Indian markets have been witnessing strength after the government announced reduction in corporate tax rate. The markets have corrected slightly over the last few trading sessions but majority of investors are bullish about medium and long term trend for Indian stocks.

Rajesh Bhosale from Angel Broking suggests buying Sudarshan Chemical Industries with price target of Rs 430 and stop loss of Rs 345.

On the weekly chart, the stock oscillated within the Rs 300 – 360 range for the past few months before breaking the range on the upside, thereby confirming a bullish breakout accompanies by a good increase in volume. In addition, the stock has closed above all major moving averages i.e. 50DMA, 100DMA and 200DMA, which indicate overall bullishness on the counter. For the past few weeks, midcap stocks are seeing impressive moves and the above technical setup suggests this stock is gearing up for a strong move in the near term.

“We recommend buying the stock at current level for a target of Rs 430 over next 14 sessions,” Rajesh Bhosale, Angel Broking said.