Here’s why Mehul Kothari recommends buying MOIL, Shriram Transport Finance
BUY MOIL | TARGET: 192 | STOP LOSS: 170
As of August 2021, MOIL has been stuck in a 180-155 range. During yesterday’s trading, the stock managed to break out of that range and the price action was supported by decent volumes. In addition, the momentum oscillators on the daily, weekly and monthly scales are in a positive position, suggesting a further rise. Therefore, traders are advised to buy the stock on declines close to 178 with a stop loss of 170 for the potential upside target of 192 in 1 to 2 weeks.
PURCHASE SHRIRAM TRANSPORT FINANCE | TARGET: 1300 | STOP LOSS: 1150
Shortly after the session, the action broke the Head and Shoulder figure to almost 1400 points and the figure had a target of around 250 points on the downside. Consistent with the pattern, the stock hit a low near 1150 and formed a reversal candlestick pattern. We believe that if 1150 isn’t broken, the stock could see a decent rebound from here on out. Thus, traders are advised to buy the stock near 1200 with a stop loss of 1150 for the potential upside target of 1300 in 1 to 2 weeks.
Disclaimer: Mehul Kothari is a Technical Research Analyst at Anand Rathi Shares & Stock Brokers. Opinions are personal.