TARGET: Rs 700
STOP LOSS: Rs 605
The stock has in consolidation for quite some time maintaining a strong support base near 605 levels near the 200DMA levels and currently has picked up momentum with a positive bullish candle pattern with decent improvement in the volume participation to show a positive bias and imply further strength and potential to rise further in the coming days. The RSI also has turned up to improve the bias and is on the rise to signify strength. We suggest to buy and accumulate this stock for an upside target of Rs 700 keeping the stop loss near Rs 605.
BUY BHARAT FORGE
CMP: Rs 507.30
TARGET: Rs 560
STOP LOSS: Rs 480
The stock has been in consolidation for quite some time and currently has given a breakout above the 500 levels to imply strength and has improved the bias and we anticipate further upside movement till 560 levels. The RSI also has indicated a trend reversal with a steep rise and with good volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 560 keeping a stop loss of Rs 480.
Disclaimer: The author may have positions in one or all of the above mentioned stocks. Views expressed are the author's own.