With the bulls on Dalal Street having gone under hibernation, the bears are having a gala time. Major largecap, midcap and smallcap indices have seen a Stop Lossight correction from their record highs hit earlier this month. That said, the market always offers an opportunity for investors to pick stocks even when the overall sentiment is a little low.Below, analysts have sorted out five such “buy” ideas that could reap returns for investors in the coming weeks.
The counter is in an uptrend where it is breaking out of the symmetrical triangle formation to resume its uptrend. Momentum indicator RSI is also breaking out above 60 after creating a base at around 40. MACD, meanwhile, is witnessing positive crossover and trading in the positive territory. On the upside, Rs. 318 is an immediate horizontal resistance while Rs. 330-350 will be the next target levels. On the downside, Rs. 387 provides immediate support while Rs. 277 will be the next support level.(Santosh Meena, Head of Research, Swastika Investmart)
The counter is in a classical uptrend with higher top-bottom formation where it is witnessing a breakout of bullish flag formation to resume its uptrend. It took support at 20-DMA during a small pullback with a positive crossover in momentum indicator RSI. On a weekly time frame, it has taken out multimonth resistance of Rs. 150 to enter into new bullish territory and now Rs. 150 has become a strong base at any correction. On the upside, Rs. 200 offers an immediate psychological resistance while Rs. 225 will be the next hurdle.(Santosh Meena, Head of Research, Swastika Investmart)
Some of the railway stocks witnessed great momentum in recent trading sessions, however, RAILTEL has to catch up with that momentum. It is forming higher lows formation in the strong demand zone of Rs. 130-110 and is ready to break out of the horizontal resistance line of Rs. 143. If it manages to cross the Rs. 143-mark decisively then we can expect a move towards Rs. 151-164 levels.(Santosh Meena, Head of Research, Swastika Investmart)
After showing weakness in the last two weeks, the stock price has witnessed a sustainable upside bounce this week. Currently, the stock price is making an attempt to stage an upside breakout of the larger consolidation at Rs. 140-141 levels. Hence, a sustainable upmove above this area could have a sharp positive impact on the stock price ahead. Buying can be initiated at the current market price, add more on dips down to Rs. 129; wait for the upside target of Rs. 155 in the next 3-4 weeks.(Nagaraj Shetti, Technical Research Analyst, HDFC Securities)
Agencies
6/6
BUY IDFC First Bank | Target: Rs. 59 | Stop Loss: Rs. 49
After showing a range bound action in the last 5-6 weeks, the stock price showed an attempt of an upside breakout of the upper range at Rs. 52 levels in this week. Present formation of higher lows as per weekly chart signals more upside in the near term. One may look to buy at current market price, add more on dips down to Rs. 50.75 and wait for the upside target of Rs. 59 in the next 3-4 weeks.(Nagaraj Shetti, Technical Research Analyst, HDFC Securities)
