Dmart, HDFC Bank among top stocks to buy; market outlook broadly positive, Nifty may head towards 18800 level
时间:2024-06-26 06:59:55 阅读（143）
By Shrikant Chouhan
On last Tuesday, benchmark indices registered a fresh all-time high, after a promising uptrend rally the nifty ended 55 points higher while the Sensex was up by 177 points. Among Sectors, FMCG and Metal rallied over 1% whereas some profit booking was seen in selective Auto stocks. Technically, the market is consistently holding higher high and higher low formation which is broadly positive.
Avenue Supermarts (Dmart): BUYCMP: Rs 3965.1| TARGET: Rs 4160| SL: Rs 3885
The counter had been in a declining trend in the past many sessions. However, at present, there is a pause in its downward movement due to its strong multiple support levels. The stock is available near its demand zone, which could act as a strong base, simultaneously making it a favorable candidate in terms of risk and reward.
Godrej Consumer Products: BUYCMP: Rs 865.65 | Target: Rs 910| SL: 848
On the daily chart, post reversal from its multiple support zone the stock is into a gradual up move in a rising channel pattern. The texture of the chart pattern suggests upward movement from the current level is very likely to continue in the coming sessions.
Cipla: BUYCMP: Rs 1121.15| Target: Rs 1180| SL: Rs 1095
The stock witnessed a gradual decline from the higher levels in the past few sessions. However, the downside seems to be restricted and recent sloping channel breakout formation along with incremental volume activity suggests an uptrend to resume from the current levels.
HDFC Bank: BUYCMP: Rs 1597.85 | Target: Rs 1680| SL 1565
The stock has presented a robust rally, after a breather of a few trading sessions, it has taken a pause in the momentum within a range. Currently, the counter is trading near the lower boundary of the range, which indicates reversal from current levels.
(Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities, Views expressed are the author’s own.)
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