Market Trading Guide: Zomato, Hindalco among 10 stock recommendations for Monday

BoI has traded in a wide range of Rs 105–35 for the last three years. This means that from current levels of Rs 84.45, the price should rally to around Rs 105–108. From a practical trading point of view, BoI has broken out from the minor resistance at Rs 80–81 and is in an uptrend as we see higher highs and higher lows. There is some more juice left in the rally, as we can expect a move higher to Rs 100–105 in BoI over the next couple of months. A breakout above 105 will signal a major rally, which could last for months and take the price higher to Rs 175–180. Consider buying BoI for a rally to 102–105 with a stop below 77. Once the price registers a breakout above 105, we will review it again. Hold for at least 6–8 weeks.

(Manish Shah, SEBI Registered Investment Analyst)

The price has just crossed the major resistance at Rs 17.50-18.00 on a strong thrust and increase in volumes. The breakout is also from a major inverse head and shoulder trend reversal pattern. The breakout also coincides with the price crossing above the 200-day moving average. The price action shows multiple signals that are pointing toward a major rally.

(Manish Shah, SEBI Registered Investment Analyst)

The stock is breaking out of an inverse head and shoulder pattern on the weekly timeframe with above average volumes and a bullish candlestick pattern which indicates strength. On the indicator front, the supertrend indicator is signalling a bullish continuation, and the stock is seen sustaining above all its important EMAs. The momentum oscillator RSI (14) is at around 65, showing strength by sustaining above 50.

(Mitesh Karwa, Research Analyst, Bonanza Portfolio)

BEML is seen breaking out of a cup and handle formation on the monthly timeframe with a bullish candlestick above the highs of the last 20 days, indicating strength. Momentum oscillator RSI (14) is at around 65 on the daily time and is showing strength by sustaining above 50, and the stock is also trading above all the important EMAs on the daily timeframe.


(Mitesh Karwa, Research Analyst, Bonanza Portfolio)

The stock has recently experienced a significant breakout from a consolidation phase on the daily and weekly charts. The breakout was accompanied by a surge in trading volumes, indicating strong buying interest in the stock. The momentum indicator, RSI, has given a positive crossover, confirming the presence of bullish momentum in the stock. Furthermore, there was a breakout from a falling trendline, signalling a change in momentum from bearish to bullish. This breakout strengthens the bullish case for the stock.


(Kunal Shah, Senior Technical and Derivative analyst at LKP Securities)

The stock has shown a robust rally from the lower levels in the recent trading sessions. Moreover, there is a fresh breakout with incremental volume activity from the ascending triangle chart formation. As a result, the comfortable close above its breakout levels suggests upward momentum to persist in the coming horizon.


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

​After the recent selloff in the counter from the higher levels, the downward momentum had stopped. On daily charts, the counter has found support and reversed its trend from its important retracement zone along with rising volume activity. The formation suggests a revival of the uptrend from the current levels.

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

After the remarkable up move of the last few weeks, the counter witnessed short-term correction from the higher levels. However, closing above the important retracement levels suggest a bullish continuation chart structure. Therefore, the counter is likely to resume its uptrend from the current levels.

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

The counter experienced a breakout of the triangle formation with strong volume on the Daily chart. It retested its breakout levels at around Rs 2600 and started a new leg of the rally towards Rs 3400+. The overall structure of the counter looks lucrative, as it is trading above all its important moving averages. MACD (moving average convergence divergence) has supported the current strength, whereas the momentum indicator RSI (relative strength index) is also positively poised. On the upside, Rs 3400 is an immediate hurdle; above this, we can expect a move towards Rs 3600+. On the downside, Rs 2600 is a strong demand zone during any correction.

(Pravesh Gour, Senior Technical Analyst, Swastika Investmart)

The counter has witnessed a breakout of a symmetrical triangle formation on the daily chart. However, it has provided a meaningful correction to retest the previous breakout level of Rs 690 after making a 52-week high. The counter is trading above its important moving averages. On the higher side, Rs 840 is psychological resistance; above this, we can expect a move towards Rs 880 in the near term, while on the downside, Rs 680 is the immediate support; below this, Rs 650 will be the next important support level.

(Pravesh Gour, Senior Technical Analyst, Swastika Investmart)

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