Buy these two stocks for near-term gains while Nifty 50 attempts to set fresh all-time high
时间:2024-06-28 22:42:51 阅读(143)
By Subash Gangadharan
The Nifty has now resumed its intermediate uptrend after recently crossing the previous intermediate high of 17640. On the daily chart, we can see that the Nifty has made higher bottoms at 17146 and 17655 recently. With momentum readings like the 14-day RSI in rising mode and not overbought, we believe there is scope for more upsides in the coming weeks as the Nifty attempts to take out the current life high at 18605.
The below picks are for the next 15-26 trading sessionsBuy BASF
BASF India has shown relative strength this week. While the Nifty index has gained 2.14% this week, BASF has gained a healthy 8.8% over the same time period. 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 day and 50 day SMA. Daily momentum indicators like the 14-day RSI too have bounced back and are in 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. We, therefore, recommend a buy between the 3180-3220 levels. CMP is 3198. Stop loss is at 2930 while targets are at 3800.
Buy Mastek
Mastek is in an intermediate uptrend as it continues to make higher tops and higher bottoms over the last several months. After correcting recently and finding support at the 2412 levels, the stock has bounced back over the last few weeks on the back of decent volumes. On Friday, the stock broke out of its recent trading range on the back of above-average volumes.
With the stock trading above the 20 day and 50 day SMA, daily momentum indicators like the 14-day RSI in rising mode and not overbought, the intermediate 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 3250-3260 levels. CMP is 3255. Stop loss is at 3020 while targets are at 3750.
(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
- Pune-based National Institute of Virology gets CISF security
- Nykaa rating- Brokerage initiates with ‘Hold’, sees 12% downside; online BPC co needs to go more mainstream
- Stocks slip as focus falls back on Fed
- Rainbow Children’s Medicare shares list at discount to IPO price, down 6
- NSE Bulk deals, December 13- CEREBRAINT, IIFLWAM, BAHETI and other major deals that took place on Tuesday
- NSE Bulk deals, January 5- APOLLO, MANGLMCEM, UMA and other major deals that took place on Thursday
- PVR, Cipla, DCM Shriram among 91 NSE stocks to touch 52-week lows, 20 stocks hit 52-week highs
- Rating- buy; Lupin’s current US sales to suffer
- NSE, its arm NCL settle trading glitch case with Sebi, pay Rs 72 crore