Stock picks of the day for January 09, 2019

Titan Company Limited: Buy| Target: Rs 1025| Stop Loss: Rs 885| Return 9% 

The stock has taken support at its 100-days exponential moving average (EMA) on the daily charts and took a V-shaped recovery from 870 levels to once again reclaim the momentum above its short-term moving averages.

From the last six weeks, the stock has been consolidating in a broader range of Rs 870-945 along with consistent buying at lower levels.

This week, we have observed a fresh breakout in prices above the key resistance level of 945 along with positive divergence in secondary oscillators. Traders can accumulate the stock in the range of 935-945 for the upside target of 1025 levels and a stop loss below 885.

Indian Bank: Buy| Target: Rs 278| Stop Loss: Rs 240| Return 9%

The stock made a double bottom pattern around Rs 210 levels on the daily charts and bounced back towards 250 levels once again.

This week we have observed a fresh breakout of last three weeks consolidation along with a breakout above the ascending triangle pattern on daily charts. Traders can accumulate the stock in a range of 255-257 for the upside target of 278 levels and a stop loss below Rs 240.

Repco Home Finance Limited: Buy| Target: Rs 471| Stop Loss: Rs 390| Return 12%

The stock has given breakout, after a prolonged consolidation of more than two weeks along with price rising above its 100 days exponential moving average on a daily interval.

On the broader structure as well the stock is also building up a “W” pattern on the technical ground which is again a bullish signal. So, traders can accumulate the stock in a range of Rs 420-430 for the upside target of Rs 471 levels and a stop loss below Rs 390.