Stock picks of the day for October 12, 2018

Pfizer Ltd: Buy| Target: Rs 2,980| Stop Loss: Rs 2680| Returns 7.1%

The stock has been under pressure since hitting its all-time high of 3847 on August 28, 2018. However, for the first time, the stock has managed to stage a solid come back which has aided Pfizer to break out from a falling channel pattern on the daily chart.

The stock has also found support at its long-term 200-DEMA of Rs 2580 and bounced back. The stock has also reversed from the 61.8% retracement zone of Rs 2508 which further accentuates our bullish stance on the stock.

Dhampur Sugar: Buy| Target: Rs 171| Stop Loss: Rs 145.5| Returns 11%

The stock has been going through an impressive phase of accumulation since April 2018. After consolidation for over five months, the stock has finally broken out from a Rounding Bottom pattern on the daily chart.

The price outburst has been accompanied with a smart uptick in traded volumes. We expect the stock to rally towards its potential target of Rs 171 in the medium term.

Jindal Steel & Power: Sell Oct Futs| Target: Rs 155| Stop Loss: Rs 171| Returns 6.6%

The stock has broken down from an inverse Cup and Handle pattern on the weekly chart and has also sustained below the breakdown zone. Jindal Steel has also entered into a lower top lower bottom structure which is a negative development.

The stock has also broken down from an inverse Flag pattern on the daily chart which further accentuates our bearish stance on the stock.