Following technical calls have been recommended from short to medium term perspective by analysts at leading broking firms:
Anand Rathi Securities
1. Karur Vysya Bank (Duration 0-6 months)
'Buy' in the range of Rs 473-488 for a target of Rs 630 with stop loss placed below Rs 399.
The stock's previous all time high at Rs 508.80 looks to be crossed soon after a consolitadion of more than 27 months. The stock has been making repeated cycles of higher highs and higher lows on monthly weekly and daily charts. Karur Vysya Bank has made a rounding bottom formation on long term charts and now a target of Rs 630-Rs 650 looks possible as Karur Vysya Bank is also trading above the major moving averages 200 DMA at 329, 50 DMA at 445 & 100 DMA at 427 & the 200DMA at 411. We recommend buying the stock on dips & accumulate the same for our MTT target of Rs 630.
Mansukh Securities & Finance (MSFL)
2. Apollo Tyres (Duration: 1 months)
'Buy' in the range of Rs 80-82 for target of Rs 90-100 higher and stop loss of Rs 75.
Apollo Tyres produces the entire range of automotive tyres for ultra and high speed passenger cars, truck and bus, farm, off-the-road, industrial and specialty applications like mining, retreaded tyres and retreading material. These are produced across Apollo's eight manufacturing locations in India, Netherlands and Southern Africa.
Apollo Tyres is planning to invest USD 1 billion in the next five years to expand its global footprint. The company has decided to set up two new plants in South East Asia and Eastern Europe and to increase the production capacity of its factory in the Netherlands to 7.5 million units a year from the current 6 million units per annum. The entity is also planning to convert its Kalamassery plant in Kerala into a dedicated unit for the production of off-highway tyres (OHTs) with about 85% of the output aimed at catering to export markets, including the US, Europe, Australia and Latin America. Meanwhile Apollo Tyres has reported results for third quarter ended Sept. 30, 2012.
The company has reported 240.69% rise in its net profit at Rs 751.9 million for the quarter ended Sept. 30, 2012 as compared to Rs 220.7 million for the same quarter in the previous year. Total income of the company has increased by 24.52% at Rs 22.91 billion for quarter under review as compared to Rs 18.40 billion for the quarter ended Sept. 30, 2011.
3. Venus Remedies (Duration: 1 months)
'Buy' in the range of Rs 280-290 for target of Rs 330-350 higher and stop loss of Rs 260.
Venus Remedies is a pharmaceutical manufacturing Venus Remedies company. The company provides formulations in area of antibiotics and oncological therapeutics. The company has two manufacturing facilities located in India and Germany. It manufactures Oncological and Cefelosporine Injectable products. The promoters holding in the company stood at 34.21% while Institutions and Non-Institutions held 14.43% and 51.36% respectively.
Venus Remedies has received its first patent from Mexico for 'Vancoplus', a novel antibiotic formulation to Combat MRSA infections. The patent has been granted from the Mexico Patent office and is valid till February 2026. Receiving a paten grant from Mexico for the research product Vancoplus at this point in time when the frequency of MRSA strains is growing high (50-85%) in Mexico, is a great achievement for the company. Vancoplus will prove to be the best known remedy to control MRSA, VRSA and multi-drug resistant bacteria in a situation wherein around 3 to 6% of the population carries the community form of MRSA.
On technical viewpoint, stock has shown consolidation pattern around Rs 270-280 and currently in upward bias. Moreover it's RSI and other technical indicators also displaying some buying opportunities in near term. Hence investors are advised to BUY this stock for a price target of Rs 330-350 in near term.
4. Canara Bank (Duration: 4-5 weeks)
'Buy' at on dips to Rs 452 for a target of Rs 488 with stop loss below Rs 437.
Yesterday, the stock has formed a High Wave Candle on the daily charts. The stock has witnessed a Flag Pattern breakout with positive momentum averages. On the oscillator’s front; RSI & MACD are placed with a positive signal on the daily charts.
5. SRF (Duration: 4-5 weeks)
'Buy' on dips to Rs 211 for a target of Rs 240 with a strict stop loss below Rs 200.
Yesterday, SRF has formed an Engulfing Bullish Candle on the daily charts. The stock is hovering in a Rectangular Channel. However, momentum averages are turning positive from the oversold region. On the oscillator's front; RSI & MACD are placed with positive signals on the daily charts.
Shilpa Stock Broker (SSBPL)
6. Aban Offshore - (Duration 1 week)
Buy above Rs 394 for target of Rs 408 with stop loss of Rs 388.
After flat opening stock has witnessed buying in initial part of the day and finally ended with "Long White Candle" a bullish candlestick pattern on daily chart. 3 days EMA has given positive crossover to 8 days EMA level. Daily momentum indicators are also generating bullish signal on chart.
RK Global Shares & Securities
7. Exide Industries (Duration 3-4 days)
'Buy' on dips to Rs 146 for a target of Rs 151 with stop loss (on daily closing basis) Rs 143.50.
The stock rebounded exactly from its 200DEMA and is on recovery mode. It closed at highest point of the day with a bullish engulfing candle pattern. It is trading above both the short term moving averages. We saw steep recovery in the RSI and Stochastic on daily chart along with a bullish indication from +DI-DI. So, we recommend a `Buy` call in the script for the immediate target of Rs 151.
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