Stock Picks Podcast for April 16, 2018: Top 3 stocks could give up to 10% return
Moneycontrol News
Indiabulls Venture Ltd: BUY | Target Rs349 | Stop-loss Rs306 | Return 10%
Indiabulls Venture continued to trade on a positive trajectory on its long-term price chart despite a weak market sentiment.
Further, the scrip made a decisive breakout from its upper price band during the last trading session to create the next leg of the rally. It also witnessed a robust growth in volume front with about 4x time its average volume.
On the weekly price chart, the scrip made a strong bullish candlestick pattern indicating a positive signal coupled with a positive cue on MACD trend.
Further, RSI level at 67 has a strong support for the momentum with price trading above its upper band.
The scrip is currently holding resistance level at 383.3 on its pivot points and support level at 288. We have a BUY recommendation for Indiabulls Venture which is currently trading at Rs. 317.35
Vakrangee Ltd: SELL | Target Rs123 | Stop-loss Rs145 | Return 7%
Vakrangee continued to consolidate on its weekly and monthly price chart after making a decent rebound near 285 levels, but failed to hold the level and slipped below its crucial support level placed at 160-155 levels.
Further, a Bollinger band signalled a price hitting lower band which is a negative trend. The scrip formed a strong bearish candlestick pattern on its weekly price chart with price trading below all the crucial levels.
Further, the secondary momentum indicator continued to indicate negative signal with RSI at 34 levels coupled with weak support from MACD indicator.
The scrip is facing a resistance at 194 levels and strong support at 112 levels. We have a SELL recommendation for Vakrangee which is currently trading at Rs. 132.75 .
Deepak Fertilisers Ltd: BUY | Target Rs392 | Stop-loss Rs360 | Return 5%
Deepak Fertiliser witnessed a robust momentum during last week’s trading session after consolidating over three months from the earlier peak and made a strong rebound from 288 levels.
The scrip made a crucial breakout from its 200-days EMA level indicating a reversal trend in its price chart. Further, Bollinger bands indicated a price hitting upper band which is a positive signal.
After closing with about 9 percent gain on weekly basis, the scrip made a bullish reversal candlestick pattern on its weekly price chart. Further, a weekly RSI at 55 indicated a sustained buying regime coupled with positive cues on MACD.
The scrip is now facing a resistance at 402 levels and support level at 355 on pivot points. We have a BUY recommendation for Deepak Fertiliser which is currently trading at Rs. 373.50