SMC Global Securities has selected IDFC and Petronet LNG as technical picks with a time horizon of 1-2 months.
Commenting on the technical rationale on IDFC, SMC Global said, "The stock closed at Rs 157.20 on Jul. 24, 2015. It made a 52-week low at Rs 134.15 on Oct. 8, 2014 and a 52-week high at Rs 188 on Mar. 4, 2015. The 200 days Exponential Moving Average (EMA) of the stock on the daily chart is currently at Rs 154.98.
As we can see on the chart, there is a sharp upside momentum since 2014. After making its 52 week high of 188 levels, it could not sustain and fell down sharply. Again, there is an upward moment in this stock near 145 levels with volumes, which shows its potential to move in northward direction in the near term. One can buy in the range of 152-154 levels for the target of 170-175 levels with SL of 148 levels.''
While commenting on Petronet LNG, the stock broker said, "The stock closed at Rs 196.35 on Jul. 24, 2015. It made a 52-week low at Rs 159.50 on Apr. 27, 2015 and a 52-week high of Rs 221.90 on Jan. 8, 2015. The 200 days Exponential Moving Average (EMA) of the stock on the daily chart is currently at Rs 196.05.
After falling from 222 levels, it finally paused near 162 levels and rebounded once again. Moreover, it has formed ''Inverted head and shoulder'' formation on daily chart, which is a bullish in nature. Therefore, we anticipate that it may continue its upward momentum in the near term and reach our desired targets. One can buy above 199 levels for the target of 220-225 levels with SL of 192 levels.''