BUY ROSSARI BIOTECH LTD | TARGET: Rs 1,560 | STOP LOSS: Rs 1,360
ROSSARI BIOTECH has been in a secular uptrend and is placed well above all the major exponential moving averages on the daily charts, suggesting inherent strength in the stock. Alongside, it formed a strong bullish candle in the last trading session on the back of an increase in average traded volumes, affirming the bullish stance. On the oscillator front, 14 period RSI has been trading in higher region post positive crossover assuring the strength in the up move and the stock seems to test the uncharted territory.
BUY STRIDES PHARMA SCIENCE LTD | TARGET: Rs 660 | STOP LOSS: Rs 580
STRIDES PHARMA SCIENCE has seen a massive correction in recent times and is currently is hovering near the 50% Fibonacci retracement of the rally. However, last week, the counter had formed a ‘hammer’ candlestick pattern, indicating the initial sign of trend reversal. Further, the 14 period RSI reversed its trend from the oversold region and has gradually started to surge post positive crossover, affirming strengthening demand zone at lower levels.
Osho Krishan is senior manager – Equity Research at Anand Rathi Shares & Stock Brokers. Views are personal.