Stock picks of the day for October 30, 2018

Bharat Forge Limited: Buy | Target: Rs 595| Stop-Loss: Rs 535| Return 6.2%

Bharat Forge has been witnessing a correction for the last seven months, after it made a record high at Rs 798 in February 2018. It’s now reached close to the support zone of long-term moving average i.e. 200 EMA on the weekly charts and is likely to see a rebound in the near future.  

The confirmation indicators are also in sync. We suggest traders to use this phase to gradually accumulate in the range 550-560.It closed at 556.90 on October 29, 2018. 

Havells India Limited: Buy| Target: Rs 680| Stop-Loss: Rs 595| Return 8.8%

Havells India has witnessed breakout on Monday i.e. October 29, with a noticeable rise in volume, after spending nearly a month in a consolidation range around the support zone of multiple moving averages (50, 100 and 200 EMA) on the daily chart. Considering its chart pattern, we expect a strong up move in near future.  

Traders are advised to create fresh longs within the range 620-625. It closed at 619.50 on October 29, 2018.

The India Cements Limited: Buy| Target: Rs 97| Stop-Loss: Rs 79| Return 14.1%

In line with other cement majors, India Cements has also corrected sharply of late and tested major trend line support around 80. It’s seeing a bounce from thereon which confirms buying interest among the participants around that zone. 

Traders shouldn’t miss this opportunity and advise creating fresh long positions in the mentioned range of 83-85. It closed at 85.50 on October 29, 2018.