3 hot stock picks from Reliance Securities

MindTree Ltd

CMP: 494| RECO: BUY| TARGET: 560| STOP LOSS: 468

The stock is gradually moving higher taking support of its moving averages and managed to recover its prior damages.

Key technical indicators are positively poised above their neutral line as well as averages.

Traction in Mid-Cap IT counters are signaling that the stock will continue its gradual up-move and will climb higher levels.

Long position can be initiated here and on dips for a target of Rs560 with a stop loss of Rs468.

Godrej Industries Ltd

CMP: 567| RECO: BUY| TARGET: 620-640| STOP LOSS: 545

The stock has formed Triple Bottom around Rs545 and then reversed. Previously, reversal from that level turned out well for the stock.

Positive divergence in the key technical indicators w.r.t. recent price action is signaling that stock will soon resume its up-trend.

On the higher side, the stock will face major hurdle around its long-term moving average.

Long position can be initiated here and on dips for a target of Rs620-640 with a stop loss of Rs545.

Power Grid Corporation Ltd

CMP: 211| RECO: BUY| TARGET: 230| STOP LOSS: 198

The stock is in the strong up-trend, where its moving averages worked as key reversal point and helped it to record new highs. Currently, the stock is consolidating around its long-term moving average.

Recovery in the key momentum indicators are signaling that the stock is on the verge of a turnaround and will soon resume its up-trend and will record new high.

In case of any decline, the stock will find support around recent swing low.

Long position can be initiated here and on dips for a target of Rs230 with a stop loss of Rs198.

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