Chart Check from Emkay Global for Thursday, May 17: Sesa Goa, M&M

We have compiled technical recommendations from Dharmesh Patel, Technical Analyst, Emkay Global Financial Services for today.

1) Buy Sesa Goa with a target price of Rs 204 and a stop loss of Rs 183

Buy: The stock has given a breakout from a falling wedge pattern. Moreover, the bullish crossover of daily MACD adds more credibility to the breakout. Also, the stock is trading above its 200-HMA. Buy for the target of 204. Maintain a stop loss of 183.

2) M&M is a 'SELL' call with a target of Rs 600 and a stop loss of Rs 679

Sell: The stock has broken its triangle pattern on downside. Moreover, the confirmation of lower top lower bottom formation on daily chart adds credibility to the breakdown. The momentum cycle has reversed in the favor of the bears. Sell for the target of 600, keeping a stop loss at 679.