Vishal Kshatriya and Meghana V Malkan's diwali bets
Vishal Kshatriya of Edelweiss Securities
My first pick for the day is going long on Mindtree. The stock managed to bounce back from its trendline support placed on its weekly charts. Besides this we have also seen a spurt in volumes which clearly indicates the emerging demand in the stock at support levels. Technical oscillators have also given buy signals. Traders can initiate longs at current market price with a target price of Rs 1150 and maintain a stoploss below Rs 960.
My second recommendation would be going long on Pidilite. Overall trend in the stock is positive which is depicted by formation of higher tops and higher bottoms on its daily charts. Besides this stock has also given flag pattern breakout with good volumes on its daily charts, technical oscillators continue to trade in positive territory. Traders can initiate long at current market price with a target price of Rs 440, maintain a stoploss below Rs 390.
Meghana Malkan of malkansview.com
My first call is a buy on Reliance Communications. The stock formed a bullish candlestick pattern in yesterdays trading session. RSI seems to be taking support at Rs 40 levels and moving up from there onwards. I would therefore like to go long on RComm with a stoploss of Rs 100 for targets of Rs 108 and Rs 111.
My second call is a buy on UPL. The level of Rs 320 seems to be acting as a good support for the stock. It is also taking support at 20 period moving average on weekly charts. I would therefore like to recommend a long on UPL with a stoploss of Rs 330 for targets of Rs 347 and Rs 352.
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