Stock Picks

17th Feb, 2014 and ahead: Stocks to watch

BUY TVS above 83.5, SL: 81.5, TGT: 88+

Tata Sponge
BUY above 367, SL: 359, TGT: 383/420

Tata Power - Daily Chart
BUY Tata Power at 77.5 levels, SL: 75, TGT: 80/85.

Aurobindo Pharma - Daily Chart
Aurobindo Pharma has found support at the 21MA and the stock has bounced back to 505 levels. We expect the stock to touch it's highs of 540 in the coming days and go onto create new highs. Stoploss for any positional trade taken in this counter should be maintained at 485 levels.
Note: We are long as per our hourly charts from 495 levels. We have converted our trade from intraday to positional.

Aban Offshore (4 Hour Chart)
Aban Offshore is forming a consolidation pattern after a rally from 380 to 550 levels. The stock corrected from 550 to 480 levels, completing a perfect 38.2% retracement at 480. The stock has been consolidating with a significant dip in the volumes. A break above 520 levels could see the stock rallying to 550 levels where it meets the first hurdle, a break beyond that can send the stock to 570/590 levels.
BUY above 520, SL: 505, TGT: 550/570/590

Bata - Daily Chart
Bata India has given a good break above 1015 levels and can look to test 1050 levels in this week. BUY near 1025, SL: 1014, TGT: 1049.

Bharat Forge - Daily Chart
Bharat Forge as shown in the chart above is moving in a rising channel and has strong support near the 50EMA. Any break on the up channel could push the stock up for a good 5%-6% move in little time.\

Aurobindo Pharma - 1 Hour Chart
On the hourly charts, Aurobindo Pharma has given a break above 487.5 levels and the stock has managed to close above it's 21MA. If on the charts, we get another blue candle (i.e another close above the 21MA), we can expect the stock to continue it's rally. Intraday traders can BUY at 492-493 levels with SL at 488, TGT: 499/505.

Tata Motors - Daily Chart
On the daily charts, Tata Motors has completed at neat 78% retracement of it's Nov '13 highs to Feb'14 lows. It could be a good short candidate this week but we need to wait for a confirmation that the stock can be shorted and that there is selling pressure at 390 levels.

Read our analysis for Nifty for the week here.
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