Among individual stocks, this week Patel Engineering Ltd, Development Credit Bank Ltd and Tata Power Co. Ltd look good on our charts. Patel Engineering Ltd, at its last close of Rs440.05, has a target of Rs465 and stop loss at Rs412. Development Credit Bank is a very good technical bet, with multiple targets across this week. At its last close of Rs55.65, it has its first target at Rs63 and next at Rs70 with stop loss at Rs43.
Tata Power, which has been an underperformer during the last two weeks, is likely to swing into action this week, with a target of Rs1,088 and stop loss at Rs1,028. The current price of the stock is Rs1,059.50.
From our previous week’s recommendations, Century Textiles and Industries Ltd, recommended at Rs491.25, touched a high of Rs559.60, gaining almost 14%, which was well above its target of Rs516. Tech Mahindra Ltd, recommended at Rs756.25, touched a high of Rs799.8, which too was well above its target of Rs778. Sterlite Industries (India) Ltd, recommended at Rs632.30, almost met its target of Rs654 by rising to a high of Rs651.
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Vipul Verma is a New Delhi-based independent investment adviser. Your comments, questions and reactions to this column are welcome at ticker@livemint.com