Stock picks of the day on April 3, 2019
L&T Technology Services Limited: Buy| LTP: Rs 1632| Target: Rs 1760| Stop Loss: Rs 1550| Upside 7.8%
On the weekly chart, L&T Technology Services Ltd. (LTTS) has broken out from a Triangle pattern neckline placed at 1570 triggering a resumption of the bull trend.
Sustained trade above 1570 with healthy volumes will take the stock higher to levels of 1700-1760. Moreover, it had taken support at the 61.8% Fibonacci retracement level i.e. 410 and turned higher affirming bullishness intact in the stock.
The relative strength index or the RSI has formed a positive reversal indicating higher levels in the coming trading sessions.
The stock can be bought in the range of 1610-1615 for the targets of 1700-1760, and keep a stop loss below 1550.
Torrent Power Ltd: Buy| LTP: Rs 263| Target: Rs 285| Stop Loss: Rs 251| Upside 8%
On the weekly chart, Torrent Power Ltd. (TORNTPOWER) is approaching neckline of an Ascending Triangle pattern placed at 278. A successful breakout from the neckline will extend the bull run to levels of 285.
Further, the stock continues to form higher highs and higher lows after taking support at the Fibonacci retracement support zone affirming strong bullishness dominant currently.
The RSI has turned upwards after taking support at 50-level suggesting higher levels in the stock. The stock may be bought in the range of 261-265 for targets of 278-285, keeping a stop loss below 251.
Delta Corp: Buy| LTP: Rs 272| Target: Rs 292| Stop Loss: Rs 252| Upside 7%
On the weekly chart, Delta Corp Ltd. (DELTACORP) has broken out from a Symmetrical Triangle pattern triggering the start of a bull trend. Further, this breakout is backed by healthy volumes confirming the authenticity of the breakout.
Further, RSI has turned north after taking support at the 40-level suggesting that there are more legs to this rally following the bullish breakout.
The stock may be bought in the range of Rs 268-272 for targets of Rs 285-292, and keep a stop loss below Rs 252.