Stock Picks of the Day on August 03, 2018

IndusInd Bank: Buy| Target: Rs 2,204| Stop Loss: Rs 1,931| Returns 9%

One of the better-placed banks on the daily as well as on the weekly charts. In fact, after consolidating for over 11-weeks the stock has broken out from a consolidation pattern which is a very positive sign.

The relative strength index (RSI) has held up above the 60 mark maintaining the strength in the current momentum.

This further accentuates out bullish stance on the stock. We expect, IndusInd Bank to outperform going forward and has potential to move higher towards its target of Rs2204 in the medium term.

Pfizer Ltd: Buy| Target: Rs 2,910| Stop Loss: Rs 2,705| Returns 7%

We continue to remain bullish on Pfizer as the stock has broken out from a fresh continuation pattern on the daily charts. Pfizer has resumed its previous primary trend which is up.

We expect the stock to make a steady move higher towards its potential target of Rs 2910 levels in the medium-term.

Abbott India: Buy| Target: Rs 8,498| Stop Loss: Rs 7,615| Returns 7.5%

The stock has shown immense strength in the previous week and has finally broken out from another consolidation phase on the daily charts.

The upthrust in the breakout has also been accompanied with a smart uptick in traded volumes. In addition, the relative strength also indicates that the stock has the potential to carry forward the momentum.

Every long position should be protected with a stop loss at Rs 7615 levels on closing basis.