Stock picks of the day on April 2, 2019

Grasim Industries Ltd: Buy| LTP: 855.35| Target: Rs 935| Stop-Loss: Rs 820| Return 9.3%

The stock formed a bullish an inverse Head and shoulder pattern, and a Flag breakout is observed on the daily charts. The volumes are rising along with the price breakout. The 20-days EMA has crossed over 50-days EMA, indicating a bullish trend.

Considering the technical evidence discussed above, we recommend buying the stock between the CMP and Rs 835 for the target of Rs 935, keeping a stop loss at Rs 820 on a closing basis.

Tinplate Company of India Ltd: Buy| LTP: Rs 158.80| Target: Rs 185| Stop-Loss: Rs 150| Return 16.5%

The stock has reversed northward from the long term support derived from the upward sloping trend line, which adjoins the tops of April 2006 and Jan 2010.

For the month ended Feb 2019, the stock formed a bullish “Hammer” candlestick pattern, and the stock price has recently surpassed the resistance of its 200-DMA. The downward sloping trend line adjoining Jan 2018 and Aug 2018 high is taken out decisively.

Considering the technical evidence discussed above, we recommend buying the stock at CMP and average it at 153, for the target of 185, and keep a stop loss at 150 on a closing basis.

Johnson Controls-Hitachi Air Conditioning India Ltd: Buy| LTP: Rs 2025| Target: Rs. 2280 |Stop-Loss: Rs. 1950| Return 12%

The stock price reversed north from the long-term trend line support on the weekly charts. The stock has broken out from the 6-month consolidation range.

Volume has also started rising along with the price rise. It has reached above its 50, 100 and 200 week-EMAs.

Considering the technical evidence discussed above, we recommend buying the stock at CMP and average it at 1990, for the target of 2280, keeping a stop loss at 1950 on a closing basis.