Stock picks of the day for October 19, 2018
MOIL: Buy| CMP: Rs.173.15 | Target Rs 187.50| Stop Loss Rs.165| Return 8.50%
After prolong corrective phase, the stock has witnessed a breakout from its consolidation pattern at 173.15 levels on the daily chart. The counter has taken a support at its 200-EMA on the weekly time frame charts.
Earlier, whenever the stock has retraced near its 200-EMA it has respected and moved higher from that level. Each candle has a closing above the prior candle close from the past three weeks which suggests strength in the prevailing trend.
A bullish crossover in the daily RSI is being witnessed which may induce a positive shift in the bullish momentum in the stock price. Traders can accumulate the stock in the range of 171–174.80 for the target of 187.50 with a stop loss below 165.
Wipro: Buy| CMP: Rs 323.15 | Target Rs 349 | Stop Loss Rs.308| Return 8%
On the daily chart, the price has surpassed its trendline resistance and witnessed a flag pattern breakout at 323.15. On the weekly chart, "above the stomach" candle stick pattern has formed which suggests the possibility of a bullish reversal.
Moreover, the price is trading above its 50-EMA which acted as a support in the previous two instances. A bullish crossover in the daily RSI is being witnessed which may induce a positive shift in bullish momentum in the stock price.
Traders can accumulate the stock in the range of Rs 320-326 for the target of Rs 349 and a stop loss below Rs 308.
GE Power India: Buy| CMP: Rs. 794.80| Target Rs 866| Stop Loss Rs.752| Return 9%
The stock after a steep correction has witnessed a breakout from its falling wedge pattern on the daily timeline. Moreover, the price has completed bullish Anti-Nen Star harmonic pattern on the weekly chart.
Furthermore, the counter has able to close above its 200-DEMA in Wednesday’s session which is acting as a strong support. The momentum oscillator RSI (14) is in bullish crossover and falling suggesting a continuation of bullish momentum.
Traders can accumulate the stock in the range of 786-804 for the target of Rs 866 and a stop loss below Rs 752.