Mehul Kothari of Anand Rathi recommends buying ITC, IOC

Advertisement




BUY: ITC

TARGET: Rs 290



STOP LOSS: Rs 262

ITC has been in limelight since many months for all the good reasons. Despite the uncertain market conditions, ITC remains one of the top performers from the heavyweight basket. In the recent session, the stock confirmed a fresh breakout above Rs 272 mark on a closing basis.

The price action was accompanied with humongous volumes and that indicates that the breakout is genuine. Thus, traders can accumulate the stock in the range of Rs 275 – Rs 270 with a stop loss of Rs 262 for an upside target of Rs 290 in coming 2 – 3 weeks.

Advertisement


BUY: IOC

TARGET: Rs 126

STOP LOSS: Rs 110

Recently IOC corrected from a high of Rs 135 towards the recent low of Rs 115. During the process it has retested and found support at the placement of 200-DSMA. In addition, we are witnessing a reversal ‘Spinning Top’ candlestick pattern on the daily time frame which indicates the possibility of a bounce.

Advertisement

Thus, we advise traders to go long in the stock in the range of Rs 117 – Rs 115 with a stop loss of Rs 110 for an upside target of Rs 126 in 2 – 3 weeks.


(Mehul Kothari – AVP – Technical Research, Anand Rathi Shares & Stock Brokers. Views are personal).

Dear Reader,

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.

Advertisement

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 practice the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard,

Digital Editor





Source link

Leave a Comment

Your email address will not be published.