Stock picks of the day for August 23, 20184

UBL: Buy| Target: Rs 1570| Stop Loss: Rs 1397| Returns 8.1%

The stock has been showing immense strength in the past five weeks and has finally broken out from a Rising Channel pattern on the daily chart.

The price outburst has been accompanied with a smart uptick in traded volumes. Apart from this, it has also broken out from a Flag pattern on the daily chart as well which further accentuates our bullish stance on the stock.

Ashok Leyland Ltd: Buy| Target: Rs 145| Stop Loss: Rs 126| Returns 10%

The stock has been showing solid momentum for the past five weeks and has finally broken out from a Symmetrical Triangle pattern on the daily chart.

Rising volumes and positive crossovers on the other momentum oscillators indicate that current momentum is likely to get extended forward. In addition, Ashok Leyland has also surpassed its long-term 200-DEMA and closed above the same.

HCL Technologies Ltd: Buy| Target: Rs 1112| Stop Loss: Rs 986| Returns 8.3%

The stock been trading in a narrow trading band for the past five weeks and has finally broken out from the consolidation phase.

The momentum has been so strong that it is not even breached below its 5-DEMA too which indicates that the momentum is very solid.

In addition, there has been a simultaneous breakout on the relative strength index as well, which, further accentuates our bullish stance on the stock.