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    Market Trading Guide: Dabur among 4 stock recommendations for Wednesday

    By
    , ETMarkets.com|
    1/5

    ​Stock Ideas

    Indian equities ended Tuesday’s trade on a positive note for the eighth consecutive session, led by gains in IT, metal, and oil and gas stocks. Nifty at the close-ended near the 18,150 mark

    ​“Nifty has formed a small candle while on intraday charts, it is still holding higher bottom formation, which is broadly positive. In the near future, 18050-18000 would be the key support zone, while 18200-18250 would act as an immediate hurdle for the bulls. However, below 18000, the uptrend would be vulnerable,” Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities, said.

    ​Here are stock recommendations for Wednesday:

    TNN
    ​Dabur: Buy | CMP: Rs 533-536 | Target: Rs 551 | Stop Loss: Rs 525
    2/5

    ​Dabur: Buy | CMP: Rs 533-536 | Target: Rs 551 | Stop Loss: Rs 525

    On a weekly chart, the price has been rising continuously with Higher Highs and Higher Lows formation. Prices have respected the Rising trend line every time it has touched. Recently, the counter has reversed from the lower Bollinger Band with Bullish Pin bar candlesticks indicating bullish strength. At the same time, the Accumulation/Distribution indicator is also supportive of the next bullish rally.

    (Ashish Katwa, Research Analyst, Bonanza Portfolio)

    IANSHINDI
    ​Cipla: Buy | CMP: Rs 915.50-917.70| Stop Loss: Rs 906| Target: Rs 930​
    3/5

    ​Cipla: Buy | CMP: Rs 915.50-917.70| Stop Loss: Rs 906| Target: Rs 930​

    On an hourly chart, the price has given a breakout of the Symmetrical Triangle pattern, indicating Bullish strength in the counter. Prices shifted just above the 50 Exponential Moving Averages after taking support of the lower band of a pattern which adds more strength to the price. The daily RSI (14) has been trading above the 50 mark and the Stoch RSI also suggested a positive crossover confirming the long position.

    (Ashish Katwa, Research Analyst, Bonanza Portfolio)

    Agencies
    ​Birlasoft: Buy at CMP Rs 278.5 | Target: Rs 325 | Stop Loss: Rs 261
    4/5

    ​Birlasoft: Buy at CMP Rs 278.5 | Target: Rs 325 | Stop Loss: Rs 261

    The stock price has been in a consistent uptrend over the last six sessions. The chart pattern indicates the formation of an important bottom reversal around Rs 250 levels in March. Presently, the stock price is in an attempt of an upside breakout of the key overhead resistance of the descending trend line around Rs 278-280 levels. Volume has started to expand during the upside breakout and the daily 14-period RSI is showing a positive signal.

    (Nagaraj Shetti, Technical Research Analyst, HDFC Securities)

    Agencies
    ​Hindustan Copper: Buy at CMP Rs 104.35 | Stop Loss: Rs 97 | Target: Rs 120
    5/5

    ​Hindustan Copper: Buy at CMP Rs 104.35 | Stop Loss: Rs 97 | Target: Rs 120

    After a sharp downtrend from January to March, the stock price has shifted into a consolidation phase in the last month with a positive bias. The sharp upmove of this week so far is signaling a possibility of a rounding bottom formation. This overall positive chart pattern suggests an upside breakout of that pattern around Rs 108-118 levels in the near term. Volume has started to expand during an upmove in the stock price.

    (Nagaraj Shetti, Technical Research Analyst, HDFC Securities)

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

    Agencies
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