BUY HEG | TARGET: Rs 2,520 | STOP LOSS: Rs 2,150
HEG inventory after trading with a strong uptrend recently underwent some consolidation. All over this phase, it was once oscillating in a range of Rs 2,000-2,250. In the preceding session, the inventory managed to break out from this range with decent volumes which indicates accumulation. Hence, traders are advised to shop for the inventory close Rs 2,280 with a stop loss of Rs 2,150 for an upside potential target of Rs 2,520 in 1-3 weeks.
BUY LARSEN & TOUBRO | TARGET: Rs 1,450 | STOP LOSS: Rs 1,300
Recently Larsen & Toubro corrected from the peak of Rs 1,600 and settled close the Rs 1,300 mark. All over the process, it made a falling wedge formation. In the preceding session, the inventory confirmed a breakout from this sample which has a theoretical target of no less than Rs 1,450. The price action was once supported by the positive placement of oscillators at the side of a ‘hammer’ formation on the weekly scale. Thus, traders are advised to shop for the inventory close Rs 1,350 with a stop loss of Rs 1,300 for the upside potential target of Rs 1,450 in 1-3 weeks.
BUY LAL PATH LAB | TARGET: Rs 3,150 | STOP LOSS: Rs 2,800
The pharma stocks at the side of diagnostic centre stocks have been the flavour of the marketplace for many months now. Even Dr Lal PathLabs has rallied significantly. Then again, recently, the inventory tumbled from the peak of around Rs 3,400 and was once consolidating. Now, it is turning from the 505 retracement of all of the rally which happened from the lows of Rs 2,250. The price action is supported by volumes which indicates accumulation. The risk-reward to go long looks lucrative at this day and age. Traders are advised to shop for the inventory close Rs 2,925 with a stop loss of Rs 2,800 for the upside potential target of Rs 3,150 in 1-3 weeks.
Disclaimer: Mehul Kothari is AVP – Technical Research at Anand Rathi Shares & Inventory Brokers. Views are personal.
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