Buy Near: Rs 570
Target: Rs 595
Stop Loss: Rs 558
After a strong rally from Rs 500 mark the stock has been consolidating in a broad range since past the few weeks. At this juncture, the stock is trading at the lower end of this range and that suggests that it has a support very close.
In addition we are witnessing a double bottom like formation near Rs 560 mark. Thus, we advise traders to buy the stock near Rs 570 for an upside target of Rs 595 in the coming sessions.
Shriram Transport Finance
Buy Near: Rs 1,390
Target: Rs 1,500
Stop Loss: Rs 1,330
Recently the stock has rallied from Rs 1,250 mark towards Rs 1,500 and underwent some profit booking. Due to this, the stock retraced exactly 61.8 per cent of the entire rally. At this retracement level we are witnessing a bullish hammer formation which indicates that the upside might resume.
Thus, we advise traders to buy the stock near Rs 1,390 for an upside target of Rs 1,500 in the coming weeks.
(Mehul Kothari – AVP – Technical Research, Anand Rathi Shares & Stock Brokers. Views are personal).
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