Buy BHEL for a target of Rs 230: SMC Global
Last close: 5068
Profit booking was witnessed in the markets on the opening of Friday session, made low of 4995 and rebounded smartly from intraday low in late trade that helped Nifty to close highest weekly absolute gains in 2012, with nifty rising 4.7%. It seems that market is closely observing the upcoming event that will be held on next week: IIP data, Inflation numbers, Greece election and RBI policy. On charts, nifty has broken its 200 DMA (i.e. 5066) and closed above the same. So there is a possibility of more upside can be expected till 5130-5160. Support may look around 5030 for next session.
Last close: Rs 221
Target: Rs 230
Like other capital goods counter, it got floored very steeply with correction in the broader index but started recovering prior to reversal in other pivot group. Its recovery pattern leads to form the “Ascending Triangle" formation on daily charts. On Friday, stock has given the breakout from the same with strong rise in volume. Buy this stock for the upside target of 230 with SL of 216.
BOMBAY DYEING (LONG)
Last close: Rs 479
Target: Rs 500
It also beaten down badly in the declining market but rebounded strongly from earlier support of 380 & recovery remained quite strong which leads to form “Symmetrical Triangle" formation on daily charts which is bullish in nature. Daily as well as weekly RSI indicators are also featuring positive for this stock. Now it’s comfortably trading above its 200 DMA on daily chart. One may go long for the upside target of 500 with SL of 468.
UCO BANK (LONG)
Last close: Rs 76.80
Target: Rs 81
It gained handsomely in the last Bull Run & raised from 45 to 90 levels in short span. Afterward it was trading in consolidation range of 75-90 levels for 2 months. After downside breakout of consolidation, stock corrected marginally to form the fresh buying pivot on daily charts and started recovering with strong spurt in volume & crossed above the 200 EMA. Buy this stock for the upside target of 81 with SL of 74.
Source: Mudit Goyal, technical analyst, SMC Global
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