Technical Pick #1: Kingfisher Airlines Ltd (KINAIR) - BUY CMP: Rs. 71.9
Rationale for call: On the weekly chart stock had formed an “Inside Bar” pattern as well broke the resistance of 21DEMA with good volumes. On the hourly chart stock broke the neckline of Inverse Head and Shoulder pattern further indicating positive momentum in the stock. Oscillator on daily chart depicts bullishness with RSI continuing their upside trend.
Buying is recommended at CMP of Rs. 71.9 with target of Rs.79.60 and stop loss of Rs. 67.5.
Target: Rs. 79.60
Stop Loss: Rs. 67.5
Technical Pick #2: Cipla Ltd (CIPLTD) - BUY CMP: Rs. 370.0
Rationale for call: On the weekly chart stock broke the resistance of 362.80 with good volumes and finally closed above the mentioned resistance. Stock is continuously making Higher Top and Higher Bottom on the daily and weekly charts further indicating strength in the stock. Oscillator still continued their upside move.
Buying is recommended at CMP of Rs. 370 with target of Rs. 400 and stop loss of Rs. 351.30.
Target Price: Rs. 400
Stop loss: Rs. 351
Technical Pick #3: Dr Reddys Laboratories Ltd (DRREDD) - BUY CMP: Rs. 1825.0
Rationale for call: Last few trading session stock was consolidating in the range of 1813-1765. On Friday stock broke the resistance of 1813 with good volumes. Beside this on the weekly and daily chart continuously making “Higher Top and Higher Bottom”, further indicating strength in the stock.
We reiterate a Buy on Dr Reddy at CMP of Rs. 1825 with target of Rs. 1955 and stop loss of Rs. 1735.
Target: Rs. 1955
Stop Loss: Rs. 1735
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