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Below View On Stock Recommendations By Mr. Sameet Chavan, Head Research, Technical and Derivatives, Angel One Ltd

Stock Recommendations:

1.  NSE Scrip Code – CHEMPLASTS

View                     –   Bullish

Last Close           –   Rs. 477.55

Justification – This stock has seen a decent run in the current FY, and in the last couple of trading sessions, the stock has again started gaining good buying traction. On Friday, the stock breached its immediate swing high and firmly settled above the same, suggesting inherent strength. Importantly, the up move is backed by decent volumes, providing credence to the breakout.  On technical parameters, major indicators have seen a positive crossover, adding to the bullish quotient in the counter. Based on the above evidences, we recommend buying for a trading target of Rs.516. The stop loss can be placed at Rs.457.

2.  NSE Scrip Code – UNITED SPIRITS

View                     –   Bullish

Last Close           –   Rs. 888.20

Justification – This liquor giant has been a steady performer in the recent past. Taking a glance at the daily time frame chart, we can see prices rallying in the last three weeks, which was then followed by a consolidation for nearly six trading sessions. Now, with Friday’s late surge, we can see a ‘Bullish Flag’ pattern getting confirmed on daily time frame chart. Broadly, the weekly and monthly charts are well poised for a continuation of the up move in the near to medium term. We recommend buying for a near-term target of Rs. 914 The strict stop loss needs to be placed at Rs. 869.

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