Feb 28, 2012, 07.25 PM | Source: Moneycontrol.com
GEPL Capital has come out with its report on to trading picks. The research firm maintains buy rating on Ashok Leyland and sell rating on Biocon.
, GEPL Capital |
Ashok Leyland: After making high of 41 in 2010, Ashok Leyland was in strong downtrend and witnessed the fall till the mark of 20. From last nine months this counter was trading in range of 24 & 28 forming a triangle type of pattern of weekly charts. After a very long consolidation this counter has given breakout from its range trading activities and has given a close above its short term as well as long term moving averages that too with strong volumes which indicates a strong up move in coming time. In today’s price action, the stock was able to take support near its 200-DSMA and rallied with above average volume which indicates that smart money is flowing into this counter. Price pattern on daily as well as weekly charts are indicating that in coming time a strong up move is on cards. Momentum indicators on daily charts are suggesting a clear cut north side direction for prices. Keeping all this technical parameters in mind, we suggest this counter will be an ideal buy at current price as well as on decline with a stop loss placing at 25 for a target of 34.
Biocon: This stock was able to give some relief rally after witnessing a massive fall from price level of 330 to directly up to 240.The rally from the low of 240 has emerged on a very low volume raising the question about its sustenance on the higher side. Momentum indicators on daily as well as on weekly charts are not showing any major strength in this rally. Price pattern on daily chart is not indicating that ongoing up move is going to face major supply in the area of 280-282(50DEMA-282).The stock is trading well below its short term moving average (13DEMA-281) indicating that the short term trend is still very much down. Technical structure of this stock seems to be very weak and one can go short in this counter on rise around 278 with a stop loss placing at 282 for a target of 254.
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