Shitij Gandhi of SMC Global Securities has made following stock buy recommendations
Bharti Airtel: BUY Target: Rs 415 Stop Loss: Rs 360 Upside: 9%
After consolidating in the range of Rs340-360, the stock has given sharp upside in single trading session on 10th May17 and closed above its recent resistance level of Rs360.
Since then not much upside has been seen in prices. On daily charts stock is forming bullish flag formation and is on verge of giving breakout above 380.
Moreover, on downside Rs360 & 350 act as major support in the near-term with multiple moving averages lying there. Traders can buy the stock above Rs380 levels for the upside target of Rs415 with a stop loss below Rs360.
Larsen Toubro Infotech: BUY Target: Rs 820 Stop Loss: Rs 725 Upside: 7%
The stock has been continuous elevation from Rs600 levels making higher highs and higher lows on the daily charts. In the recent past sudden rise in prices from Rs720 to Rs780 levels was seen with higher volumes with short term and long term moving averages supporting the momentum.
At these levels, we expect the rally to continue in the coming sessions as well as positive divergence on the oscillators also supports prices to move northward.
Traders can accumulate the stock in a range of Rs770-760 for the upside target of Rs820 with a stop loss below Rs725.
Container Corporation: BUY Target Rs1,350 Stop Loss Rs 1,120 Upside 12%
The stock saw a sharp rally from Rs1,020 to Rs1,200 levels in the short span of time and since then the stock has been trading in the narrow range of Rs1150-1225. In the previous session once again prices have shown upside momentum to give break above its resistance level of 1225 with larger volumes.
Moreover, on the daily charts, the stock has also formed a rectangle formation which is generally traded as a continuation pattern. Traders can accumulate the stock in a range of Rs1,225-1,200 for the upside target of Rs1,350 with a stop loss below Rs1,120.
Tata Motors: BUY Target Rs495 Stop Loss Rs440 Upside 13%
After testing its multi-month lows, sharp recovery was seen in prices in the past couple of weeks. The stock has taken a support at its 200-DEMA on the weekly charts and has bounced sharply towards Rs450 levels.
On the daily charts, the stock has formed a symmetrical triangle formation and is on the verge of giving breakout above its recent resistance of Rs460.Traders can buy the stock above Rs460 for the upside target of Rs495 with a stop loss below 440.
Maruti Suzuki: BUY Target Rs7,550 Stop Loss Rs6,500 Upside 9%
The stock has been trading relatively high and making higher highs and higher lows on the daily charts. Also, prices are trading well above its short and long term moving averages with multiple supports at lower levels.
In the previous session, the stock has shown a smart recovery in prices as it has given upside breakout above, falling wedge formation which is considered as bullish in nature.
Traders can buy the stock above Rs6,900 levels for the upside target of Rs7,550 and a stop loss below Rs6,500
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