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Buy Wockhardt Ltd For Target Rs.1,685.00

  TECHNICAL PICKS
POSITIONAL PICK
WOCKHARDT (LTP: 1,498) BUY
Thus, for today's trade, long position can be initiated only in Rs1,470-1,440 range for target of Rs1,685 with a stop loss of Rs1,370.


Wockhardt, witnessed sharp sell-off from the peak of Rs2,000 to a low of Rs1,177 before bouncing back to a high of Rs1,594. Since then, stock has witnessed narrow range consolidation below its 50 day exponential moving average (EMA). However, since last one week, we have seen stock stabilizing above its 50 days EMA that is currently placed at Rs1,437. MACD above the neutral mark combined with RSI above 50 indicates strength in the stock. We anticipate stock to make a fresh move towards level of Rs1,685 provided stock manages to stay above level of Rs1,371 (i.e. 23.6% retracement of the previous move).
Thus, for today's trade, long position can be initiated only in Rs1,470-1,440 range for target of Rs1,685 with a stop loss of Rs1,370.
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Derivative Ideas For Apollo Tyres Ltd Target 194-197

Derivative Ideas
APOLLO TYRE
Futures Buy It has closed above its 200 DEMA with high volumes today. Daily momentum oscillators like RSI and MACD showing positive divergence. In Addition it has broken its long term downward slopping trend line. We believe that the stock will outperform in coming sessions.
Strategy:- BUY APOLLO TYRES FUT BET 181-182.50 FOR A TGT OF 194-197 SL 175.

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 Buy Dish TV India Ltd For Target Rs.118.00

 Buy Dish TV India Ltd @ 109-110 Stoploss 105.50 Target  118 CMP 109.40

 It has been consolidating between 100-108 range for last three weeks and witnessed an upside breakout from the same today with decent rise in volume, all this indicates resumption of prevailing uptrend.
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