Anand Rathi recommends the following stocks:
TECHNICAL
RECO: BUY CADILA HEATHCARE TARGET: 560 STOP LOSS: 514
The stock has provided a breakout from a downward sloping parallel channel with a buy crossover in its momentum indicators. The stock has also moved above its short term moving averages, thus confirming a breakout as well as upward momentum.
RECO: BUY ICICIBANK TARGET: 325 STOP LOSS: 290
The stock has provided a breakout from a sideways consolidation with a buy crossover in its momentum indicators. The retest of the pattern has been done and the stock has reversed as well post the retest of the pattern. The stock is also moving well above its short term moving averages; hence the bulls have an upper hand.
RECO: BUY OIL(I) TARGET: 284 STOP LOSS: 262
The stock seems to have completed a three wave zigzag corrective pattern on the daily charts. It has also reversed from an oversold territory as the momentum indicator has come into buy mode with a positive divergence. A minimum of 23.6 percent retracement of the entire fall is expected and that comes to 284, hence one can buy this with a stop loss pegged below its wave B swing low i.e. at 262 levels
FUNDAMENTALS
Bharat Forge
CMP 1120
Target 1500
India’s largest forging company with global manufacturing footprint
Expect new business/products to grow to about 15 percent in next 2 years
Expect FY18 performance to be better than underlying market demand
Supreme Ind
CMP 1190
Target 1450
A market leader in agriculture-related pump-sets with ~35-40% market-share
Reported turnaround performance in FY17 & Expect better operating cash-flows
Improving rural economy & focus on greater profitability would lead to a re-rating
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.
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