SELL M&M FIN | TARGET: Rs 115 | STOP LOSS: Rs 132
The counter has provided structural breakdown with higher than average volume. It is also making a lower top and lower bottom formation on the daily chart. The momentum indicator RSI has also reversed from higher levels on the weekly scale which hits of a trend reversal. If we take the retracement of the entire recent rally then 61.8% retracement is placed at 115 levels which can be the short term targets.
SELL BHARAT FORGE | TARGET: Rs 420 | STOP LOSS: Rs 475
The stock has formed a double top formation near 520 levels which is also a 200-week moving average on the weekly scale. It is facing stiff resistance of its 21-DMA which is placed near 480 levels. The momentum indicators and oscillators are in the sell mode on daily scales which hints of a further downside pressure in the counter.
BUY UPL | TARGET: Rs 570 | STOP LOSS: Rs 510
The stock is making a higher top and higher bottom formation on the daily chart which indicates every decline will attract fresh buying interest from lower levels. The stock is also trading well above its short term and long term moving averages. The momentum indicator are very much in buy mode on weekly as well as daily chart which hints of further positive momentum in the counter.
Disclaimer: Nilesh Jain is Technical and Derivatives Research – Equity Research at Anand Rathi Shares and Stock Brokers. He may have positions in one or more stocks. Views are personal.