Stock picks of the day for February 5, 2019
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RIL Ltd: Buy| LTP: Rs 1290| Target: Rs. 1385| Stop-Loss Rs 1230| Return 7%
Reliance Industries has given a breakout on the daily chart on Monday by closing above the resistance level of Rs 1265. The primary trend of the Reliance is bullish as the stock price is trading above its 200-day SMA since January 2017.
The momentum indicators and Oscillators like RSI and MACD are showing strength on the daily charts. RIL is trading just 3 percent off from the all-time high of 1329 which it touched in August last year and the technical indicators are pointing that the stock is likely to cross that high in the days to come.
Therefore, we recommend investors to buy Reliance Industries at the current market price of Rs 1290 and average at 1260 for the target of 1385. Investors can keep a stop loss below Rs 1230.
Kotak Mahindra Bank: Buy| LTP: Rs 1272| Target: Rs 1370| Stop-Loss: Rs 1220| Return 8%
The primary trend of the Kotak Mahindra Bank is bullish with higher tops and higher bottom formation on the daily chart. The stock price is trading above its 5, 20 and 200-day SMA indicating bullish trend for the short to medium-term.
Oscillators and momentum indicators are also showing strength in the stock. Private sector banks are doing well and look good on the charts for the short term.
Therefore, we recommend investors to buy Kotak Mahindra Bank for the target of 1370 and keep a stop loss below Rs 1220
Jubiliant FoodWorks Ltd: Buy| LTP: Rs 1396| Target: Rs 1535 | Stop-Loss: Rs 1300| Return 10%
Jubilant FoodWorks has broken out on the daily chart on Monday by closing above the resistance level of 1370 levels to close at a five-month high.
During the last week, the stock price has also broken out above the downward sloping trendline, adjoining the high of 28-August and 21-December.
The stock price is trading above its 5, 20 and 200-day SMA indicating bullish trend for the short to medium-term. Oscillators and the momentum indicators are also showing strength in the stock.
Therefore, investors are recommended to buy Jubilant FoodWorks for the target of 1535, and keep a stop loss at Rs 1300.