BUY ESCORTS | TARGET: Rs 1,190 | STOP LOSS: Rs 1,070
The stock ESCORTS has corrected from the top of over 1,400 to the recent bottom near 1,100-mark. This has brought the stock under oversold zone in smaller time frame. At this juncture, the stock is trading near the potential reversal zone of a bullish harmonic patterns called ‘Butterfly’. For a medium-term trader, this could be a perfect price to go long with a time frame of 2 – 4 weeks. Thus; traders are advised to buy the stock in the range of 1,120 – 1,100 with a stop loss of 1,070 for the upside potential target of 1,190 in 2 – 4 weeks.
BUY PFC | TARGET: Rs 125 | STOP LOSS: Rs 96
The stock PFC underwent a significant correction of over 20 per cent from the top of 140. At this juncture, it is hovering at the support of 200 DSMA. In addition; the stock is currently trading near the potential reversal zone of a bullish harmonic patterns called ‘Shark’. Traders are advised to buy the stock in the range of 108 – 104 with a stop loss of 96 for the upside potential target of 125 in 2 – 4 weeks.
BUY MARUTI | TARGET: Rs 7,200 | STOP LOSS: Rs 6,350
The four-wheeler giant had been under a strong corrective mode since quite some time. Now, the stock has sneaked below its 200 DEMA but, on the weekly scale, it has tested its 200 week’s EMA which is a much stronger support. This support coincides with the Ichimoku cloud support. In addition; we are witnessing a bullish NEN STAR harmonic pattern in MARUTI which suggests a possibility of good risk reward to go long. Traders are advised to buy the stock near 6,600 with a stop loss of 6,350 for the upside potential target of 7,200 in 3 – 5 weeks.
Disclaimer: Mehul Kothari is AVP – Technical Research at Anand Rathi Shares & Stock Brokers. Views are personal.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.