Wednesday, November 27, 2019

3 Top Picks (Indusind Bank, Delta Corp & HEG)

We have identified stocks from Large, Mid and Small Cap of each. All three stocks are based on the Breakout confirmation of different chart patterns. We are seeing the good potential of up move in all of these. Let's take a candle chart overview of all.

Technical Overview of 
INDUSINDBK: On 21st November, the stock price has tried to cross its 200 DMA, but given closing below and near day low. On the next day, the stock has made spinning top candle on the daily chart (i.e. near previous Higher-High). After that, the stock has given confirmation of Morning Star and given closing above 200 DMA. On the last Tuesday, the stock price has given Channel Breakout with good volume. We are seeing immediate resistance near 1550 and once stock will give closing above 1550 then big move expected. If we see the stock price trend from 11th October then the trend is Higher-High & Higher-Low.

We can buy this stock with a 50% quantity from the current level and remaining on dip i.e. around 1500. Hold with two stop-losses i.e. 1480 & 1435 on a closing basis and we are expecting targets of 1550/1600/1650.

Technical Overview of DELTACORP The stock has given 3 unsuccessful attempts to cross its important level of 210 and today it has crossed & closed above with double volumes. This stock also trading in Higher-High & Higher-Low trend. The next resistance is around 240 and that is our first target.

Again the same strategy, buy 50% quantity from current levels and remaining on dip around 210-212. Keep stop-loss of 205 on a closing basis and hold for the target of 230/240/250.

Technical Overview of HEG: The stock has made bottom on 16th October and given 3 days big rally i.e. we can consider short term trend change. After that stock was trading in 24 days consolidation zone and today it has given breakout to the same. The stock is trading below 200 DMA but it is looking good for the short term. 
We can buy HEG from current levels for targets of 1200/1250/1300 with the stop-loss of 1055. You can add more quantity to dip around 1120.

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Disclaimer: The contents produced here are purely for educational purposes. They should not be construed as buy/sell recommendations. I am not a SEBI registered Analyst or Investment Advisor. Readers are advised to consult their Investment advisor before taking any decisions based on the above write-up.