INSUBCONTINENT EXCLUSIVE:
rise for domestic stocks, backed by healthy gains across sectors
Around 9:50 am, BSE Sensex was up 244 points, or 0.68 per cent, at 35,939, while Nifty50 rose 63 points, or 0.59 per cent, t0
10,791.
Brokerages see opportunities across sectors and stocks
Based on various brokerage recommendations, here is a list of stocks that can potentially deliver gains over next two to three weeks:
Aditya
Agarwala, Technical Analyst, YES SecuritiesInfo Edge (India) | Buy | Target price: Rs 1,690-1,750 | Stop loss: Rs 1,470On weekly chart, Info
Edge (India) (Naukri) is approaching neckline of an ascending triangle pattern placed at Rs 1,690
A successful breakout and a sustained trade above this neckline can extend upward move to level of Rs 1,850
Currently, stock has turned north after taking support at lower end of pattern
Sustained trade above Rs 1,570 i.e
61.8 per cent Fibonacci retracement level, will extend rise to Rs 1,690-1,850 levels
The RSI has also turned upwards after taking support at lower end of bull zone i.e
40-level, and has formed a positive reversal on daily chart suggesting bullishness in stock.
Dr Lal Path Labs | Buy | Target price: Rs
1,000-1,040 | Stop loss: Rs 900 On daily chart, Dr Lal Path Labs was on verge of a breakout from a bullish flag pattern, suggesting that
resumption of an uptrend is on cards
The stock has taken support at 61.8 per cent Fibonacci retracement level and turned higher, affirming that bulls are gaining momentum
Sustained trade above Rs 945 will trigger a breakout from flag pattern, taking it higher to Rs 1,000-1,040 levels
Moreover, RSI has turned upward from 50-level after forming a positive reversal, affirming bullishness.
Sumeet Bagadia, Head of Technical
Research, Choice BrokingIDFC Bank | Buy | Target price: Rs 51.50 | Stop loss: Rs 42On weekly chart, stock has seen a breakout, a high of
"saucer bottom" formation, which suggests bulls may continue to pull counter
On daily chart, 200-EMA is offer crucial support to counter, which suggests a bullish trend is likely in forthcoming sessions
Kajaria Ceramics | Buy | Target price: Rs 580 | Stop loss: Rs 470On daily chart, this stock has seen a breakout from its multiple
resistance zones along with a spurt in volume in prior candle, which indicates that stock may continue its bullish trend
Head Technical and Derivatives Research - AVP Equity Research, Anand Rathi Shares and Stock BrokersApollo Hospitals Enterprise | Buy |
Target price: Rs 1,380 | Stop loss: Rs 1,240 This stock has seen a breakout from a running triangular pattern which it had formed in its
Wave 2 and with this breakout, it has started Wave 3 on higher side
The daily, weekly, as well as monthly MACDs are in buy mode
So, overall trend for long term is also quite positive.
YES Bank | Buy | Target price: Rs 200 | Stop loss: Rs 185This stock has seen a clear
breakout from a symmetrical triangular pattern, which was formed in its Wave B and with this breakout, Wave C has resumed
The momentum indicator MACD is also in buy mode with a positive divergence.
ICICI SecuritiesSiemens | Buy | Target price: Rs 1,150 | Stop
volumes along with highest delivery percentage (78 per cent) since June 2011, indicating accumulation at lower levels.
ITC | Buy | Target
price: Rs 293 | Stop loss: Rs 276The stock has already taken 18 months to retrace just 80 per cent of previous seven months upward move from
The slower pace of retracement suggests corrective nature of current decline and overall positive price structure.
Vaishali Parekh, Senior
Technical Analyst, Prabhudas Lilladher Jindal Steel Power | Buy | Target price: Rs 167 | Stop loss: Rs 144This stock has witnessed a value
erosion from high of Rs 172 to bottom out at around Rs 145 where it has got a good base and currently has produced a positive bullish candle
pattern in daily chart to signify strength and has potential to rise still further up in coming days
MM | Buy | Target price: Rs 785 | Stop loss: Rs 705This stock has almost formed a higher bottom formation pattern in daily chart taking
support near Rs 710 where, on previous occasion also, it has formed a good base and rallied
The risk-reward looks decent and attractive
The stock looks poised for an upward move in coming days and it has strength and potential to scale upside targets
Milan Vaishnav, CMT, MSTAContainer Corporation of India (Concor) | Buy | Target price: Rs 405 | Stop loss: Rs 360After peaking at Rs 740
early 2018, this stock has remained under a broad consolidation, forming lower tops but relatively out-performing broader markets
Currently, it is seen breaking out of a falling trend line, which joins high of Rs 740 with subsequent lower tops on weekly charts
The RSI is seen marking a bullish divergence and a 14-period high
On daily charts, stock has closed above upper Bollinger band, which indicates that present up move can continue
The daily MACD has shown a positive crossover and PPO has just turned positive on daily charts
Weekly RSI, too, has marked a fresh 14-period high and is seen breaking out after forming a higher bottom
The weekly MACD remains in continuing buy mode
The upward revision in price over coming days cannot be ruled out
State Bank of India | Buy | Target price: Rs 320 | Stop loss: Rs 285For most part of 2018, State Bank of India has experienced a broad
Currently, it remains in a large symmetrical triangle formation
Despite this, stock has generally out-performed PSU Bank Index, as indicated by RS Line
Following sideways consolidation in a defined range, stock looks to break out of symmetrical triangle formation on weekly charts
The RSI has marked a 14-period high on both daily and weekly charts, which is a bullish signal
The PPO has turned positive
The stock has its largest weight in PSU Bank Index, an index which is set to relatively outperform broader CNX500; it remains in leading
quadrant on Relative Rotation Graph when benchmarked against broader CNX500
