Reliance Securities recommends the following stocks:
CMP: 2491| RECO: BUY| TARGET: 2680-2780| STOP LOSS: 2400
The stock reversed after taking support of lower band of the rising channel and rose to 7-week closing high, confirming an uptrend.
Due to recent reversal in the stock, Stochastic and RSI moved higher post their positive cross-over.
As per the current weekly set-up, we believe that stock will keep its northward journey intact and soon visit prior resistance zone and record new life-time-high thereafter.
In case of any negative surprise, lower band of the rising channel and cluster of moving averages will save the stock from falling lower.
Thus, long position can be initiated here and on dips for the target of Rs 2680-2780 and with a stop loss of Rs 2400.
CMP: 377| RECO: BUY| TARGET: 413-430| STOP LOSS: 360
- GAIL reversed after taking support of its long-term moving average 200-day SMA, but after a rally of over 10 percent, stock consolidated in between Rs 375-395.
- The key technical indicator-RSI is also positively poised above 50-mark, confirming the uptrend in the coming days.
- The stock has closed above its short-term moving average 20-day EMA and with the sector in focus it is likely to outperform.
- Thus, long position can be initiated here and on dips for the target of Rs413-430 and with a stop loss of Rs360.
CMP: 262| RECO: BUY| TARGET: 295| STOP LOSS: 243
Coal India reversed forming Double bottom pattern around Rs245 and later it rose to 7-week closing high.
Due to recent recovery in the prices, key technical indicators-Stochastic and RSI reversed from their oversold zone.
MACD also reversed from its oversold zone and about to give positive cross-over.
As per the current weekly set-up, we believe that stock will continue undergoing positive momentum and soon it will manage to breach intermediate hurdles of short-term and long-term moving averages.
On the lower side, the stock will find strong support around its recent swing low.
Thus, long position can be initiated here and on dips for the target of Rs 295 and with a stop loss of Rs 243.
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.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
