INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Domestic equity benchmarks opened in the red on Tuesday, mirroring bearish sentiment in major Asian markets.
A lacklustre Chinese
capped further downside in the market.
Election-related jitters, March quarter earnings and foreign fund flows were other key factors
swaying the market on either side
Analysts are advising a prudent, stock-specific approach at this juncture
Based on various brokerage recommendations, here is a list of 11 stocks that analysts say can potentially deliver solid gains over the next
price: Rs 1,270 | Stop loss: Rs 1,090Long-term charts on the counter are looking interesting
This range breakout itself is projecting a target around Rs 1,300
Going forward, sustaining above Rs 1,100 would be crucial for this stock to retain the positive momentum
target of Rs 1,270 with a stop loss at Rs 1,090," said Mohammad.
Jindal Steel and Power | Buy | Target price: Rs 190 | Stop loss: Rs 167This
counter recoiled on relatively higher volumes from its support level of Rs 165, hinting at a near-term bottom around this level
Sustaining above Rs 168, it can test its recent swing high placed around Rs 191
of India | Buy | Target price: Rs 340-360 | Stop loss: Rs 297On the weekly chart, the SBI stock has turned upward after taking support at
the triangle pattern neckline placed around Rs 300-303
Further, volumes declined in the throwback, clearly suggesting a temporary pause before the stock resumes its uptrend
On the daily chart, it has broken out from a bullish flag pattern, suggesting higher levels in the coming trading sessions
The RSI has turned upward after taking support at the 50-level and has formed a positive reversal on the daily chart, suggesting bullishness
Shankara Building Products | Buy | Target price: Rs 595-620 | Stop loss: Rs 485On the daily chart, Shankara Building Products is on the
verge of a breakout from a bullish flag pattern neckline placed at Rs 540
A successful breakout backed by healthy volumes can trigger a bear trend reversal, taking the stock higher
Further, following a series of lower lows and highs, the stock now has started forming higher highs and higher lows, clearly indicating that
the downtrend has been arrested
RSI has turned upwards, breaking out of the upper end of the bear territory i.e
the 60-level and instead took support at this upper end of the bear territory recently during a throwback.
Vaishali Parekh, Senior Technical
Analyst, Prabhudas LilladherAmbuja Cements | Buy | Target price: Rs 240 | Stop loss: Rs 219This stock has taken support near the significant
200-DMA, which is placed near Rs 216 and has made a recovery to indicate a positive bias
It can move further to Rs 240
The RSI has also shown a trend reversal to signify strength.
Jindal Steel Power | Buy | Target price: Rs 190 | Stop loss: Rs 167This stock
has formed almost a higher bottom formation pattern on the daily chart, taking support near 50-DMA and has produced a positive candle
pattern to signify strength
The RSI has also indicated a trend reversal, signalling a buy
"With good volume activity witnessed, we recommend a buy in this stock for an upside target of Rs 190, keeping a stop loss of Rs 167,"
Parekh said.
Gajendra Prabu, Senior Technical Analyst, HDFC SecuritiesHexaware Technologies | Buy | Target price: Rs 390 | Stop loss: Rs 332
The stock formed and validated the Bullish Harami candle pattern formed on April 25 on the daily chart, which is a confirmation of the
It has provided a breakout of key short-term trendline
The price has started to form a higher top and higher bottom on intraday charts which is a bullish development
In addition, technical indicators are placed in favour of bulls
State Bank of India | Buy | Target price: Rs 339 | Stop loss: Rs 298This stock has completed a Three Wave decline from Rs 339.60 to Rs
head towards Rs 340 which is slightly below the previous 52-week high
A few weeks back, the stock provided a breakout of contracting triangle and for the last couple of weeks, the stock was in a throwback fall
It has been maintaining a higher top and higher bottom formation in the bigger picture which is a bullish continuation structure
Apart from this, it is trading above all key moving averages of 21, 50 200-day EMAs
Rajesh Bhosale, Technical Analyst, Angel BrokingMulti Commodity Exchange | Buy | Target price: Rs 925 | Stop loss: Rs 790On the daily
chart, this stock broke above all its recent hurdles convincingly, courtesy to its quarterly results
In addition, RSI after forming a base around 50, has confirmed a bullish crossover with its smoothened averages supporting the buy call
Dr Reddy's Laboratories | Buy | Target price: Rs 3,100 | Stop loss: Rs 2,775During the week gone by, pharma stocks put up an
This heavyweight pharma stock, too, has broken above its recent consolidation and is now trading at 52-week high which supports the optimism
In addition, prices have closed above the higher band of Bollinger band, suggesting a strong uptrending move in the near term
Jay Thakkar, CMT, AVP Equity Research, Anand Rathi Shares and Stock BrokersAurobindo Pharma | Buy | Target price: Rs 870 | Stop loss: Rs
820The stock has provided a breakout from the triangular pattern which is a continuation pattern
The momentum indicator MACD is well into buy mode on the daily as well as weekly charts
This stock is likely to inch towards its life-time high levels.
HDFC Bank | Buy | Target price: Rs 2,410 | Stop loss: Rs 2,210This stock has
formed a falling channel in its Wave 4 and it has reversed well from the lower end of the falling channel
The stock has also taken good support at the lower end of the rising channel, hence the probability of Wave 5 up is quite high.
UltraTech
Cement | Buy | Target price: Rs 4,780 | Stop loss: Rs 4,450This stock has provided a breakout from the running triangular pattern with an
increase in volumes, hence it is a price volume breakout
It has started Wave III of 3 of a minor degree and it is likely to inch towards its extension target of Rs 4,780
represent those of ETMarkets.com
Please consult your financial adviser before taking any position in the stock/s mentioned.)
