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3M India
BUY
Closer to: Rs 21,800
Target: Rs 24,250
Stop Loss: Rs 20,500
The stock has confirmed an inverse head and shoulder breakout above Rs 21,800 level and looks strong with a time frame of 2 – 3 weeks.
The theoretical target for the pattern comes around Rs 26,000. Thus, we advise traders to go long in 3M India near Rs 21,800 with a stop loss of Rs 20,500 for an upside target of Rs 24,250.
India Cements
BUY
Closer to: Rs 155
Target: Rs 170
Stop Loss: Rs 145
Due to oversold conditions, we witnessed some short unwinding in India Cements during the recent trading sessions.
On the weekly chart, we are observing a bullish hammer formation. There is some decent built up at 160 strike Call option and once the stock starts trading above Rs 160 we can expect short covering.
There is a possibility of pullback rally in the stock in the coming few trading sessions.
(Mehul Kothari – AVP – Technical Research, Anand Rathi Shares & Stock Brokers. Views are personal).
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