REC, Gitanjali Gems top trading picks: GEPL Capital

GEPL Capital is bullish on REC, Gitanjali Gems and has recommended buy rating on the stock in its October 9, 2012 research report.

REC: After a steep fall in the stock from Rs. 414 to Rs. 143, the stock exhibited sideways movement in the 100 points range between 250 & 150. The stock formed Triangular Terminating Pattern in the consolidation and the breakout of this pattern is materialized in last month. High volume activity was seen at the time of breakout and the stock is expected to move higher in the near term. The stock can be bought in the range of 230 – 220 with the stop loss of 190 and target of 280 – 290.

Gitanjali Gems: The stock has given breakout of consolidation pattern above 360 and now moving higher. Higher volume activity was seen in last three trading sessions. RSI and MACD oscillators are suggesting buying in the counter. The stock is recommended in the zone of 375- 365 with the stop loss of 340 and target 410 & 430 for the period of one month.

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