HDFC Bank, UBL among 9 stocks set to rally in near term

Post its decline from the higher levels, the stock has formed a double bottom chart pattern. The bullish activity near the support zone indicates that the counter has limited downside, making it a good candidate with regards to the risk and reward scenario. Therefore, the texture of the chart suggests a fresh upward rally.

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

The counter has entered a rising channel from the last few weeks. Moreover, on the daily and intraday charts the stock has formed cup and handle chart formation. Therefore, breakout move from the resistance zone for the bullish continuation rally is very likely to occur in the coming trading sessions.

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

After a short-term price correction, the stock is available near its multiple support zone. The decent volume activity near the support zone indicates that the downside is restricted. Therefore, the stock is expected to rebound and witness the bullish momentum from the current levels.

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

Sanofi recently found support around the Rs 5,454 levels in November 2022, which also roughly coincides with previous intermediate lows of the stock. The stock has subsequently risen and made higher bottoms in the last few weeks. In the process, the stock has broken out of a tight range on the back of above average volumes. Momentum readings like the 14-week RSI too are in rising mode and not overbought, which is encouraging.

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

The stock has corrected from a high of Rs 1,696 touched in early September 2022. The stock recently found support at the Rs 1,532 levels which also roughly coincides with the 50 week SMA. The stock has since then bounced back and broken out of the previous swing highs of Rs 1,643 this week. This indicates the stock is set to continue its short term uptrend. Daily momentum readings like the 14-day RSI are in rising mode after recently moving above its 9-day EMA.

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

The private lender's stock price moved in a higher top-higher bottom regime and made a rounding bottom pattern formation. The stock appears to be a good bet for a strong risk reward for traders. One can initiate buying with a target price of Rs 1,672 and a stop loss of Rs 1,588.

Analyst: Rakesh Bansal, Founder, IamRakeshBansal.com

The stock has demonstrated a much awaited breakout into uncharted territory and blue sky zone on the technical basis. The momentum indicators have also demonstrated positive crossover. The stock is worth taking risk with a target of Rs 198 and one can keep a stop loss at Rs 142.

Analyst: Rakesh Bansal, Founder, IamRakeshBansal.com

This counter is in a secular uptrend and is hovering at its lifetime high levels. The upward journey began in the month of April when stock was hovering around Rs 675 – 680. Since then there has been no stopping as prices more than doubled in such a quick succession. Taking a glance at the current price action, we can see the ‘Flag’ pattern breakout on the daily chart, suggesting a continuation of the ongoing trend. Technically, the stock is at a lucrative level and has the potential to pursue its northward journey in the near future. We recommend buying for a near term target of Rs 1,540. Traders can participate by following strict stop loss at Rs 1,338.

Analyst: Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One

Some of the liquor stocks have been on a roll in the last few weeks. Although UBL has been quiet all this while, the broader structure remained extremely strong. This week, we finally witnessed some catch up move in this counter as it resumed its upward momentum. On the daily chart, we can see prices finally breaking above the multi-month trend line level of Rs 1,750. If we look at the volume activity, we can see a considerable rise in volumes. Hence, traders are advised to buy for a near term target of Rs 1,855. The strict stop loss needs to be placed at Rs 1,732.

Analyst: Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)