Stock picks of the day for November 1, 2018

Aurobindo Pharma Limited: Buy| LTP: Rs 790.30| Target: Rs 925| Stop Loss: Rs 750| Return 17% 

On the weekly chart, Aurobindo Pharma Ltd has turned upwards after breaking out of a ‘Pennant’ pattern. Further, a sustained trade above Rs 790 will extend the up move towards levels of Rs 830-925.

On the daily chart, it has broken out from the channel pattern suggesting bullishness. Moreover, the RSI has turned upwards after taking support at the 55-level suggesting higher levels in the coming trading sessions.

The stock may be bought in the range of Rs 784-786 for targets of Rs 860-925, and keep a stop loss below Rs 750.

PI Industries Ltd: Buy| LTP: Rs 773.70| Target: Rs 880| Stop Loss: Rs 740| Return 14%

On the weekly chart, PI Industries Ltd is on the verge of a breakout from the channel pattern neckline placed at Rs 790 levels.

A sustained trade beyond the neckline with healthy volumes can extend the rise to levels of 865-900. Further, on the daily chart, the stock has taken support at the 78.6% retracement level and turned upwards suggesting bullishness.

The RSI has turned upwards after taking support at 40-level suggesting extended bullishness in the coming trading sessions. The stock may be bought in the range of Rs 768-773 for targets of Rs 815-880, and keep a stop loss below Rs 740.

Kotak Mahindra Bank: Sell| LTP: Rs 1,118| Target: Rs 990| Stop Loss: Rs 1,160| Return 11%

On the weekly chart, Kotak Mahindra Bank Ltd has broken down from the bearish ‘Flag’ pattern indicating weakening uptrend in the stock.

Further, the stock has formed a lower high along with a negative reversal on the RSI suggesting bearishness at the moment. The stock may be sold in the range of Rs 1,118-1,112 for targets of Rs 1,050-990, and keep a stop loss above Rs 1,160.