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L&T, SBI: Stocks Anand Rathi Research recommends buying at current levels

Jay Anand Thakkar/Mumbai 24 May 19 | 06:30 AM

NIFTY: BUY TGT 11800 SL: 11575 

Nifty closed in the negative territory in the last trading session and the has formed a 'bearish engulfing pattern', which is a bullish reversal pattern. We had anticipated a fifth wave on the upside and it happened as anticipated. The five-wave rise seems to have gotten over and now retracement of the same seems to have started. However, a bounce can’t be ruled out. Recommend buying.

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SBIN: BUY TGT: 375 SL: 325 

The stock has provided a breakout from the symmetrical triangular pattern and the momentum indicator MACD is well into buy mode at all degrees. The stock is trading well above its short-term as well as medium-term moving averages. Hence, we recommend buying this stock. 


The stock has provided a breakout from the falling wedge pattern, which is a bullish reversal pattern. The stock has also provided a good 'buy crossover' in its momentum indicator MACD. 

L&T:  BUY TGT 1610 SL: 1430 

The stock has provided a breakout from the multiple swing resistance and has managed to close at all-time high level. The counter has also provided a buy crossover in its momentum indicator MACD, hence we recommend buying.


Note: All stock prices in Rs

Disclaimer: The analyst may / may not have positions in any or all the stocks mentioned above.

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