HDFC Bank and L&T among 7 stocks that analysts recommend buying this week

Voltas has corrected sharply from a high of Rs 1,317 over the previous two weeks. The stock found support at Rs 1,149 levels and bounced back this week smartly. The up move this week led to the stock closing above the 20-and 50-day SMA. Momentum readings like the 14-day RSI are in a rising mode and not overbought. The Relative Strength Comparative indicator too has broken out of a range, indicating that the stock is currently outperforming Nifty, which is encouraging. With the intermediate technical setup too looking positive, we believe there is scope for more upsides in the coming weeks. We recommend a buy between Rs 1,220-1,240 levels. Stop loss is suggested at Rs 1,190 for a target of Rs 1,340.

(Analyst: Subash Gangadharan, Senior Technical and Derivative Analyst, HDFC Securities)

Torrent Power stock displayed relative strength last week and gained 7%. In the process, the stock has broken out of its recent trading range. Technical indicators are giving positive signals as the stock is trading above the 20-day and 50-day SMA. Momentum readings like the 14-day RSI too are in a rising mode and not overbought, which implies potential for further upsides. We, therefore, expect the stock to move up further and take out its recent life highs in the coming sessions. Recommend a buy between Rs 575-585 levels. Stop loss is suggested at Rs 540 while targets are at Rs 640.

(Analyst: Subash Gangadharan, Senior Technical and Derivative Analyst, HDFC Securities)

After a short-term correction, the stock took support near 50-day SMA. Post reversal, it has formed a double-bottom formation. In addition, on weekly charts it has formed a promising bullish bar reversal candle which supports the short-term uptrend. Unless it is trading below Rs 1,875, positional traders can retain an optimistic stance and look for a target of Rs 2,080. Fresh buying can be considered now and on dips, if any, between Rs 1,950 and Rs 1,920 levels with a stop loss placed below Rs 1,875.

(Analyst: Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities)

After a short-term correction, the stock is hovering within the range of Rs 2,250 to Rs 2,300. Currently, the stock is trading near its 50-day SMA and consistently taking support near Rs 2,250. The short-term texture of the stock is promising. A strong possibility of fresh uptrend is not ruled out if it succeeds to trade above Rs 2,225.

(Analyst: Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities)

On the daily and weekly charts, the stock has formed promising higher bottom formation near its 200-day SMA. After a quick correction, the stock took support near Rs 1,435 and reversed sharply. It also formed a long bullish candle on the weekly charts. For positional traders, Rs 1,470 would be the key support level to watch out for, above which the uptrend structure will continue till Rs 1,630.

(Analyst: Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities)

This stock saw a significant up move in the last week and was among the outperformers from the financial space. It has seen a decisive volume-based breakout in the previous trading session and is firmly poised to enter the uncharted terrain. Recent consolidation followed by a breakout in the price action increases the possibility of unfolding the next leg of the rally. We recommend buying this stock for a trading target of Rs 732. Stop loss can be placed at Rs 640.

(Analyst: Sameet Chavan, Angel Broking)

During the entire calendar year 2021, this stock did not do well and underperformed most peers by a fair margin. Now the way prices are behaving around its sacrosanct supports, its an indication of change of tide on short to medium term charts. With this week’s rally, we can see a breakout happening from a ‘Triangle’ pattern which has strengthened its weekly time frame. In addition, the volumes are supportive along with the positive placement of key moving averages. Hence, traders can look to buy for a near term target of Rs 418. Stop loss can be placed at Rs 376.80.

(Analyst: Sameet Chavan, Angel Broking)