MUMBAI: Ashish Chaturmohta, Vice President-Derivatives and Technical Analyst, IIFL Private Wealth Management, is of the view that Hindustan Unilever, GSFC and ABG Shipyard look strong on the charts.
Traders can buy them on the muhurat trading day for smart gains in the coming sessions.
Traders can buy them on the muhurat trading day for smart gains in the coming sessions.
Hindustan Unilever
"Hindustan Unilever has formed an inverse head and shoulder pattern on its weekly charts and the stock is consolidating at its all time high levels indicating strength in the counter.
Sustaining current levels can help the stock surpass its all time high levels of Rs 355. On downside, the stock finds a strong support around Rs 330 levels. The stock is trading above its short term and long term moving averages. MACD on weekly charts is showing signs of positive crossover," Chaturmohta said.
He has advised to buy the stock around Rs 340 with stop loss of Rs 334 for a target of Rs 352.
Gujarat State Fertilizers & Chemicals
"GSFC has formed higher top higher bottom formation on weekly charts and has given a breakout above Rs 415 levels. The stock is consolidating at its all time high levels and has shown resilience to the present market scenario.
The stock can see an up-move towards 500 levels if it sustains current levels. It has a strong support around Rs 430 levels. It is trading above its short term and long term moving averages," Chaturmohta added.
He has advised to go long on GSFC at Rs 460 levels with stop loss of Rs 445 for a possible target of Rs 490.
ABG Shipyard
"After a consolidation in a broader range of Rs 325-408 levels, ABG Shipyard has finally given an important breakout above Rs 410 levels and is currently forming a higher top higher bottom formation on its weekly charts. Sustaining above Rs 400 levels, the stock can test an upside towards Rs 450 - 460 levels.
The MACD indicator is also showing support for an uptrend, as it is comfortably trading above its 9 days MA signal line," Chaturmohta said.
He has advised traders to buy ABG Shipyard near Rs 415 with stop loss of Rs 400 for a target of Rs 445.
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