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Top trading ideas by Angel Broking: Buy Cox & Kings, Tata Global, M&M Fin

Few trading ideas by Sameet Chavan, Chief Analyst- Technical and Derivatives, Angel Broking

Sameet Chavan  |  Mumbai 

Market, Nifty, Sensex
Photo: Shutterstock

Few trading ideas by Sameet Chavan, Chief Analyst- Technical and Derivatives, Angel Broking:

Buy Cox & Kings

In last six months, we have witnessed a steady recovery in this stock from lower levels of Rs 160. The stock has managed to maintain its ‘Higher Top-Higher Bottom’ structure and has now confirmed a strong breakout from its ‘Horizontal Line’ resistance of Rs 242. The volume activity has been decent in the recent past and looking at the placement of ‘RSI-Smoothened’ on daily chart, we expect a continuation in the north. Although, the benchmark index is in a consolidation mode, we expect outperformance from this mid-cap counter to continue. Hence, we advise traders to buy this stock at current levels and on declines at Rs 243 for a target of Rs 275 over the next 14- 21 sessions. The stop loss should be fixed at Rs 234.

Buy Tata Global

After retesting its ‘Breakout’ trend line, the stock has rebounded piercingly and reached around its previous swing high. However, we witnessed some time as well as price correction in the counter. The consolidation phase of last 8 trading sessions has resulted into a formation of ‘Flag’ pattern on the daily chart. Yesterday, the stock has given a breakout from the mentioned pattern with healthy volumes. Also, the ‘RSI’ oscillator on daily chart is on the verge of giving ‘trend line’ breakout. Since, the moving averages are placed positively along with the above mentioned technical evidences; we expect a continuation in the north. Hence, we advise traders to buy this stock at current levels and on declines at Rs 156 for a target of Rs 170 over the next 14- 21 sessions. The stop loss should be fixed at Rs 151.

Buy M & M Finance

This stock had recently given a breakout from a falling trend line resistance and moved higher with good volumes. In last few trading sessions, the prices have retraced some of those gains and are currently trading near the 50% retracement support of the recent up move. The retracement support coincides with the previous resistance, which should now act as a support according to the role-reversal technique of trend lines. Considering the above technical setup, there is higher probability of the stock resuming the uptrend in the near term. Hence, we advise traders to buy this stock at current levels and on declines at Rs 343 for a target of Rs 365 over the next 6 to 8 sessions. The stop loss should be fixed at Rs 339.

Disclaimer: The analyst may have positions in any or all the stocks mentioned above.

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First Published: Thu, June 15 2017. 07:45 IST
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