Kotak Mahindra Bank, BSE among 9 stocks that can rally in near term

After showing a range-bound movement in the last one month, the stock price has moved up decisively so far this week and is currently showing an upside breakout of the range movement. After completing a bearish chart pattern like lower tops and bottoms, the stock price formed a new higher bottom at Rs 891 levels in mid-October and has moved up since then. The volume started to expand and the weekly RSI shows a positive indication. Buying can be initiated in the stock now and one can add more on dips down to Rs 1,010. Wait for the upside targets of Rs 1,130 and Rs 1,210 in the next 3-5 weeks. Place a stop loss of Rs 975.

Analyst: Nagaraj Shetti, Technical Research Analyst, HDFC Securities

After showing a minor downward correction in the last few weeks, the stock price has shown a sustainable upside bounce this week. Positive chart patterns like higher tops and bottoms continued on the weekly chart and the stock price seems to have formed a new higher bottom at Rs 517 last week. This is a positive indication and one may expect a continuation of upside momentum in the near term. One may look to buy the stock, add more on dips down to Rs 538 and wait for the upside targets of Rs 605 and Rs 645 in the next 3-5 weeks. Place a stop loss of Rs 522.

Analyst: Nagaraj Shetti, Technical Research Analyst, HDFC Securities

The tyre manufacturer has cracked its previous highs of 2017-2018 and moved above the same. Now, it is moving into uncharted territory with a potential of further upside. Both leading and lagging indicators suggest buying or accumulating the stock on dips for a target of Rs 367 and Rs 387. One can put a stop loss at Rs 305.

Analyst: Rakesh Bansal, Founder, IamRakeshBansal.com

The stock after a short correction has attained the trendline support zone of Rs 1850 levels to show signs of bottoming out and is anticipated to give a pullback to improve the bias and indicate a trend reversal. With a move past the significant 50 EMA level of Rs 1898, the trend would be further strengthened to expect targets of Rs 2000-2040 in the coming days. With the risk-reward ratio favourable, we recommend a positional buy in this stock for an upside target of Rs 2,040 keeping a stop loss of Rs 1,800.

Analyst: Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher

The stock has made a double bottom formation-like pattern on the daily chart and has recovered substantially from thereon and is on the rise. We anticipate further momentum in this stock to scale still higher targets. The RSI indicator has reversed the trend, signalling a buy. We recommend to buy this stock for an upside target of Rs 650. Keep a stop loss of Rs 570.

Analyst: Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher

The stock has made a decent correction from Rs 7750 to Rs 6387 levels. The stock staged a trend reversal with the Morning Star pattern on the daily chart to indicate improvement in the bias. A further rise cannot be ruled out. The stock has completed 50% retracement level of the recent correction and a decisive move past Rs 6,700 (200 DMA) would further strengthen the trend. One can anticipate further upward movement for higher targets. The RSI indicator also has confirmed the buy signal with a trend reversal and we suggest buying this stock for an upside target of Rs 7,300, keeping the stop loss of Rs 6,350.

Analyst: Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher

Price action in IDBI Bank shows a steady uptrend. The directional indicator shows a strong trend on the weekly as well as on the daily time frame. Banking stocks, especially smaller ones are showing a tendency of higher highs and higher lows. The all-time high in IDBI Bank is at 65 and this is the first target. Once the price breaks and moves above Rs 65, expect them to rally towards Rs 75. IDBI Bank is in a strong trend and prices are likely to see more upside over the next 6-8 weeks. Buy with a stop below Rs 58.

Analyst: Manish Shah, Independent Trading Coach

Anant Raj is in a steady uptrend on the weekly time frame. The directional movement index shows a strong momentum on the weekly time frame. Since November 11, prices are in a corrective mode and have declined from Rs 120 to around Rs 98. This decline in volumes suggests the absence of selling pressure in the stock. The price is currently at the support zone of Rs 98-100. A bullish Fry Pan bottom reversal pattern means that the corrective phase of the stock is over and more upsides are likely. Buy for a rally to Rs 130 and above that to Rs 140. Keep a stop loss below Rs 95.


Analyst: Manish Shah, Independent Trading Coach

The stock has been forming a ‘Higher Top Higher Bottom’ structure and is thus in an uptrend. The recent upmove has witnessed good volumes, indicating buying interest in the stock. The prices have recently given a breakout from a falling trendline resistance on the weekly chart and the RSI oscillator is hinting at a positive momentum. Hence, traders can look to buy the stock on dips in the range of Rs 88-85 for potential targets of around Rs 96 and Rs 102. The stop loss for long positions should be placed below Rs 80.

Analyst: Ruchit Jain, Lead Research, 5paisa.com

The stock has been forming a ‘Higher Top Higher Bottom’ structure on the daily chart and prices are trading in a ‘Rising Channel’ formation. This indicates a short-term uptrend. Post the recent correction from Rs 592 to Rs 516, the stock has taken support near the lower end of the channel. If we look at the price volume action, it is seen that the moves are supported by good volumes, while the corrections have not witnessed any significant volumes, which is a good sign. The positive crossover in RSI indicates positive momentum and hence, it seems that the stock has resumed its uptrend. Traders can look to buy the stock in the range of Rs 550-545 for potential targets of around Rs 580 and Rs 600. The stop loss for long positions should be placed below Rs 520.

Analyst: Ruchit Jain, Lead Research, 5paisa.com

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