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22 October, 2014 13:29 IST
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Top 10 Diwali technical picks from Kotak
Source: IRIS | 12 Nov, 2012, 03.53PM
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Kotak Securities has selected 10 stocks Diwali picks which look attractive from technical perspective. The same are as follows with rationale:

1. Colgate Palmolive

Colgate Palmolive is into strong impulse but euphoria is missing. Buy 50% with a 12 months view at current and balance on declines to 1,250 with a stop loss of 1,180 on a closing basis. Keep a target of minimum of 1,600 and maximum 1,800 on the higher side.

2. Federal Bank

Federal Bank was into rounding bottom consolidation for last since 1994 to 2007. After correcting to 120 levels in the year 2009 it has started its next recovery phase and now is holding well above the highest of the year 2007 which was at 340. It seems that the sideways consolidation after the break is also over and now it is heading for 660 in next few months. . Buy 50% with a 12 months view at current and balance on declines to 420/430 with a stop loss of 385 on a closing basis.

3. IDFC

IDFC is forming rounding bottom formation which is bullish in our sense. It has broken hurdle area at 160 with an expansion in volumes. Buy 50% with a 12 months view at current and balance on declines to 153/155 with a stop loss of 143 on a closing basis for the target 200.

4. Laxmi Machine works

Laxmi Machine works has completed its correction at 1,400, which is higher bottom formation at 61.80% retracement ratio. The stock has broken falling trend line and now is sustaining above it with huge volumes. We can expect minimum 3,000 and maximum 3,500. Buy 50% with a 12 months view at current and balance on declines to 2,000 with a stop loss of 1,900 on a closing basis.

5. MTNL

MTNL could be dark horse if it works as per expectations. The stock has shown falling top and falling bottom since 140 levels. However, it has broken the series in the month of August 2012 at 35. We are of the view that the stock has formed trending impulse between 22.5 and 45.5. Currently it is into corrective pattern and near to its bottom at 25/28. It should be not break recent bottom at 22 in next 4 weeks. If it doesn’t then expect a strong recovery to again minimum 35 levels maximum above 45 plus. Buy 50% with a 12 months view at current and balance on declines to 24 with a stop loss of 22 on a closing basis.

6. Piramal health

Piramal health has completed 1st and 3rd wave. It is into 5th impulse wave that should strongest and may lift the stock to 650 levels in its extended move. Buy 50% with a 12 months view at current and balance on declines to 430 with a stop loss of 410 on a closing basis.

7. Pantaloon Retail

The stock is under event may remain volatile but the way the stock is forming formation we feel that the stock is heading for testing 200 days SMA in next couple of weeks. The stock is out of falling wedge and positive divergence is also visible that will help to the stock to attract buying at each support. As the stock is volatile it is better to buy in three tranches. 1st at current levels 2nd one should be around 190 and 3rd and final around 180 with a final stop loss at 170 on a closing basis. In the long run it may even try to retrace past sell off by at least 50%, which is at 340.

8. SML Isuzu

The stock has completed corrective part between 400 and 70. The recovery from 70 levels is speedy and might pull the stock to minimum 700 levels in next few months. Buy 50% with a 12 months view at current and balance on declines to 420 with a stop loss of 380 on a closing basis.

9. Tech Mahindra

Since January 2010 the stock is into consolidation zone and formed rounding bottom which is an indication of restructuring or business consolidation. It has absorbed selling pressure at 800 and now is heading for retesting 1,200 again in the near term. Sustenance above 1,200 will lead to 1,400 in the long run. Buy 50% with a 12 months view at current and balance on declines to 890 with a stop loss of 850 on a closing basis.

10. Zee Entertainments

Zee is reminding us the formation of HUL that has broken the consolidation range after the period of 10 years and almost doubled in just 12 months. Similarly the stock has broken consolidations after 10 years and might jump to 300 levels in next few months. Buy 50% with a 12 months view at current and balance on declines to 175 with a stop loss of 165 on a closing basis.

Disclaimer: IRIS has taken due care and caution in compilation of data for its web site. Information has been obtained by IRIS from sources which it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.


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