Stock picks of the day for September 10, 2018

Mahindra CIE Automotive Ltd: Buy| LTP: Rs 297.80| Target Rs. 325 | Stop-Loss: Rs 285 | Return 9%

The stock price has broken out on the daily chart on Monday by closing above the resistance level of 290 to close at ten years high with higher volumes.

The momentum indicators and Oscillators like RSI and MACD have turned bullish on the daily and weekly charts. The stock has been trading above its 20, 50 and 200-DMA, indicating positional uptrend.

Therefore, we recommend buying Mahindra CIE for the upside target of 325 and keeping a stop loss placed below Rs 285.

ABB India Ltd: Buy| LTP: Rs 1,373| Target: Rs. 1,480 | Stop-Loss: Rs 1,300 | Return 8%

ABB has given a breakout on the daily chart on Monday by closing above its 200-Day SMA with higher volumes. The stock price has been making higher top higher bottom formation on the daily chart.

The short-term moving averages are trading above the long-term moving averages, indicating a bullish trend. The momentum indicators and Oscillators are indicating strength in the stock for the short to medium term.

Therefore, we recommend buying ABB for the upside target of 1480, and keeping a stop loss below 1300.

Manappuram Finance Ltd: Sell| LTP: 91| Target: Rs. 84 | Stop-Loss: Rs 95 | Return 8%

Manppuram Finance has broken down from the bearish head and shoulder pattern by closing below 93 levels on the weekly charts. The stock price has also closed at a new 52-week low with higher volumes on Monday.

The stock price is trading below its 5, 20 and 200-day SMA indicating a bearish trend for the short to medium term. NBFC as a sector looking week on the charts. Therefore, we recommend selling Manappuram Finance for the downside target of 84 and keeping a stop loss at Rs 95.