Stock picks of the day for March 13, 2019
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Aurobindo Pharma Limited: Buy| Target: Rs 855| Stop Loss: Rs 725| Upside 11%
The stock has been trading in the narrow range of about 740-710 from the last three weeks and has been consistently taking support at its 200-day exponential moving average on the daily time frame.
The prices took a V-shaped recovery this week along with large volume and formed a rounding bottom pattern on the daily charts.
The positive divergence on the secondary oscillators is also pointing towards more upside in prices. Traders can accumulate the stock in a range of 770-774 for the upside target of 855 levels and a stop loss below 725.
Cholamandalam Investment and Finance Company Limited: Buy| Target: Rs 1524| Stop Loss: Rs 1270| Upside 12%
The stock has been trading in a downward sloping channel since November 2018 with the formation of a lower high and lower bottom pattern on the weekly interval.
However, since last month, the stock took support around its 200-days exponential moving average on the weekly charts and gave a sharp rise thereon.
This month we have observed a fresh breakout in the prices above the falling trend line of the sloping channel. Also, the stock has managed to close above its long-term moving averages on the daily interval as well.
Traders can accumulate the stock in a range of Rs 1360-1370 for the upside target of 1524 levels with a stop loss below Rs 1270.
IndusInd Bank Limited: Buy| Target: Rs 1702| Stop Loss: Rs 1480| Upside 9%
After taking support around 1450 levels, the stock has risen back sharply above 1520 levels in the recent past. However, from the last four to five trading sessions some consolidation has been seen in the range of 1540-1500 levels along with consistent buying on every dip.
The stock has given a fresh breakout above the key resistance level of 1560 and on technical ground, a breakout above the bullish flag pattern can also be observed.
Traders can accumulate the stock in a range of 1560-1570 for the upside target of 1702 levels and a stop loss below 1480.