Rajesh Bhosale, Technical Analyst at Angel Broking has recommended trading strategies on Aurobindo Pharma, ACC and Tata Global Beverages.
1. Aurobindo Pharma
View-Bullish
Last Close-Rs. 766.75
''In midst of current jittery market, the pharma sector has been an outperformer and Auropharma has been the front-runner amongst the peers. The stock had earlier in the first week of September had given a bullish breakout around 700 levels, however, post an immediate move towards 827 the stock prices went into sideways consolidation. On the daily chart, prices have now formed a bullish candlestick pattern indicating a resumption of the prior uptrend. The said candlestick pattern is witnessed with a good increase in volume and positive placement of momentum oscillators. Thus, we recommend buying this stock at current levels for a target of 821 over the next 5-10 sessions. The stop loss should be fixed at Rs 737.''
2. ACC
View-Bearish
Last Close-Rs. 1465.85
''On the daily chart, stock prices have given a bearish reversal pattern breakdown known as 'Head N Shoulder'. The said breakdown also marks the lower top lower bottom bearish price cycle. In addition, prices are well below major moving averages i.e. 20DSMA, 50DSMA, 200DSMA which indicates overall weakness in the counter. Oscillators front RSI is sliding below 40mark supporting the southward journey of the stock. Thus, we recommend selling this stock at current levels for a target of Rs 1365 over the next 5-10 sessions. The stop loss should be fixed at Rs 1520.''
3. Tata Global Beverages
View-Bullish
Last Close-Rs. 216.50
''Stock prices of Tata Global since last eight months are vacillating in a falling channel pattern with both the sides of pattern acting as strong supply and resistance zone. At the current juncture, prices are placed near the lower end of the pattern and are forming bullish candlestick patterns on the support zone. In addition, momentum oscillator i.e. RSI is indicating positive divergence where prices are making a new low but RSI is not making a new low suggesting accumulation in the stock at lower levels. Looking at the current placement of prices and with the above observations we sense a strong upside from the current levels cannot be ruled out. Thus, we recommend buying this stock at current levels for a target of Rs 236 over the next 5-10 sessions. The stop loss should be fixed at Rs 206.''
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