Stock picks of the day for November 9, 2018

Mangalore Refinery and Petrochemicals Limited: Buy| Target: Rs 94| Stop Loss: Rs 75| Return 14%

After a V-shaped recovery from lower levels, the stock surpassed its short-term moving averages and has been consolidating in the range of Rs 78-85 from last three weeks.

The consolidation in prices has formed a flag pattern on the daily charts. This week, we have observed positive divergence in the secondary indicators along with hefty volumes which suggest next up move in prices moving forward.

Traders can accumulate the stock in a range of Rs 82-83 for the upside target of Rs 94 levels with a stop loss below Rs 75.

Ashok Leyland Limited: Buy| Target: Rs 133| Stop Loss: Rs 110|Return 12%

The stock made a double bottom pattern on daily charts around 105 levels and recovered sharply thereon towards 121 levels. Additionally, the stock has given breakout above the symmetrical triangle pattern after consolidating in the range of 110-120 for more than three weeks.

On the weekly charts as well, the stock has managed to close above its 100-day exponential moving average which is again a positive signal. Traders can accumulate the stock in a range of 118-120 for the upside target of 133 levels with a stop loss below Rs 110.

V-Guard Industries Limited: Buy| Target: Rs 210| Stop Loss: Rs 178| Return 10%

After falling sharply from 220 levels towards 160 levels, the stock made a W pattern and surpassed its short-term moving averages on the daily charts. The breakout in prices can also be seen on monthly and weekly charts along with marginally higher volumes.

The buying momentum has once again picked up and the stock is on verge of a fresh breakout above the W pattern. Traders can accumulate the stock on dips around 192-190 for the upside target of 210 levels and a stop loss below Rs 178.