Marwadi Shares & Finance (MSFL) has selected Asian Paint, BHEL, Bharat Forge, IOC and Hexaware as technical picks for this week. The stock broker gave below technical rationale for these stocks:
1. Asian Paint
| CMP | Reco | Support | Resist. |
| 882 | Buy | 820 (780) | 922 (1,000) |
Three white soldiers with above average volume on daily chart indicate strength. It has given break out of consolidation phase. On the oscillator Front: RSI and stochastic have given positive crossover. Therefore, we recommend to buy on dips. 2. BHEL
| CMP | Reco | Support | Resist. |
| 278 | Sell | 263 (250) | 290 (307) |
The ''Evening Doji star'' kind of formation near to resistance level on daily chart indicates weakness. Moreover, it is trading in triangle formation and it has given reversal after facing resistance of upper arm. RSI and stochastic oscillator have given negative crossover. Therefore, sell with stop loss. 3. Bharat Forge
| CMP | Reco | Support | Resist. |
| 1147 | Buy | 1,060 (1,000) | 1,200 (1,280) |
A high wave bullish candle followed by couple of mixed candle on daily chart indicates breakout of consolidation phase. It has broken previous resistance level. RSI and stochastic oscillator have given positive crossover. So, we recommend to buy with stop loss.
4. IOC
| CMP | Reco | Support | Resist. |
| 431 | Sell | 410 (380) | 450 (467) |
The stock has formed bearish candle with above averages volume on daily chart. On weekly Front: Engulfing bearish formation suggests negative stance. It has broken support of 21 DEMA and expected to test 100 DEMA near to 410. RSI is in favor of bear. So, we advice to short with stop loss of 450.
5. Hexaware
Current Market Price (CMP) - Rs 286
| CMP | Reco | Support | Resist. |
| 286 | Buy | 268 (250) | 320 (333) |
The stock has formed bullish candle on daily & weekly chart indicates positive stance. It has broken resistance level and expected to expand consolidation range. Selected momentum indicators RSI and stochastic oscillator have given positive crossover. Therefore, we recommend to buy with stop loss.
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