Stock picks of the day for November 13, 2018

Tech Mahindra: BUY | Target: Rs 780 | Stop loss: Rs 690 | Return 8% 

Tech Mahindra is the best performing large cap technology stocks during the CY18 where it gained by 44 percent till date, indicating that stock is in clear uptrend.

After forming multiple bottoms around 20 day SMA, Stock price has given breakout on the daily chart yesterday with higher volumes. Momentum Indictors and Oscillators like RSI and MACD are also showing strength in the stock for the short to medium term.

The stock price is currently trading above its 200 day SMA indicating that it is in uptrend. Therefore we recommend buying Tech Mahindra for the upside target of Rs 780, keeping stop loss at Rs 690.

Hindustan Oil Exploration: BUY | Target: Rs 150 | Stop loss: Rs 128 | Return 10%

Hindustan Oil Exploration (HOEC) has given breakdown on the daily chart yesterday by closing above the strong resistance level of Rs 134 with higher volumes.

Stock price has been outperforming the Nifty midcap and smallcap indices in the current FY18 where HOEC has risen by 3 percent as against the 17 percent and 31 percent fall in the midcap and small cap indices respectively.

Momentum indictors and oscillators like RSI and MACD are also showing strength in the stock for the short to medium term. Therefore we recommend buying HOEC for the target of Rs 150, keeping stop loss at Rs 128.

Tata Communications: BUY | Target: Rs 555 | Stop loss: Rs 490 | Return 8%

Tata Communications has given breakout on the daily chart yesterday by closing above the crucial resistance level of Rs 514 to close at highest level since September 19, 2018.

On the monthly chart, the stock price has made a bullish hammer pattern in the month of October. Oscillators and momentum indicators like RSI and MACD is showing strength on daily charts.

Therefore we recommend buying Tata Communications for the upside target of Rs 555, keeping stop loss at Rs 490.