Buy Apollo Hospitals stock; sell Cochin Shipyard, GMDC shares, says LKP Securities

Amid the sharp selloff in the Indian stock markets on Monday, Rupak De, Senior Technical Analyst at LKP Securities, a domestic brokerage firm has shared three stocks- Gujarat Mineral Development Corporation Ltd (GMDC), Cochin Shipyard Ltd and Apollo Hospitals Enterprise Ltd- from a trading point of view. The analyst has suggested to short the first two, while he is suggesting to long the last one. Here's what the analyst has to say about these counters:

 

Cochin Shipyard | Sell | Target Price: Rs 2,300 | Stop Loss: Rs 2,460

Cochin Shipyard has fallen below the recent consolidation on the daily chart. Besides, the stock has fallen below 21 EMA on the daily timeframe. Additionally, the RSI is in a bearish crossover. Based on these technical set up, on the lower end, the stock might move down towards Rs 2,300. Support is placed at Rs 2,460.

 

Apollo Hospitals Enterprise | Buy | Target Price: Rs 7,000 | Stop Loss: Rs 6,540

Apollo Hospitals has been consolidating following a rise on the weekly timeframe. On the daily timeframe, the stock is sustaining above the 21EMA. Additionally, the RSI is in a bullish crossover. On the higher end, the stock might move towards Rs 7,000. Support is placed at Rs 6,540, below which the stock might weaken.

 

Gujarat Mineral Development Corporation | Sell | Target Price: Rs 365 | Stop Loss: Rs 390

GMDC has given a head and shoulders pattern breakout, suggesting increasing weakness on the daily chart. The RSI is in a bearish crossover and falling. However, after a steep fall, selling upon a small pullback looks like a better bet. On the lower end, it might fall towards Rs 365, while resistance is seen at Rs 390.

 

 

 

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