Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman
• DBCORP: Buy above ₹231, stop ₹224 target ₹255-265
This newspaper stock after undergoing lot of volatility and the Q3 results were found stable and the inability of the bears to drag it lower in this uncertain market speaks well for a strong rounding pattern 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 70 indicating the trends could sustain beyond the value area resistance around 225.
• TAJGVK: Buy above ₹490, stop ₹473 target ₹530-540
There has been some steady buying at lower levels as the momentum tried to revival 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 last few days with the dip into the Ichimoku Bands attracting some buying interest in the last week highlighting some steady resolve to the way up. Buy.
• GLAXO: Buy above ₹2760, stop ₹2725, target ₹2985-3025
Pharma stocks are under pressure and the fall seen in the last few weeks in this counter , there has been a strong rebound in the last month indicating that the bullish momentum could extend. The long body shown at the end of the last rise on Friday suggests that there is more rise possible. The attempt to move higher post the consolidation presents a strong case of bullishness. As Relative Strength Index (RSI) is already showing rebound from 60 levels , we can look to trade long in this counter.
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Three stocks to buy, as recommended by Ankush Bajaj
- EICHER MOTOR : Buy at ₹5,100 | Target ₹5,310-5,330 | Stop loss ₹5,002
On the lower time frame, the stock has given a rectangle breakout. Additionally, the RSI is above 60, indicating bullish momentum. The stock is also trading with gaps, so I expect these gaps to be filled in the next few day.
- IRFC : Buy at ₹123.40 | Target ₹129-132 Stop loss ₹119
On the 15-minute timeframe, the stock has given a bullish pennant breakout. Additionally, the MACD has shown a bullish crossover, suggesting that the bullish momentum is likely to continue.
- AETHER : Buy at ₹912.70 Target ₹960-980 | Stop loss ₹ 864
On the daily chart, RSI, CCI, and MFI are in the bullish zone. On the hourly chart, the stock is forming a triangle pattern. If the stock crosses the ₹920 level, we could see a rally up to ₹960.
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Stocks recommended by MarketSmith India
1. ITD Cementation India Ltd
Current market price: ₹535.1 | Buy range: ₹525–540 | Profit goal: ₹590 | Stop loss: ₹5100 | Timeframe: 1–2 months
2. Sarda Energy & Minerals Ltd.
Current market price: ₹471.05 | Buy range: ₹465–476 | Profit goal: ₹540 | Stop loss: ₹435 | Timeframe: 2–3 months
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About the analysts: Raja Venkatraman is co-founder, NeoTrader. His registration number is INH000016223. Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441. MarketSmith India is a stock research platform. Its trade Name is WILLIAM O’NEIL INDIA Pvt. Ltd and Sebi-registered research analyst registration no. is INH000015543.
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.