Stock Picks Podcast for May 10, 2018: 5 stocks could give up to 14% return
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L&T Infotech Ltd: Buy| Target: Rs 1,700| Stop loss: Rs 1,467|Return 10%
On the daily chart, the stock has given a breakout from its range bound pattern, which suggests a reversal of the previous sideways trend.
The recent up move in the price was backed by an increase in volumes. In addition, the price found support above its 21-EMA which has induced a pullback in the stock price.
On the weekly chart, the price has been in an ascending pattern. Traders can accumulate the stock in the range of Rs 1,545-1,535 for the target of Rs 1,700 and a stop loss below Rs 1,467.
Arvind Ltd: Buy| Target: Rs 481|Stop loss: Rs 414| Return 10%
The stock has moved above its previous peak on the daily chart. In addition, the stock has been making the higher top and higher bottom formation on the daily charts.
The rise in price was backed by a surge in volume. In addition, the price has crossed above 61.8% of the previous fall from Rs 478 to Rs 361.
The momentum indicator, such as RSI (14) on the weekly frame is in a bullish crossover with a current reading placed at 57.72.
The daily MACD is hovering above the Line of Polarity. Traders can accumulate the stock in the range of Rs 435-430 for the target of Rs 481 with a stop loss below Rs 414.
ICICI Prudential Ltd: Buy| Target: Rs 506| Stop loss: Rs 429| Return 12%
On the daily chart, the stock has given a Flag Pattern breakout which may propel the stock for a rally in the short term. On the weekly chart, the stock has given a falling trendline breakout which indicates the reversal of the previous trend.
A positive crossover of 21-EMA and 50-EMA is expected to provide bullishness to the counter. Moreover, the momentum indicator, weekly RSI (14) is in bullish crossover and rising.
Another momentum indicator, MACD has moved above its signal line on the daily chart. Traders can accumulate the stock in the range of Rs 447-452 for the target of Rs 506 with a stop loss below Rs 429.
Indian Bank Ltd: BUY| Target RS.378|Stop Loss Rs.324|Return 10%
The stock has moved above its previous “inflection point” on the daily chart which indicates bullishness going forward. On the weekly chart, price has moved above the previous peak.
Also, the price has been sustaining above its 50-EMA for the last three days suggesting resilience of the current uptrend. The momentum oscillator, RSI (14) is in a bullish crossover and rising.
MACD on the daily chart is also in a buy mode. Traders can accumulate the stock in the range of Rs 340-345 for the target of Rs 378 and a stop loss below Rs 324.
KRBL Ltd: Buy| Target: Rs 610| Stop loss: Rs 494| Return 14%
On the weekly chart, the stock has given a breakout of its range-bound pattern, which suggests a reversal of the previous sideward trend.
In the recent up move, the price has moved above its 50-EMA on the daily chart. In addition, the price has also moved above its 50 percent of the previous fall from Rs 652 to Rs 428.
Moreover, a momentum indicator, RSI (14) has come out of the oversold zone on the daily chart. Daily MACD has entered in the positive crossover. Traders can accumulate the stock in the range of Rs 530-535 for the target of Rs 506 and a stop loss below Rs 494.