Sameet Chavan, technical analyst, Angel Broking gave views on following stocks:
1. Lupin
View - Bullish
Last Close - Rs 1,886.05
''This stock was undergoing a near term consolidation phase since last couple of months. Finally, the stock prices managed to move out of the congestion zone by confirming a breakout from the small 'Cup & Handle' pattern on the daily chart. In addition, the weekly 'RSI-Smoothened' momentum oscillator is giving a positive crossover from the 60 mark; indicating near term strength. Considering yesterday’s decent intraday up move, we advise traders to buy this stock only in a range of Rs 1,870 to Rs 1,860 for a target of Rs 1,940 in coming 5 - 10 trading sessions. The stop loss for this trade set up can be kept at Rs 1,830.''
2. M&M
View - Bullish
Last Close - Rs 1,282.35
''On June 16, 2015, we witnessed a breakout from the ‘Inverse Head and Shoulder’ pattern around INR .1260 along with twice of its average daily volumes. However, after a decent up move, this stock lacked a follow up buying and thus, we observed a gradual decline towards the daily '20 EMA'. However, we are interpreting this correction as a pull back towards the neckline of the pattern and thus, advise traders to buy this stock for a projected target of Rs 1,340 in coming 5 - 10 trading sessions. The stop loss for this trade set up can be kept at Rs 1,240.''
3. HCL Technologies
View- Bearish
Last Close - Rs 919.75
''The stock completed its 'Impulsive' up move around the high of Rs 1,053 in the month of March 2015. Since then prices are consolidating in a broad range of Rs 830 to Rs 1,050. On Tuesday, we witnessed a breakdown from the ‘Upward Sloping Trend Line’ around Rs 922; indicating weakness. We expect prices to retest the lower end of the range in the near term. The recent intermediate up move was a corrective one, which resisted around the 50% retracement zone. Looking at the above technical evidences, we are expecting a correction in the stock. Thus, we advise traders to buy this stock from current level to a decline up to Rs 440 for a target of Rs 870 in coming 14 - 21 trading sessions. The stop loss for this trade set up can be kept at Rs 950.''
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