Stock picks of the day for August 29, 2018
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Vedanta Ltd: BUY | Close: 230.30 | Target: Rs 255| Stop loss: Rs 217 | Return: 10.73%
After making a marginal consolidation, the stock has given a breakout above Rs 225-226 levels on Tuesday with moderate volumes.
The daily Relative strength index (RSI) is showing positive momentum and (+) DI trading above (-) DI whereas MACD trading around zero line with positive crossover, which indicates that the stock has the potential to move higher.
Traders can buy the stock at around current levels and add on dips around Rs 224-226 with a stop loss below Rs 217 (closing) for the target of Rs 255.
Kotak Mahindra Bank Ltd: BUY | Close: 1285.10 | Target: Rs 1330 | Stop loss: Rs 1250 | Return: 3.49%
After a decent correction, Kotak Bank has bounced from lower levels and has given a breakout above the downward sloping trendline around 1270-1272 levels on Monday with higher volumes in daily scale.
Daily momentum indicator Relative Strength index (RSI) is showing positive momentum along with positive crossover in MACD whereas OBV — On Balance Volume is showing an upward momentum, which indicates decent upside expected in coming trading sessions.
Traders can buy the stock in a range of Rs. 1282-1286 for the upside target of Rs 1330 and a stop loss below Rs. 1250 (closing basis).