Stock picks of the day for January 02, 2019

DCB Bank Limited: Buy| Target: Rs 179| Stop Loss: Rs 156| Return 8% 

After a V-shaped recovery from Rs 148 levels, this week stock has given a fresh breakout above its 200 days exponential moving average on daily charts.

On the technical front, a breakout above the bullish flag pattern can also be observed above the Rs 169 levels. Traders can accumulate the stock in a range of Rs 165-169 for the upside target of Rs 179 levels with a stop loss below Rs 156.

ICICI Bank Limited: Buy| Target: Rs 386| Stop Loss: Rs 345| Return 7%

For more than six weeks, the stock has been trading in a broader range of Rs 340-365 and is maintaining well above its short and long-term moving averages.

At the current juncture, the stock formed an inverted head and shoulder pattern on the daily interval chart. Additionally, the positive divergences on secondary indicators are pointing toward upward movement in prices.

So, traders can accumulate the stock in a range of Rs 360-364 for the upside target of Rs 386 levels and a stop loss below Rs 345.

Escorts Ltd: Buy| Target: Rs 785| Stop Loss: Rs 660| Return 10%

The stock witnessed a V-shaped recovery from Rs 585 levels in the recent past to reclaim Rs 700 levels in a short span of time. However, after that prices seen consolidating in range of Rs 660-710 from last two weeks.

The stock witnessed a fresh breakout above its 100-days exponential moving average on the daily interval along with marginally higher volumes.

Traders can accumulate the stock in a range of Rs 710-720 for the upside target of Rs 785 levels and a stop loss below Rs 660.