Here’s why Mehul Kothari recommends to Buy Garden Reach, Praj Industries



& Engineers (GRSE)

Buy Near: Rs 540

TargetL: Rs 590

Stop Loss: Rs 515

Similar to other shipping related stocks; even GRSE has been upbeat and is trading near its life time high. We witnessed a fresh breakout in the stock above Rs 535 and the pattern resembles a bullish symmetrical triangle. The price action is supported with decent volumes.

Thus, we advise traders to buy the stock near Rs 540 with a strict stop of Rs 515.


Praj Industries

Buy Above: Rs 387.50

Target: Rs 412

Stop Loss: Rs 375

During the past one month; has been in a corrective mode and has eroded around 17 per cent from the peak of Rs 461. The stock is a bit oversold on the daily time frame and has been consolidating above 200-day moving average since last few trading sessions. There is a possibility of bounce from here on.

Hence, we advise traders to buy the stock above Rs 387.50, with a strict stop of Rs 375.

(Mehul Kothari – AVP – Technical Research, Anand Rathi Shares & Stock Brokers. Views are personal).


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