Titan Company (₹2,522.4)
Bulls regaining traction
The stock of Titan Company has been in a corrective phase after marking a lifetime high of ₹2,677.9 in October. The price declined and made a fresh two-month low of ₹2,205 a fortnight ago. However, the stock has broke out of a resistance at ₹2,425, indicating a return of the bulls. Going ahead, although the scrip can be expected to retest the resistance-turned-support of ₹2,425, it is likely to surge to make fresh lifetime highs. It can be expected to reach ₹2,810 in the next two-three months. Therefore, traders can initiate fresh longs at current levels and accumulate at ₹2,425 and place initial stop-loss at ₹2,330. When the stock rallies above ₹2,678, revise the stop-loss to ₹2,500. Liquidate the longs at ₹2,810.
eClerx Services (₹2,612)
Sees fresh breakout
The stock of eClerx services has been on an uptrend since March 2020. The rally began from around ₹360. While the bull trend remained since then, it entered a consolidation phase in August last year. Until last week, it was oscillating between ₹1,960 and ₹2,460. Yet, last week, it broke out of ₹2,460 and thus, the stock is likely to witness another leg of rally. It can reach ₹3,000 in the medium term. However, the scrip could see a minor dip to ₹2,460 before making fresh highs. So, one can consider buying the stock at current levels and add more longs when price corrects to ₹2,460. Keep initial stop-loss at ₹2,290. On the upside, when the stock rises beyond ₹2,800, shift stop-loss to ₹2,600. Exit at ₹3,000 as there might be a price drop from that level.
Torrent Pharmaceuticals (₹3,278.4)
Hits fresh all-time high
The stock of Torrent Pharmaceuticals bounced off the support at ₹2,315 in March this year and rallied in the ensuing months. But after reaching ₹3,175 levels, the stock lost momentum and declined to ₹2,735 in November. Nevertheless, the stock started to make gains and last week, it broke out of ₹3,175 and marked a fresh lifetime high of ₹3,298.5 on Friday. Thus, the outlook has become bullish. While there can be a pause at around ₹3,500, we forecast the price to reach ₹3,700 within six months. Given the above factors, traders can go long at current levels and accumulate when the stock declines to ₹3,175. Place initial stop-loss at ₹3,000. When the stock moves past ₹3,500, shift the stop-loss upwards to ₹3,300. Liquidate entire longs at ₹3,700.
Narayana Hrudayalaya (₹639.5)
Breaks out of range
The stock of Narayana Hrudayalaya, which saw a price decline in the first quarter of 2021, took support at ₹380 and established a rally. But after reaching ₹614 in November, the uptrend lost steam and until last week, the stock has been moving across a sideways path between ₹545 and ₹614. But the latest breakout has brought back the bullish momentum and in the coming weeks, the stock is expected to make progress. While there can be minor corrections as the scrip appreciates, it can be expected to touch ₹700 in the next six months. But there could be a slight drop to ₹614. Hence, traders can buy at current levels and buy more if price drops to ₹614 before the rally. Keep initial stop-loss at ₹585 and revise it to ₹620 if price goes above ₹675. Exit the positions at ₹700.
Bandhan Bank (₹252.7)
May see fresh selling
The stock of Bandhan Bank has been on a decline ever since registering a 52-week high of ₹424.9 in early January 2021. The downtrend extended and the stock slipped below the support at ₹264 in December, opening the door for further weakening. Even though the stock appreciated last week, the overall trend remains bearish and fresh sellers are expected to come in, to capitalise on the rally. So, the stock can either resume the fall from here itself or after extending the rally to ₹264, which is now a resistance. The nearest notable support can be spotted at ₹200. Therefore, one can short at current levels and add more shorts when price rises to ₹264. Place initial stop-loss at ₹275 and alter it to ₹255 when price slips below ₹220. Liquidate the shorts at ₹200.