Buy these two stocks for near-term gains while Nifty attempts to test 18250-18300 levels
时间:2024-06-25 14:35:12 阅读(143)
By Subash Gangadharan
After consolidating for the last few sessions, the Nifty has broken out to new life highs on Wednesday. Zooming into the 60 min chart, we can see that the index is holding above a rising 20 and 50 period MA indicating that the uptrend looks set to continue.
The below picks are for the next 15-26 trading sessions
Buy Tata Consumer ProductsTata Consumer Products has shown relative strength this week. While the Nifty index has gained 1.5%, Tata Consumer has gained a healthy 4.03%. In the process, the stock has also broken out of its recent trading range on the back of above-average volumes.
Technical indicators are giving positive signals as the stock trades above the 20 and 50 day SMA. Daily momentum indicators like the 14-day RSI too have bounced back and are in the rising mode now, which augurs well for the uptrend to continue.
With the intermediate technical setup looking positive, we believe the stock has the potential to move higher and take out its previous intermediate highs in the coming weeks and therefore recommend a buy between the 845-855 levels. CMP is 851.75. Stop-loss is at 810 while targets are at 945.
Buy Cholamandalam Investment and Finance companyAfter correcting from a high of 601 touched in April 2021, Chola Finance found support at the 470 levels in August 2021. These levels also corresponded to the 200 day EMA, thereby making it a strong support.
The stock has bounced back well in the last few weeks from these supports and has made a higher bottom. The stock is trading above the 20 and 50 day SMA and momentum readings like the 14-day RSI too are in the rising mode, which is encouraging.
With the intermediate and long term technical setup looking positive, we believe the stock has the potential to move higher in the coming weeks and therefore recommend a buy between the 590-600 levels. CMP is 596.5. Stop-loss is at 570 while targets are at 660.
(Subash Gangadharan is a Senior Technical and Derivative Analyst at HDFC Securities. Views expressed are the author’s own. Please consult your financial advisor before investing)
猜你喜欢
- MCX Gold displays a bearish reversal trend as traders fear US Fed rate hike; further correction likely
- Massive fire at cosmetics factory in Iran, 53 injured – State media
- Coal India share price tanks 3% after Q4 net profit falls nearly 18%; Should you buy, sell or hold-
- MCX Gold prices to trade sideways to down this week, heading for 4th monthly loss; support at Rs 49800
- Govt to list renewable energy financing firm
- Mcap of BSE-listed firms at all-time high of Rs 295
- Crude price may test $106-107 levels despite correction; sanctions on Russia may affect demand-supply dynamics
- Gold Price Today, 24 Feb- Gold gains as silver softens, dollar slips; support for gold seen at 55,200
- Markets to focus on Q1 earnings, RBI interest rate decision, global trends this week- Analysts