BUY
ELECON
TARGET: Rs 255
STOP LOSS: Rs 210
Within the final buying and selling session; ELECON confirmed a variety breakout above Rs 219 mark at its new 52–week excessive. The worth motion was supported with humongous quantity which signifies that the breakout could possibly be real.
The breakout resembles an inverse head and shoulder sample which suggests a lot for upside within the coming week. Thus, merchants can accumulate the inventory on dips within the vary of Rs 230 – Rs 222 with a cease lack of Rs 210 for an upside goal of Rs 255 within the coming 2–3 weeks.
BUY
HINDPETRO (HPCL)
TARGET: Rs 246
STOP LOSS: Rs 220
After the latest fall, HINDPETRO discovered assist close to Rs 220 mark which is the location of long run rising pattern line. The rising pattern line assist coincides with the location of Span B of Ichimoku indicator and that too a flat one.
This could possibly be a significant assist on the draw back and we would witness some bounce from the present ranges. Thus we advise merchants to go lengthy within the inventory within the vary of Rs 232 – Rs 228 with a cease lack of Rs 210 for an upside goal of Rs 246 in 2–3 weeks.
(Mehul Kothari – AVP – Technical Analysis, Anand Rathi Shares & Inventory Brokers. Views are private).
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