Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman
- Aarti Pharmalabs Ltd: Buy above ₹742 | Stop loss ₹725 | Target ₹825
After undergoing a lot of volatility, this pharma stock delivered stable Q3 results, and the inability of the bears to drag it lower in this uncertain market speaks well for a strong breakout as buying momentum was 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 70 indicating the trends could sustain beyond the value area resistance around 700.
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- Greenlam Industries Ltd: Buy above ₹590 | Stop loss ₹573 | Target ₹640
There has been some steady buying at lower levels as the momentum tried to revive the prices from lower levels. With the cloud region offering some upward thrust, the possibility of the counter showing a bullish bias has gone up. Now, the steady upward bias in the last few days managed to cross the Kumo region around 580 levels last week, highlighting some steady resolve to the way up. Buy.
- ICICI Prudential Life Insurance Co. Ltd: Sell below ₹587 | Stop loss ₹605 | Target ₹535
Financial services stocks are under pressure and the fall seen in the last session post the budget indicates that the bearish pressure could extend. The long body shown at the end of the decline on Monday beneath the 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 the RSI is already showing weakness, the rally only stopped short at 40 levels, and if dipped below it again, we can look to trade short in this counter.
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Stocks recommended by MarketSmith India
- Capital Small Finance Bank Ltd: Current market price ₹ 312.45| Buy range ₹ 304–315| Profit goal ₹ 375| Stop loss ₹ 282| Timeframe 2–3 months
- Dhanuka Agritech Ltd: Current market price ₹ 1,506.60 | Buy range ₹ 1,470–1,515| Profit goal ₹ 1,850| Stop loss ₹ 1,350| Timeframe 2–3 months
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About the analysts: MarketSmith India is a stock research platform. Raja Venkatraman is co-founder, NeoTrader.
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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.
