Anand Rathi's Technical Call: Videocon Industries, Aftek

MUMBAI: Anand Rathi Securities has recommended a ���buy��� on Videocon Industries at current market price of Rs 390 for target Rs 482. After a downward correction and consolidation, Videocon, exhibits the possibility of a trend reversal in daily as well as weekly charts, the brokerage says.

Rise in volume indicates a medium term buy in the counter. Based on the chart pattern, the stock is likely to get support around Rs 370. Anand Rathi suggests buying the stock around Rs 370-390 for target of Rs 482 and stop loss at Rs 360. If it moves above the target, it can even touch Rs 545 levels.

In Aftek, the brokerage sees a trend reversal in the weekly chart, after a descent correction over seven weeks. Also, on the daily chart Anand Rathi sees an intermediate bottom formed and rise in volume indicates a medium term buy in the counter. Based on the chart, the stock is likely to get support around Rs 45.

It suggests buying the stock around Rs 50-55 with stop loss of Rs 45 and target of Rs 80. If it moves above the target price, Anand Rathi sees it even touching Rs 100 levels. At 10:11 am on BSE, Videocon Industries was quoting Rs 428.85, up 5 per cent from Monday���s close. Aftek shares were trading higher by 1.86 per cent at Rs 54.90.