Stock picks of the day for September 28, 2018
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Chennai Petro: Buy| LTP: 281| Target: Rs 305| Stop Loss: Rs 270| Return 8%
The stock is consolidating at levels of 270 - 280 while on the higher timeframe charts a possible formation of the double bottom is seen. We expect it to have bullish price action with target Rs 305 and a stop loss at Rs 270
HCL Technologies: Sell| LTP: Rs 1090| Target: Rs 1050| Stop Loss: Rs 1120| Return 4%
The stock after a bullish rally has made a bearish engulfing pattern on the daily charts. The chart also suggests overbought formation which is a leading indicator with bearish divergence. We expect it to correct and revert to mean with a stop loss placed at Rs 1120 and a target of Rs 1050.
Shriram Transport Finance Company: Sell| LTP: Rs 1150| Target: Rs 1125| Stop Loss: Rs 1185| Return 2%
The stock is in a bearish trend making a lower top and lower bottom formation on daily charts. A recent pullback rally is seen on the daily chart though price action which continues to remain in bears grip as it is below short-term moving averages.
A bearish candle post a Doji indicates an exhaustion of bulls and price may dive to lower levels of a target of Rs 1,125 and a stop loss placed at Rs 1,185.