Stock Picks of the Day on August 13, 2018
Mahindra & Mahindra: Buy| Target: Rs 1020| Stop Loss: Rs 927| Return 8%
With new lifetime highs of 953 in last Friday’s session, this counter appears to be on the verge of a fresh breakout from its contracting structure in which it was moving since May 2018 after registering highs of 933.
Hence, momentum shall pick up the pace once it registers a sustainable close above 950 levels. In such a scenario we can project a target of Rs 1,020. Hence, positional traders are advised to buy into this counter for the said targets with a stop below 927 on a closing basis.
Bharat Petroleum: Buy| Target: Rs 429| Stop Loss: Rs 380| Return 7%
For the last couple of sessions, this counter appears to be moving in a range of 404 – 384 levels and looks ripe for a breakout from this range. Hence, positional traders in anticipation of such a breakout shall go long for a target of 429 and a stop of 380.
Asian Paints: Buy| Target: Rs 1490| Stop Loss: Rs 1390| Return 5%
After the recent correction from the highs of Rs 1490, this counter appears to have posted bottom around recent lows of Rs 1394.
As price patterns are slowly shaping up in a positive fashion one can buy into this counter for a test of lifetime highs placed around Rs 1490. A stop suggested for this trade is 1390.