Stock picks of the day for March 05, 2019

IndusInd Bank: Buy| LTP: Rs 1514.10| Target: Rs 1600| Stop Loss: Rs 1465| Time 14-21 sessions| Upside 6% 

After a period of silence for more than four weeks, the stock prices seem to be back in momentum by crossing above the higher range seen in the last few weeks of consolidation.

In addition, on the daily chart, prices have closed above the higher range of the Bollinger band indicating a strong trending move in the near-term post its recent long consolidation.

Moreover, momentum oscillator i.e. RSI has given a fresh buy signal with its smoothened moving average. Looking at technical parameters, we sense that a strong upside from the current levels cannot be ruled out.

Thus, we recommend buying this stock at current levels for a target of Rs.1600 over the next 14 – 21 sessions. The stop loss should be fixed at Rs.1465.

ICICI Lombard General Insurance: Buy| LTP: Rs 950.25| Target: Rs 1050| Stop Loss: Rs 892| Time 14-21 sessions| Upside 10.50%

The stock price has broken above its resistance zone of multiple highs placed at Rs 930 levels. The said level acted as a strong supply zone for three times in the last five months and a break above the same now indicates a change of polarity.

Technically, averages and oscillators are well placed in a positive zone and with prices entering into unchartered territory, we sense a good momentum move in the counter in the near term.

Thus, we recommend buying this stock at current levels for a target of Rs.1050 over the next 14 – 21 sessions. The stop loss should be fixed at Rs.892.