Monday, 12 June 2017

3 hot stock picks from Reliance Securities

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V-GUARD

CMP: 187| RECO: BUY| TARGET: 221| STOP LOSS: 174

V-Guard is in the strong up-trend as stock reversed after taking support of its 20-week EMA and managed to recover partial losses. Rise in momentum indicator-RSI with rise in price is signaling strength in the stock. As per the current weekly set-up, we believe that V-Guard will keep moving higher and soon it will visit the life-time-high of Rs 220.85. In case of any negative surprise, the stock will continue to find strong support around its 20-week EMA. Thus, long position can be initiated here and on dips for the target of Rs221 and with a stop loss of Rs174.

SRF

CMP: 1673| RECO: BUY| TARGET: 1900| STOP LOSS: 1580

SRF has witnessed a sharp decline from its life-time high of Rs 1962 amidst negative divergence in key technical indicator-RSI, but later the stock took support around its 76.4 percent Fibonacci Retracement level of prior up-move (from Rs 1156 to 1962) and bounced back. Later, SRF managed to recover partial losses, where in case of any decline its 50-week EMA worked as a key reversal point and helped the stock to move upwards. In the last two instances, the stock has witnessed a jump of, on an average, 350 points after visiting its 50-week EMA.

HINDUSTAN ZINC

CMP: 242| RECO: BUY| TARGET: 270| STOP LOSS: 220

Hindustan Zinc is in the strong up-trend as the stock reversed after taking support of its 38.2 percent Fibonacci Retracement level of prior multi-month up-move (from Rs 91.9 to 304.9) and also its 50-week EMA and closed the week on positive note after three weeks. Rise in Stochastic from its oversold zone and recovery in RSI from prior reversal point is signaling that stock is on the verge of turnaround. In case of any negative surprise, the stock will continue to find strong support around its key Fibonacci Retracement level and its 50-week EMA.

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