Shrikant Chouhan Senior Vice President - Technical Research at Kotak Securities recommends the following stocks:
TCS: BUY: 2451.55 / Stop-Loss: 2390 / Target: 2600
Nifty IT Index moved from the lows of 9900 to the highs it made recently of 11000. The index has retraced a significant portion of the up-run and is now available at supports. TCS has been an outperformer in the sector and the chart of it is very similar to that of the index. Momentum indicators are also in oversold territory.
SIEMENS: BUY: 1327.80/ Stop-Loss: 1280/ Target: 1425
On the weekly charts, stock has formed a double bottom, which was placed at 1000 levels. Confirmation of the pattern, when the stock broke above 1350. Momentum indicators have also confirmed the higher top, which is a bullish sign. The stock is now in throwback mode, and should be accumulated at such supports.
Godrej Properties: BUY: 533.20 / Stop-Loss: 519/ Target: 575
Nifty Realty Index has outperformed the Nifty by 32 percent in 2017. Godrej properties is consistently forming higher-high – higher low pattern on the daily time scale. The surge in volumes indicates interests of major players. Also, the stock is forming a flag formation on daily time scale, which is a continuation pattern and bullish for the stock. The 20-day SMA is also acting as proxy for a trend line and one can use the same to accumulate positions at support levels.
INFO EDGE (INDIA): BUY: 1019.20/ Stop-Loss: 940 / Target: 1150
Stock has delivered close to 40 percent returns in the past couple of months, and has had a vertical rally from 800 to 1128. It had multiple resistances placed around 1015 levels, which it broke with huge rise in volumes. Resistance of 1015 would act as a support for the stock, and long positions should be taken. One can also buy the stock it 2 tranches, one at current levels and balance at 970 for a medium term target of 1150.
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