IGARASHI MOTORS: BUY

Stop Loss: Rs 619

Target: Rs 670



It has crossed its immediate hurdle of Rs 622 zones after the accumulation of last forty seven trading sessions with rising trading volumes. It is now holding the gains above its 50 DMA and showing the potential to head towards Rs 670 and higher levels.

CENTURY TEXTILES: BUY

Stop Loss: Rs 549

Target: Rs 640



The stock has given a consolidation breakout after a long accumulation of last eighteen weeks and crossed all immediate hurdle of Rs 595-605 zones. It gave the highest daily close of last seventeen weeks and also making an attractive channel breakout formation. It has been making higher highs – higher lows from last two weeks on weekly chart and is also respecting to its moving averages.

ORIENTAL BANK: BUY

Stop Loss: Rs 139

Target: Rs 151



It has been holding the support base and accumulating from last eighteen trading sessions. It is among the one of outperformer stock in Mid Cap PSU banks as managed to surpass its immediate hurdle of Rs 144 zones. It has seen a short covering move and now if holds then support based buying and fresh OI activity may take it towards Rs 151 and higher levels. It has taken multiple supports and the support base is shifting to higher levels.



BHARATFORGE : SELL

Stop Loss: Rs 917

Target: Rs 860



It has failed to cross Rs 917 zones and has been marginally declining from last three trading sessions even after strong recovery seen in the broader market. It witnessed liquidation of long position and now fresh shorts are giving an early sign of profit booking decline in the counter.



Disclaimer: We are suggesting all these stocks to our clients but no personal holdings.

Chandan Taparia is a technical analyst with Anand Rathi Retail Research