Zee Business Managing Editor Anil Singhvi talked to business analyst Jay Thakkar and requested him to share his Diwali stock pick that have the potential to give investors huge returns over the short to medium term time horizon. Thakkar picked Finolex Industries as his rocket share. He gave a target of Rs 800 for this share and put a stop-loss of Rs 498. The stock was trading around Rs 605 on Friday.
He said the reason behind picking this stock technically is that it has completed correction of wave 4 consolidation on monthly chart, there is a breakout from falling channels and lower end of the rising channel has given a good reversal.
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Zee Business (@ZeeBusiness) November 13, 2020
Talking about his pick, Thakkar said the stock has formed a very classical technical set up and if he has to recommend a target based on this set up, it will be a very aggressive target. He said if the stock crosses its medium-term target of Rs 800, it could also show a long-term reversal.
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He said the stock fits well on all technical charts and indicators and there is also positive crossover in short-term moving average and recommended to buy it with a short to medium term perspective.