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.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information commentary on developments that are of interest to you have wider political economic implications for the country the world. Your encouragement constant feedback on how to improve our offering have only made our resolve commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed updated with credible news, authoritative views 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 more relevant content. We believe in free, fair credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism subscribe to Business Standard.

Digital Editor

Source link