Stock picks of the day for January 30, 2019

MindTree Limited: Buy| Target: Rs 976| Stop Loss: Rs 840| Upside 9%

The stock has been consolidating in range of 800-880 for more than two months along with consistent buying seen at lower levels.

However, the stock gave a breakout this week above the symmetrical triangle pattern on the daily charts and has also managed to close above its long-term moving averages.

Traders can accumulate the stock in range of 895-905 for the upside target of 976 levels and a stop loss below 840.

RBL Bank Limited: Sell| Target: Rs 525| Stop Loss: Rs 580| Downside 6%

From the last six weeks, the stock has been consolidating in a range of 590-560 levels and is trading well above its short and long-term moving averages.

But, this week, prices slid well below its consolidating range as stock gave a channel breakdown along with marginally higher volumes, which suggest short build up in prices.

Traders can take a short position into the stock within a range of 555-560 for the downside target of 525 levels with stop loss above 580.

Colgate Palmolive (India) Limited: Sell| Target: Rs 1210| Stop Loss: Rs 1315| Downside 5%

In the recent past, the stock has given a decent rally from 1200 levels to 1350 levels in a short span of time. But, from 4-5 weeks, prices could not manage to gain momentum and was seen consolidating in range of 1300-1350.

We saw a breakdown below the key support level and has been witnessed along with heavy volumes. On the technical ground as well, the stock has formed a rounding top pattern and has given breakdown below the same.

Traders can take a short position into the stock within a range of 1270-1275 for the downside target of 1210 levels and a stop loss above 1315.