Stock picks of the day for November 6, 2018
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Sterlite Technologies Ltd: Buy| LTP: Rs 364| Target: Rs 420 | Stop-Loss: Rs 340 | Return 15%
Primary trend of the stock has been bullish with higher tops and higher bottoms formation seen on daily charts. The stock recently surpassed its crucial resistance of 365 and broke out from the long consolidation of previous 10-months in October 2018.
The stock has remained resilient in the entire downswing in the mid-cap space during the last 10 months. Quarterly results were impressive which signals positive sentiment.
The all-time high is for the stock is placed at Rs 415 and the stock is trading at a discount of 10 percent from this price, which we expect to be taken out in the near future.
Considering the technical evidence discussed above, we recommend buying the stock at CMP for the target of Rs 420 and keep a stop loss below Rs 340 on a closing basis.
Torrent Power Ltd: Buy| LTP: Rs 265 | Target: Rs 290 | Stop-Loss: Rs 248 | Return 9%
The stock has recently surpassed its 200-DMA resistance. It formed a strong bottom formation at Rs 215 odd levels in the last 8-10 months.
The moving average and oscillator setup has been bullish for the last many days. The company posted excellent results recently, and the power sector has to witness a positive traction recently.
Considering the technical evidence discussed above, we recommend buying the stock at CMP for the target of 290 and keep a stop loss below Rs 248 on a closing basis.
Coromandel International Ltd: Buy| LTP: Rs 430 |Target: Rs 475| Stop-Loss: Rs 405 | Return 10%
The stock price has reversed the trend from the crucial long-term support of previous tops, registered in 2010, 2011 and 2014. This support is at 350 odd levels.
The stock saw a bullish Hammer candlestick pattern on the monthly charts which indicates a trend reversal. The long-term primary trend is bullish with higher tops and higher bottoms.
Considering the technical evidence discussed above, we recommend buying the stock at CMP for the target of 475 and keep a stop loss below Rs 405 on a closing basis.