Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman:
• Godrej Industries: Buy above ₹1155, stop ₹1135 target ₹1255-1265
After undergoing a lot of volatility and the Q3 results, this stock was found stable. The bears’ inability to drag it lower in this uncertain market speaks well for a strong rounding pattern breakout amid buying momentum. After absorbing the volatility, we can look at the prices for extending next week. The steady upward bounce has pushed the ADX DMI into a buying mode, indicating the trends could push the prices higher.
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Sarda Energy & Minerals: Buy above ₹504, stop ₹473 target ₹530-540
There has been some steady buying at moving average bands 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, with the steady upward bias in the last few days, the dip into the moving average bands attracting some buying interest in the last week highlights some steady resolve on the way up.
• Hindustan Unilever: Buy above ₹2,250, stop ₹2,210, target ₹2,450-2,500
FMCG stocks were under pressure and post the fall seen in the last few weeks a rebound is expected. The recovery witnessed indicates that the bullish momentum could extend. The long body shown at the end of the last rise on Monday suggests that there is a further rise. The attempt to move higher post the consolidation presents a strong case of bullishness. As relative strength index (RSI) is already showing rebound from oversold levels , we can look to trade long in this counter.
Also Read: This smallcap pipe stock is down 61% in last one year. Can Q4 spark a comeback?
MarketSmith India’s top stock recommendations for 11 March
Aavas Financiers: Current market price: ₹1,752.35 | Buy range: ₹1,700–1,760 | Profit goal: ₹1,890 | Stop loss: ₹1,670 | Timeframe: 1–2 months
Orient Cement: Current market price: ₹340.25 | Buy range: ₹330–342 | Profit goal: ₹381 | Stop loss: ₹323 | Timeframe: 1–2 months
Also read: FPI jitters: Are foreign investors losing confidence in Indian markets?
About the analysts: Raja Venkatraman is co-founder, NeoTrader. His Sebi registration number is INH000016223.
MarketSmith India’s trade name is William O’Neil India Pvt. Ltd. Its Sebi registration No is INH000015543
Investments in securities are subject to market risks. Read all the related documents carefully before investing.
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.
