Stock picks of the day for February 14, 2019
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NMDC Limited: Buy| LTP: Rs 93.40| Target: Rs 102| Stop Loss: Rs 90| Upside 9%
From the last two months, the stock has been consolidating in a broader range of Rs 88-98 along with persistent buying at lower levels. On the daily time frame, the stock has formed a double bottom pattern and has given a sharp pullback along with positive divergence on secondary indicators.
Additionally, the stock has also given a breakout above the falling Wedge pattern along with marginally higher volumes. Traders can accumulate the stock in a range of Rs 94-96 for the upside target of Rs 102 levels and a stop loss below Rs 90.
Jubilant Foodworks Limited: Buy| LTP: Rs 1276| Target: Rs 1415| Stop Loss: Rs 1220| Upside 11%
The stock witnessed a sharp rally last week from Rs 1200 levels and tested Rs 1400 levels in a short span of time. However, since then, due to profit booking at higher levels, stock once again retraced back towards 1280 levels and is consolidating in a range of 1280-1350.
At the current juncture, the stock has formed a rectangle pattern on the technical charts which is generally traded as a continuation pattern.
In the coming sessions, we expect the stock may once again take a rally towards north supported by hefty volumes and positive divergence on the secondary oscillators.
Traders can accumulate the stock in the range of 1295-1298 for the upside target of 1415 levels and a stop loss below 1220.
HDFC Bank Limited: Buy| LTP: Rs 2140| Target: Rs 2260| Stop Loss: Rs 2080| Upside 5%
After taking support at its 200-days exponential moving average and forming a ‘Double Bottom’ pattern around 2030 levels on a daily interval, the stock took a V-shape recovery to reclaim Rs 2100 levels.
On the broader charts as well, the stock has been consolidating in a range of 2050-2150 levels from last two months. We believe the breakout after the prolonged consolidation can trigger fresh buying into the stock which could move price higher towards new highs.
Traders can buy the stock above a breakout level of 2150 for the upside target of 2260 levels and a stop loss below 2080.