BUY ESCORTS LTD | GOAL: Rs 1,300 | STOP LOSS: Rs 1,160
ESCORTS exited the consolidation phase in the last trading session, aided by an increase in average trading volume, and managed to level off above its 200-DEMA in the daily timeframe. At the same time, it has pulled back over 50 percent from the recent decline on the Fibonacci retracement, and even on the Bollinger Band (20, 2) it has broken the upper band significantly, indicating an early sign of the band’s expansion.
BUY GODREJ PROPERTIES LTD | GOAL: 1,500 rupees | STOP LOSS: Rs 1,330
GODREJPROP has seen the inverted head and shoulders break out on the daily chart post, reaching support near its long-term exponential moving average, indicating a bullish sentiment on the counter. Plus, the stock is placed well above all of its major moving averages on the daily time frame and even on the oscillator front.
BUY COROMANDEL INT. LTD | GOAL: Rs 862 | STOP LOSS: Rs 776
COROMANDEL has experienced a revival of its 21-DEMA, which even coincides with the unfilled gap below. The stock has corrected from the Bollinger’s upper band (20, 2) to the mean, from where it has rallied, suggesting that it is a strong demand zone for the meter. Hence, the various oscillators could be considered to have a strong support zone, making it attractive from a risk and reward perspective.
Disclaimer: Osho Krishan is Senior Manager – Equity Research at Anand Rathi Shares & Stock Brokers. Views are personal
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