Wipro, Titan, PVR Inox: How should you trade these buzzing stocks?

Domestic stock indices settled higher on Friday, with the BSE Sensex gaining 466.95 points, or 0.74 per cent, to end at 63,384.58. The NSE Nifty also rose 137.90 points, or 0.74 per cent, to 18,826.

Select stocks such as PVR Inox, Wipro and Titan Company are likely to be in limelight on Monday. Here is what Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets has to say on these stocks ahead of Monday's trading session:

PVR Inox | Hold | Target Price: Rs 1,520-1,560 | Stop Loss: Rs 1,400

On the weekly chart, PVR Inox is forming a lower top-lower bottom formation, which indicates that the stock is in a downtrend. However, the stock has shown signs of lateral consolidation in the last four weeks,. This indicates that the stock may witness a pullback rally in a downtrend. Hence, one can hold the stock at current prices with a stop loss of Rs 1,400 for a target of Rs 1,520-1,560 levels in the next couple of weeks.

Wipro | Sell | Target Price: Rs 340-300 | Stop Loss: Rs 400
On the daily chart, Wipro is trading below the 200-day SMA (Rs 392) with higher volumes, which is a sign of weakness. The stock is clearly underperforming the benchmark indices. Even the momentum indicators are negatively poised, which reflects the downside momentum. Hence, one can sell the stock at current prices with a stop loss of Rs 400 for a target of Rs 340–300 levels in the next couple of months.

Titan Company | Buy | Target Price: Rs 3,029-3,090 | Stop Loss: Rs 2,890  

Titan Company is making a higher high, which is a sign of strength. Further, the momentum indicator, viz., the RSI, is positively poised. The stock is outperforming the benchmark index. Combining all the above parameters, it is evident that the momentum on the upside is likely to continue. Hence, one can buy the stock at current levels with a stop loss of Rs 2,890 for a target of Rs 3,029-3,090 levels in the next couple of weeks.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today.)

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