Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman:
• Southern Petrochemical Industries: Buy current market price and at dips to ₹80.5, stop ₹79.80, target ₹90
This chemical stock, after undergoing a lot of pain, has shown a strong breakout as buying momentum got built. After biding some time and absorbing the volatility, we can look at the prices looking to extend next week. The steady upward bounce has pushed the RSI above 60, highlighting the bullish possibility.
• Strides Pharma: Buy above ₹750, stop ₹733 target ₹825
This counter is showing some steady upward bias after crossing the ‘kumo’ region around 725 levels in the last week, highlighting some steady resolve on the way up. A long body candle formed in the last trading sessions highlights continued positive sentiment. With momentum crossing important threshold one could consider going long.
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• PVR Inox: Sell below ₹1080, stop ₹1105, target ₹1040
Media stocks are under pressure, and the fall seen in the last session indicates that the bearish pressure could extend. The gradual resumption of downward pressure suggests that there is more decline possible. The attempt to move beneath the consolidation zone presents a strong case of bearishness. As Relative Strength Index (RSI) is seen breaching 40 levels again we can look to trade short in this counter.
Stocks recommended by MarketSmith India:
● Southern Petrochemical Industries Corp: Current market price ₹ 82.03 | Buy range ₹ 79.50 – 83 | Profit goal ₹ 99 | Stop loss ₹ 73.80 | Timeframe 2-3 Months
● Bharti Airtel Ltd: Current market price ₹ 1,678 | Buy range ₹ 1,650- 1,685 | Profit goal ₹1,940 | Stop loss ₹ 1,550 | Timeframe 2-3 Months
Three stocks to buy, recommended by Ankush Bajaj:
Chambal Fertilisers and Chemicals Ltd: Buy at ₹555.75 | Target ₹625- ₹640 | Stop loss ₹511
On the four-hourly chart, the stock has given a triangle breakout at 540 levels, indicating a potential trend continuation. Additionally, the stock is trading near its lifletime high with strong volume spikes observed on the daily chart, reinforcing bullish momentum.
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This setup suggests an upside potential in the coming days, provided the stock sustains above the breakout level with continued volume support. Traders may look for follow-through buying to confirm the breakout strength
JSW Steel: Buy at ₹980 | Target ₹1020- ₹1040 | Stop loss ₹948
On the hourly chart, the stock has given a reverse head and shoulders breakout, a bullish pattern that signals a potential trend reversal and upward momentum. Additionally, the ADX (Average Directional Index) is above 30, indicating strong trend strength and momentum continuation. This suggests that the stock is well-positioned for further upside movement in the coming days, provided it holds above the breakout level with sustained buying interest.
M&M: Buy at ₹3198 | Target ₹3360-3400 | Stop loss ₹3107
After making a new lifetime high, the stock has entered a consolidation phase, indicating a healthy price correction before the next move. Recently, the stock has formed a bullish flag pattern on the hourly chart, a continuation pattern that suggests potential for further upside once a breakout occurs.
About the analysts: Ankush Bajaj is a Sebi-registered research analyst (registration number INH000010441). Raja Venkatraman is co-founder, NeoTrader. MarketSmith India is a stock research platform.
Raja Venkatraman is co-founder, NeoTrader.
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.
