breakout from an inverse head and shoulders pattern which is a bullish reversal pattern. Also, the momentum indicators have provided a buy crossover thus confirming an upward breakout.
BUY DR REDDY'S
Target: Rs 2,389
Stop Loss: Rs 2,273
Dr.Reddy has provided a breakout from a downtrend resistance after having retraced its third wave. With this breakout it seems to have started its wave 5 up which is a bullish scenario going forward. Hence, we recommend buying Dr.Reddy for the target of 2389 with a stop loss of 2273.
Target: Rs 1,484
Stop Loss: Rs 1,360
has provided a breakout from a symmetrical triangular pattern on the daily charts which is formed in its wave B. Now, with this breakout the stock is likely to retrace 38.2% of its previous fall, so the target comes to 1485 levels.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.