Here are top technical picks by Kotak Securities
Shrikant Chouhan, Senior Vice President of Technical Research at Kotak Securities lists out his top picks.
Shrikant S. Chouhan
Sr. Vice President - Technical ResearchMRPL: BUY: 134.40/ Stop-Loss: 127 Target: 155
Since 2008, the stock has remained under severe selling pressure, however after hitting a panic low of 26.50 in the year 2013, the stock has never looked back and gradually rallied to 143. Currently it is very close to its previous highest level at 149, which is nearly 5 times from the bottom it made of 26.50. Such formations on long term chart indicates, strong impulse/trending activity for the stock. As per medium time frame charts, the stock corrected to major levels of 116, in the month of July, with surge in volumes. Technically, it is suggesting that it is ready to cross its all-time highest level (149).
Stock has been consolidating in a pennant formation on weekly charts. It is a bullish continuation pattern, suggesting upward continuation. The stock has broken out of the same, with surge in volumes. Momentum indication like the RSI, is in positive territory, indicating bullish biasness.
LT: BUY: 1223.25/ Stop-Loss: 1170 / Target: 1350
Stock is in a strong uptrend on long term charts. It formed descending triangle and gave upwards breakout on weekly charts. With the help of measurement rule, target comes around 1350. Volume outburst in daily charts indicates buying interest in the stock. With good risk to reward ratio investor as well as trader should buy the stock.
Bharat Forge: BUY: 1225.85/ Stop-Loss: 1170 / Target: 1360
Stock has consistently taken strong support of a rising trend line and is forming a rounding bottom pattern on long term charts. Currently, on daily charts the stock has given major breakout from symmetrical triangle with good volumes, using measurement rule TARGET comes around 1360.