Stock picks of the day for October 23, 2018

Aurobindo Pharma Limited: Buy| Target: Rs 820| Stop-Loss: Rs 730| Return 7.9%

Aurobindo Pharma has been consolidating in a range of Rs 720-800 levels for the last one month after retesting its previous high of around

Rs 825.

The overall chart formation combined with signals from the confirmation indicators are clearly pointing towards a strong up move ahead.

Traders shouldn’t miss this chance and accumulate in the range Rs 750-760. It closed at Rs 759 on October 22, 2018.

Canara Bank: Sell Nov Futures| Target: Rs 198| Stop-Loss: Rs 224 | Return 7.5%

PSU counters are either consolidating around their 52-week low or inching lower and Canara Bank is no different. It has witnessed a fresh

breakdown on October 22, after hovering around its recent low and likely to see fresh fall ahead.

Traders should use any uptick to go short in the given range 214-216. It closed at 213 on October 22, 2018.

ONGC Limited: Sell Nov Futures| Target: Rs 148| Stop-Loss: Rs 166 | Return 6.3%

ONGC witnessed the marginal recovery of late but failed to surpass the hurdle of multiple moving averages on the daily chart around 165 and

formed a fresh short pivot. Indications are in the favor of negative trend to extend further.

Traders are advised to create fresh shorts within the range 158-160. It closed at 156.95 on October 22, 2018.