Short-term stock ideas: Tech Mahindra, Birlasoft among 5 technical stock picks to bet on
ETMarkets.com|
"With inflation expected to remain above the upper tolerance threshold in Q2 and Q3 of the current financial year, the MPC stressed that sustained high inflation could destabilise inflation expectations and harm growth in the medium term," RBI Governor Shaktikanta Das said.
Osho Krishan, Senior Analyst – Technical & Derivative Research, Angel One Ltd said, " The rate hike was in line with the market expectations and the upside momentum is likely to continue. Nifty has been trading in a narrow range and is expected to hit 17,800 levels once it crosses the 17,500 mark."
Looking for stock ideas for your short-term portfolio? Here are the top 5 technical stock picks Osho Kishan is betting on:
ThinkStock Photos
Target: Rs 1120
Stop Loss: Rs 1000
The stock has seen a good reversal and has started its journey of making higher highs – higher lows on the daily time frame. Also, the counter has seen a strong runaway bullish gap near the psychological mark of 1000, which augurs well for the bulls in the counter. Even we have seen an increase in the volumes as the stock starts its upsurge, which tends to the bullish sentiment in the counter.
ETtech
Target: Rs 365
Stop Loss: Rs 332
Birlasoft has seen a double bottom formation at the lower levels and is looking vital to inch upwards in the near future. Also, the breakout of the pattern was backed by robust volumes indicating inherent strength, and the momentum is likely to continue in the comparable period.
ET Spotlight
Target: Rs 79-80
Stop Loss: Rs 72
The stock has consolidated in a narrow range for quite some time and recently has seen a positive crossover of 21 DEMA over 50 DEMA. Even the RSI has seen a similar movement, which augurs well for the counter. Also, from a risk-reward point of view, the stock is placed in a lucrative zone and is expected to march upward in the near period.
Agencies
Target: Rs 740-745
Stop Loss: Rs 675
Bharti Airtel has seen a strong breakout at 700-odd zone post formation of its double bottom pattern, indicating inherent strength in the counter. Also, the stock has moved above all its major exponential moving averages on the daily time frame that favors the bullish sentiments.
Agencies
Target: Rs 765
Stop Loss: Rs 700
Axis Bank is hovering comfortably above the significant exponential moving averages on the daily chart and could be seen forming a strong base before another rally. Meanwhile, the counter has seen a positive crossover on the oscillator front favoring the continuation of its uptrend.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)
Reuters
