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Last Updated : Nov 13, 2015 03:04 PM IST | Source: CNBC-TV18

Buy Future Retail, TNPL may test Rs 256: Kunal Bothra

Kunal Bothra, Head of Advisory at LKP advises buying Future Retail and feels that Tamil Nadu Newsprint and Papers may test Rs 256.

Kunal Bothra, Head of Advisory at LKP told CNBC-TV18, "The first stock which I have recommended is Tamil Nadu Newsprint and Papers (TNPL) and from a chart list perspective if we will look at the last five years from 2010 to 2015 you saw an interesting cup and handle pattern. The neckline was closer to Rs 180-175 levels and the moment the stock broke that particular pattern you have seen the stock on a tear and I believe that a longer term pattern which was almost a five years consolidation would probably continue for the next couple of quarters at least which is what I am expecting. If you look at it from a target perspective the positional target from a longer term trader probably would have been range of Rs 280-300. But from a short term perspective from the channel perspective I have recommended target of Rs 256 on the stock keeping a stoploss of Rs 234."

"The second stock which I have from the buying perspective is Future Retail. From a short term perspective the indicators are also suggesting that the stock has entered into a good buying territory. I am looking at a short term target of Rs 140, keeping a stoploss of Rs 126," he added.

"The third interesting stock which I believe could probably hold a lot more potential is DCM Shriram. From a short term perspective the stock is trading at Rs 138-139. But looking in the swing height and the recent chart patterns which is probably more or less a bullish pennant formation I believe a target of Rs 155 is extremely possible on DCM Shriram keeping a very tight stoploss of Rs 133," he said.
First Published on Nov 13, 2015 03:00 pm