Stock picks of the day for November 16, 2018

Maruti Suzuki : Buy | Target: Rs 7950, Stop loss: Rs 7250 Return: 6.5% 

The stock has been consolidating for the past five weeks and has finally broken out from a classic inverse head and shoulder pattern on the daily chart. The price outburst has been accompanied with smart uptick in traded volumes.

Apart from this on the monthly chart Maruti is also forming a bullish engulfing pattern. If the current momentum extends then we Maruti to move higher towards its potential target of Rs 7950 in near term.

Nestle India: Buy | Target: Rs 11170 | Stop loss: Rs 10075 | Return: 7%

The stock has been witnessing accumulation for the past two weeks and after a phase of consolidation nestle has broken out from a rounding bottom pattern on the daily chart.

Rising volumes and positive crossovers on the other momentum oscillators indicate that current momentum is likely to get extended forward. In addition, Nestle has also surpassed its short term moving averages.

Titan Company: Buy | Target: Rs 1005 | Stop loss: Rs 879 | Return: 9%

The stock been trading with solid momentum for the past four weeks and has finally broken out from a declining channel pattern on the weekly chart. The momentum has been so strong that it is not even breaching below its 5-DEMA too which indicates that the momentum is very strong.

In addition, there has been a simultaneous breakout on the relative strength index as well, which, further accentuates our bullish stance on the stock.