Buy these two stocks for near term gains as equity indices look set to jump further
时间:2024-06-28 22:25:20 阅读(143)
By Subash Gangadharan
Markets have bounced back strongly after the sharp selloff seen last Monday. The Nifty index made a long-legged Doji candlestick bullish reversal pattern on the weekly chart last week. This indicates that the bulls have overpowered the bears as the markets had recovered most of the losses seen during the early part of last week. This week too the Nifty has continued to surge higher to new life highs.The short term uptrend is, however, looking matured as the short term moving averages on the intraday charts have started to flatten. This indicates that markets could rise a bit more from current levels and consolidate in a range for the near term.Crucial supports to watch for a short term trend reversal are at 13864-13842.The below picks are for the next 15-26 trading sessions
Today, the stock also closed above the 20 day SMA, a sign of short term strength. Short term momentum readings like the 14-day RSI too has bounced back and is showing strength.
We believe the stock is ready to continue the next leg of its underlying uptrend and has the potential to move higher in the coming sessions. We, therefore, recommend a Buy between the 7560-7615 levels. CMP is 7609. Stop-loss is at 7430 while targets are at 8000.
Buy Balkrishna Industries
After correcting from a high of 1720 touched in early December 2020, Balkrishna Industries found support at the 50 day SMA around the 1515 levels. The stock has since then gradually climbed higher making higher tops and higher bottoms in the process.
Today, the stock broke out of the 1550-1590 trading range on the back of above-average volumes and also closed above the 20-day SMA in the process. Short term momentum indicators like the 14-day RSI too have bounced back from oversold levels. This augurs well for the uptrend to continue.
We believe the stock is ready to move higher in the coming weeks. We, therefore, recommend a Buy between the 1590-1625 levels. CMP is 1620. Stop-loss is at 1550 while targets are at 1760.
(Subash Gangadharan is a Senior Technical and Derivative Analyst at HDFC Securities. The views expressed are the author’s own. Please consult your financial advisor before investing.)
猜你喜欢
- NSE F&O ban- Indiabulls Housing Finance under ban on Friday, December 23, 2022
- Gold imports dip 24 per cent to US Dollar 35 billion in 2022-23
- NSE defers SGX Nifty Futures launch at IFSC GIFT City, PM Modi’s visit cancelled due to heavy rains in Gujarat
- Global shares turn higher, stemming rout; bond yields rise
- MSCI drops Adani Transmission, Adani Total Gas from MSCI India Index in quarterly review
- Gold jumps Rs 335; silver climbs Rs 516
- Global trends, trading activity of foreign investors to guide markets this week- Analysts
- NSE F&O Ban- PNB, BHEL, ZEEL, Indiabulls Housing, other stocks under ban on July 12, Wednesday
- Nifty hurdle at 19500-19700, Bank Nifty may consolidate; Airtel, Bharat Forge, BHEL among top stocks to buy