Jay Purohit, Technical Analyst at Angel Broking has recommended trading strategies on Arvind, Kolte Patil Developers and MMTC. He gave following rationale for technical strategies:

1. Arvind
View-Bullish
Last Close-Rs. 409

''Post the rally from Rs. 321.25 to Rs. 414.80, the stock has started moving in sideways direction. The stock had taken support around the '89 EMA', which coincides with 38.20% retracement level of the mentioned rally; and formed a 'Hammer' candle on daily chart. We witnessed a follow-up buying after the formation of a mentioned candlestick pattern. Today, the stock is in verge of giving a breakout from a 'consolidation phase' of last one month. Also, the 'RSI' oscillator and 'MACD' are showing strength on both daily and weekly chart. Considering the positive placement of moving averages along with above mentioned technical evidences, we are expecting resumption in the positive momentum in the counter. Thus, we advise traders to buy this stock at current levels to a decline up to Rs. 407 for a target of Rs. 434 over the next 5-10 sessions. The stop loss should be fixed at Rs. 395.''

2. Kolte Patil Developers
View-Bullish
Last Close-Rs. 190.75

''The stock had a splendid rally in last couple of months with good volumes. However, the stock is moving in a sideways direction from last four weeks. The ongoing consolidation phase has resulted into formation of a 'Bullish Pennant' pattern on daily chart. Today, we are witnessing a breakout from the mentioned pattern. The 'RSI' oscillator is rebounding from its bullish support (above 60 levels) on daily chart, indicating strength in the counter. Since, the moving averages and 'Parabolic SAR' are placed positively on daily, weekly and monthly time frame; we are expecting continuation of the uptrend in near term. Thus, we advise traders to buy this stock at current levels to a decline up to Rs. 189 for a target of Rs. 222 in upcoming sessions. The stop loss should be fixed at Rs. 175.''

3. MMTC
View-Bullish
Last Close- Rs. 68.05

''The stock was moving in a sideways direction from last few weeks. On Friday, we witnessed a breakout from the consolidation phase with noticeable volumes. However, follow up move was missing and the stock is retesting the breakout levels. The set of moving averages (E5, E20 & E89) are placed positively on both daily and weekly chart, indicating strength in the counter. Also, the 'RSI' oscillator on the daily as well as the weekly charts entered the bullish territory (above 60 levels), and hence we are expecting continuation of the uptrend in near term. Looking at the current chart structure, we expect the stock to do well in the near term. Thus, any decline towards Rs. 66 would be a buying opportunity for a target of Rs. 80 in forthcoming weeks. The stop loss should be fixed at Rs. 61.''

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