This chemical stock has been undergoing a lot of pain and was subject to some intense sell-off. The last few days have been spent in consolidation, and now, with volatility expanding to the upside, one can look at some potential rise in store. Also, the rebound emerging in certain high beta stocks, and the recent profit booking dragging the prices into the moving average band support region are now spurring a rebound. With the relative strength index firmly in place, one should consider a long opportunity.
• Electrosteel Castings: Buy above ₹96, stop ₹93 target ₹105-108
This counter, after the sharp drop seen in the last few weeks, the prices are showing positive divergence in the last few days have shown an inclination to resume the upward bounce. A long body candle close on the last two trading sessions highlights continued positive sentiment. As the momentum is seen rising above important RSI zones, consider going long.
• Hikal Ltd: Buy above ₹360, stop ₹348, target ₹385-395
There is once again a strong bullishness seen in pharma stocks, and the revival this time around in this stock seems more robust. The strong surge in volumes combined with the push from the support regions augurs well for the prices. The positive ‘directional index’ is seen rising and pushing prices above the clouds. With a long body candle firmly in place, we can look to initiate longs.
Three stocks to buy, recommended by Ankush Bajaj
Force Motors Ltd: Buy at ₹7,154 | Target ₹7,650-7,720 | Stop loss ₹6,800
On the hourly chart, the stock has given a breakout from the ₹7,080 level. As long as it sustains above this level, bullish momentum is likely to continue. Additionally, the stock has successfully retested the breakout level, further strengthening the bullish outlook.
Traders can consider long positions while it remains above ₹7080, with a stop-loss below the breakout level to manage risk effectively.
InterGlobe Aviation Ltd: Buy at ₹4,598.70 | Target ₹4,720-4,750 | Stop loss ₹4,528
The hourly chart technical analysis for InterGlobe Aviation indicates a bullish trend, with key indicators like Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD), and moving averages signaling upward momentum.
At the current level, the stock is expected to bounce back to its zone of 660, and if it sustains above this level, we could see an upside move toward 700 levels.
Cholamandalam Investment and Fin Co. Ltd: Buy at ₹1,449.60 | Target ₹1,520-1,550 | Stop loss ₹ 1,422
After forming a double bottom around the ₹1,170 level, the stock has rallied to ₹1,447. On the hourly chart, both RSI and MACD indicate bullish momentum. Additionally, the support zone is near ₹1,550.
Taking a long position in this stock with an immediate stop-loss at the recent low could be a well-structured trade setup. However, it is advisable to confirm with volume and price action before execution.
Two stocks to buy, recommended by MarketSmith India
SRF: Current market price ₹2,853.30 | Buy range ₹2,820–2,870 | Profit goal ₹3,200 | Stop loss ₹2,690 | Timeframe 2–3 months
Fortis Healthcare Ltd: Current market price ₹639.1| Buy range ₹625–645| Profit goal ₹740 | Stop loss ₹590 | Timeframe 2–3 months
About the analysts: MarketSmith India is a stock research platform. Raja Venkatraman is co-founder, NeoTrader. Ankush Bajaj is a Sebi-registered research analyst.
Investments in securities are subject to market risks. Read all the related documents carefully before investing. Registration granted by Sebi and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
