Buy these two stocks for near term gains while Sensex, Nifty consolidate with a downward bias
时间:2024-05-18 11:46:52 阅读(143)
By Subash Gangadharan
While the Nifty is broadly consolidating in a range, we observe that the index is making lower bottoms over the last few weeks. The index has also been making lower tops recently, which indicates that the index is in a downtrend. A short term correction is likely once the immediate support of 15513 is broken. Downside targets in this scenario are at the previous intermediate highs of 15432.
The below picks are for the next 15-26 trading sessions
Buy Bharat ElectronicsBharat Electronics is in an intermediate uptrend as it continues to make higher tops and higher bottoms over the last several months. This week the stock touched a new 52 week high.
On Wednesday, the stock broke out of the recent trading range between the 177-188 levels with the 20 day SMA providing support. This augurs well for the uptrend to continue.
Technical indicators are giving positive signals as the stock trades above an upward sloping 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 too looking positive, we believe the stock has the potential to move higher to new life highs in the coming weeks and therefore recommend a buy between the 188-191 levels. CMP is 189.6. Stop-loss is at 181 while targets are at 211.
Buy SAILAfter falling from a high of 151 tested in May 2021, SAIL found support around the 119 levels in June 2021.
The stock has then consolidated in a range for the last few weeks. On Wednesday, the stock broke out of a more recent trading range between the 120-132 levels on the back of above-average volumes. The metal index sector is also performing well, which augurs well for this stock.
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 are in rising mode and not overbought, 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 in the coming weeks and therefore recommend a buy between the 132-135 levels. CMP is 134.45. Stop-loss is at 126 while targets are at 155.
(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.)
上一篇:Stocks To Watch- LIC, Biocon, Axis Bank, Suzlon, Eicher Motors, ZEEL, Tata Power, SAIL, Mazagon Dock
下一篇:YouTube introduces BrandConnect and Podcasts for creators in India
猜你喜欢
- Markets fall for fifth straight day on back of sell-off, renewed war crisis
- Mapmaking- Providing location data to the entire world
- Stocks to watch- Adani Enterprises, Tata Motors, Vedanta, Lupin, IRFC
- Maharashtra logs 131 fresh COVID-19 cases
- Stocks, bonds fall as BOJ’s surprise policy shift spooks investors
- Tamilnad Mercantile Bank IPO fully subscribed on Day 2
- Supplies from Himachal, Uttarakhand disrupted by rains – Elevated tomato prices- No immediate respite seen
- Stocks to buy- HDFC Life, TechM strong on charts; remain stock-specific as Nifty approaches 15,600 support
- Tata Power Renewable Energy plans to invest Rs 70,800 crore for renewable projects in Tamil Nadu