Bajaj Finserv, Lupin, REC: Top picks by Chandan Taparia of MOFSL for today | News on Markets
Buy Bajaj Finserv | CMP: Rs 1,719 | Stop loss: Rs 1,680 | Target: Rs 1,800
A long bodied bullish candle breached its 6 month consolidation zone on the upside with higher than average buying volumes. It formed a triangle breakout on weekly scale. The MACD momentum indicator has given a bullish crossover and has turned up which confirms the up move.
Buy Lupin | CMP: Rs 2,171 | Stop loss: Rs 2,120 | Target: Rs 2,280
Stock has breached its previous ATH price of 10 years on the monthly chart with massive buying volumes which suggests very bullish sentiment. The ADX line is in a strong uptrend and the positive DI is well above the negative DI indicating the bullish trend has support.
Buy REC | CMP: Rs 617 | Stop loss: Rs 595 | Target: Rs 655
A Pole and Flag pattern with a breakout has appeared on the daily scale with high buying volumes to support the up move. The Relative Strength Index which measures the momentum of a stock has turned up from the centreline which indicates the stock has space to move up.
(Chandan Taparia is a senior vice president of equity derivatives & technicals, broking & distribution at Motilal Oswal Financial Services Ltd. Views expressed are his own.)
First Published: Aug 28 2024 | 7:12 AM IST
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