Two technical stock picks by Vaishali Parekh of Prabhudas Lilladher
BUY KAVERI SEEDS | CMP: Rs 599 | Target: Rs 670-700 | Stop Loss: Rs 560
The stock has witnessed decent erosion from Rs 780 bottoming out near Rs 555 to indicate an improvement in the trend. The chart looks attractive indicates a reversal pattern with formation of positive candles. The RSI too has seen a trend reversal from the oversold zone has given a ‘Buy’ signal. We suggest to buy accumulate this stock for an upside target of Rs 670-700, with a stop loss near Rs 560.
BUY PIRAMAL ENTERPRISE | CMP: Rs 2,615 | Target: Rs 2,900-2,980 |Stop Loss: Rs 2,540
The stock has been in an ascending trend with series of higher bottom formation pattern at regular intervals formed a rising channel pattern on the daily chart, underlying its strong bullish bias. Currently, the stock has bottomed out near Rs 2,550 after a short correction is ready for another upward move in the coming days. The RSI also has flattened out after the correction indicating a trend reversal cue has potential for further rise. We suggest to buy this stock for an upside target of Rs 2,900-2,980 with a stop near Rs 2,540.
Disclaimer: The author is a technical analyst with Prabhudas Lilladher. She may have positions in one or more stocks mentioned above. Views are personal.