Moneycontrol
Jul 17, 2017 10:35 AM IST | Source: Moneycontrol.com

3 hot stock picks from Reliance Securities

Motherson Sumi Systems,Indiabulls Housing Finance, and Apollo Hospitals are on the radar of Reliance Securities

3 hot stock picks from Reliance Securities

Reliance Securities recommends the following stocks

MOTHERSON SUMI SYS LTD

CMP: 317| RECO: BUY| TARGET: 345| STOP LOSS: 300

Motherson Sumi is in the strong up-trend, as stock reversed after taking support of its 23.6 percent Fibonacci Retracement level of prior multi-month rise (from Rs202 to 329) and later, it has managed to recover partial losses.

  • Due to recent recovery in the prices, RSI reversed from the crucial level-50 and MACD has given positive cross-over, which is signaling strength in the stock.

  • As per the current daily set-up, we believe that Motherson Sumi will continue its northward journey and record new high.

  • On the higher side, the stock will face major hurdle around Rs 345, which is coinciding with its 38.2 percent Fibonacci Extention of prior multi-month rally.

  • In case of any negative surprise, its short-term moving average 50-day EMA will continue to work as key reversal point.

  • Thus, long position can be initiated here and on dips for the target of Rs 345 and with a stop loss of Rs300.


Motherson Sumi Reliance Sec

 INDIABULLS HOUSING FINANCE LTD

CMP: 1123| RECO: BUY| TARGET: 1250| STOP LOSS: 1060

  • Indiabulls Housing Finance has breached four weeks old falling trend with the rise of 5.4 percent and managed to eclipse prior losses, where its 23.6 percent Fibonacci Retracement level of prior multi-month leap (from Rs605 to 1187) worked as key reversal point.

  • Due to recent recovery in the prices, key technical indicator-RSI also reversed from sub-60 mark and about to give positive cross-over, which is signaling strength in the stock.

  • As per the current weekly set-up, we believe that Indiabulls Housing Finance will continue its northbound journey and record new life-time-high in the short-term.

  • In case of any negative surprise, strong base formation around its 23.6 percent Fibonacci Retracement level will save the stock from falling.

  • Thus, long position can be initiated here and on dips for the target of Rs 1250 and with a stop loss of Rs 1060.


INdiabulls-Religare Sec

APOLLO HOSPITALS

CMP: 1253| RECO: BUY| TARGET: 1400| STOP LOSS: 1150

  • Apollo Hospitals reversed after taking support of lower band of the rising channel and closed above its long-term moving average 100-day and 200-day SMA.

  • Due to recent recovery in the prices, key technical indicators-Stochastic and RSI reversed from their oversold zone and bull market support are (i.e. in 40-33) respectively.

  • As per the current daily set-up, we believe that stock will soon resume its up-trend and will manage to visit upper band of the rising channel in the short-term.

  • In case of any negative surprise, lower band will save index from falling, but major support is placed around Rs1150 (i.e. its 50-month EMA).

  • Thus, long position can be initiated here and on dips for the target of Rs 1400 and with a stop loss of Rs 1150.Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol are their own and not that of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
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