Stock picks of the day for October 5, 2018

Hindalco Industries Ltd: Buy| Target: Rs 285| Stop Loss: Rs 236| Returns 13.5%

The stock has broken out from the falling channel pattern on the weekly chart and has also sustained above the same. The breakout has been accompanied with a smart uptick in traded volumes.

Hindalco has also surpassed its long-term 200-DEMA which was placed around the Rs 230 levels. We expect the stock to move towards its potential target of Rs 285 in the medium-term.

Piramal Enterprises Ltd (PEL): Buy| Target: Rs 2510| Stop Loss: Rs 2191| Returns 9%

The stock has corrected significantly and has now reached the lower end of the entire trading range. The stock has also managed to hold above the previous lows of Rs 2,280 hit in June 2018 giving early signs of ‘Double Bottom’ formation.

If PEL manages to hold above the previous low's then the stock is expected to stage a meaningful bounce back towards the potential target of Rs 2510 in the medium-term.

Adani Ports: Sell Oct Futs| Target: Rs 298| Stop Loss: Rs 330| Returns 6.5%

The stock has broken down from its descending Triangle pattern on the daily chart and has also sustained below the breakdown zone for the second consecutive week.

Adani Ports has also broken below its long-term 200-DEMA which further adds conviction on the bearish stance on the stock.