Stock picks of the day for March 22, 2019
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ITC: Buy| LTP: Rs 298.75| Target: Rs 322|Stop Loss: Rs 286.80|Return 8%
The stock has given a breakout above its downwards consolidation on the monthly chart which signifies rising bullishness in the stock.
In addition, the stock has already pared loss of previous 5-months in the current month suggesting increased bullishness. The daily price momentum indicator RSI (14) is in bullish crossover and sustaining above 60.
Traders can accumulate the stock in the range of Rs 295-300 for the target of Rs 322 with a stop loss below Rs 286.80.
Ajanta Pharma: Buy| LTP: Rs 1021| Target: Rs 1080-1100| Stop Loss: Rs 989|Return 5-7%
The stock has given an ascending triangle breakout on the daily chart which suggests rinsing optimism in the stock. The price has moved above 38.20% retracement of the previous fall from swing high of 1192 to swing low of 903.
The daily price momentum indicator RSI (14) is in bullish crossover and sustaining above 60. Traders can accumulate the stock in the range of 1015-1025 for the target of 1080-1100 with a stop loss below 989.
Kotak Mahindra Bank: Buy| LTP: Rs 1351.60| Target: Rs 1460| Stop Loss Rs 1287|Return 8.00%
On the daily chart, the stock has given a Symmetrical Triangle pattern breakout which suggests increased bullishness in the counter.
The stock is seen to have moved above previous swing high. In addition, daily MACD is in a bullish crossover and moved above the line of polarity.
Traders can accumulate the stock in the range of 1345-1355 for the target of 1460 with a stop loss below 1287.