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BUY ASHOK LEYLAND: The stock has taken support at its rising support trend line and is giving the signs of bottoming out at its 50 weekly moving average. It has also taken support at its 61.8% Fibonacci retracement levels of its recent fall and has been making higher highs – higher lows from last three trading sessions. The medium term trend is intact to positive and also looks attractive in terms of risk reward ratio. One can buy the stock with the stop loss of 89 for the upside target of 96.50 levels.
BUY CUMMINS INDIA: The stock surpassed the hurdle of 835 zones and gave a consolidation breakout. It turned from the lower levels after forming a strong support base and is now holding above its 50 DMA. At the current price juncture it is well placed to continue it’s up move towards 866 and higher levels. Thus one can buy the stock with the stop loss of 812 for the upside immediate target of 866 levels.
BUY POWER GRID: The stock is hovering near its 52 weeks high levels and holding the gains. It has been consolidating from last four weeks and accumulating positions. It is holding the support base and witnessing built up of long position and is set for a breakout on the higher side. One can buy the stock with the stop loss of 161 for the upside target of 172.50 levels.
SELL MCLEOD RUSSEL: The stock has formed a multiple tops and broken the support of 205 levels. It failed to sustain cross its 220 zones and started to witness selling pressure. It has been witnessing built up of short position and in the previous session it had observed an open interest addition of around 9% in previous session. One can sell the stock with stop loss of 210 levels for the downside target of 198 levels.
We are suggesting these stocks to our clients but not personal holdings.
Chandan Taparia is a Derivatives Analyst - Equity Research with Anand Rathi