Rajesh Bhosale, Technical Analyst at Angel Broking has recommended trading strategies on Rajesh Bhosale on how to trade in Aurobindo Pharma, Bajaj Auto and Himadri Speciality Chemical (HSCL). He gave following rationale for technical strategies:
1. Aurobindo Pharma
View-Bullish
Last Close-Rs. 636.00
''On the daily chart, stock prices of AUROPHARMA have given a bullish reversal pattern breakout known as 'Inverse Head N Shoulder'. The said breakout is supported with a good increase in volume and bullish candlestick pattern. In addition, we are witnessing ADX placed around 30 levels with +DI above -DI indicating a strong trending up move in the near term. Moreover, momentum oscillator i.e. RSI is moving in a Higher Top Higher Bottom formation supporting the buy call. Thus, we recommend buying this stock at current levels for a target of Rs 681 over the next 5-10 sessions. The stop loss should be fixed at Rs 611.''
2. Bajaj Auto
View-Bullish
Last Close-Rs. 2886.80
''The stock has been a clear underperformer among its peers in the 2-wheelers group. However, on the weekly chart after forming a base around the long-term support zone at 2700 level the stock is showing signs of strong bullish reversal by forming a series of bullish reversal patterns. On the daily chart, Index has given a small bullish 'Flag' breakout indicating strong up move in the near term. In addition, we are witnessing RSI crossing above 50 levels suggesting momentum on the positive side. Thus, we recommend buying this stock at current levels for a target of Rs 3090 over the next 5-10 sessions. The stop loss should be fixed at Rs 2790.''
3. Himadri Speciality Chemical (HSCL)
View-Bullish
Last Close-Rs. 151.60
''After a strong consolidation in a narrow range (140-150) for last one month the stock prices have finally given a bullish breakout on the daily chart. The said breakout is witnessed with a gap and thus can be taken as a breakaway gap. On the daily chart, we are witnessing above average volume on the breakout supporting the buy signal. In addition, the stochastic oscillator has given a fresh buy signal indicating a strong positive momentum in near term. Thus, we recommend buying this stock at current levels for a target of Rs 170 over the next 5-10 sessions. The stop loss should be fixed at Rs 143.''
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