Kiran Jadhav’s 2 stock ideas for Friday’s sessionJune 14, 2018
Indian shares snapped a three-session winning streak to end lower on Thursday, tracking Asian peers, a day after the U.S. Federal Reserve raised interest rates and struck a more hawkish tone in forecasting a slightly faster pace of tightening.
The Fed raised its benchmark overnight lending rate by a quarter of a percentage point to a range of 1.75 percent to 2 percent and forecast two additional hikes by the end of this year, compared with one previously, Reuters reported.
In an exclusive integration with
Kiran Jadhav, Chairman and MD of
Kiran Jadhav and Associates talked about trade setup and stock ideas for Friday’s session.
“The 10,780-10,760 level is a good support zone. A lot of negatives have been built and in spite of them, we have seen a bounce in the second half. From here on we could see higher highs coming in the days to come. So for Friday, I expect the market to be rangebound between 10,860 and 10,780 levels. For three-four days view, we should have a stop loss at around the 10,750 mark,” said Jadhav.
Jadhav’s stock picks for Friday’ session
The stock has done a trend reversal price pattern on extremely short-term charts with open interest additions towards 18 per cent by the end of the session on Thursday. We believe the volumes undercurrent is pretty strong and we have a positional view on this counter with a target of around Rs 145-150 for three to four days. A nearby stop loss is at around the 130 mark, for Rs 4 risk and Rs 14-18 target in the next three to four days.
The stock for the last two days has been outperforming and it has given a breakout of a huge consolidation that we saw, in technical terms. The stop loss on the counter would be Rs 26,000 and a target of around Rs 27,000-27,300 in the next couple of days.