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    12 stocks that are flashing BUY signals on tech charts

    ETMarkets.com|
    Money making ideas
    1/13

    Money making ideas

    Of late, the stock market bears have tightened their grip on Dalal Street, and analysts believe the index is likely to stay vulnerable and hence recommend a highly stock approach to the market. "Avoid aggressive longs unless Nifty takes out the 11,300-11,350 zone on a closing basis. Until that happens, we will find the index vulnerable at higher levels. A highly focused and stock-specific approach is advised for the day," said Milan Vaishnav, CMT, MSTA is a Consultant Technical Analyst and founder of Gemstone Equity Research & Advisory Services.

    iStock
    Grasim | BUY | Target Price: Rs 697
    2/13

    Grasim | BUY | Target Price: Rs 697

    This counter appears to be consolidating in the zone of Rs 650-568 levels for the last 39 sessions. It can be on the verge of a consolidation breakout as volumes are relatively higher on the way up after testing the lower end of the consolidation zone. Moreover, on the weekly Line chart (closing price chart) it appears to have already registered a breakout above the consolidation zone. Hence, positional traders are advised to buy into this counter in anticipation of a strong breakout with a close above Rs 650 levels. In that scenario, a bigger target of Rs 697 can be expected. Stop suggested for the trade is close below Rs 600. (Analyst: Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in)

    iStock
    Sun Pharma | BUY | Target Price: 590
    3/13

    Sun Pharma | BUY | Target Price: 590

    This counter appears to have registered a decisive breakout above its critical resistance point placed around Rs 510 levels on much higher volumes. Hence, sustaining above Rs 507 levels much bigger targets can be expected. However, as technical stop loss levels are somewhat far away positional traders are advised to adopt a two-pronged strategy of buying now and adding further on correction if any into the zone of Rs 516-511 and look for a target of Rs 590. Stop suggested for the trade is close below Rs 506. (Analyst: Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in)

    Reuters
    SBI | BUY | Target Price: Rs 219
    4/13

    SBI | BUY | Target Price: Rs 219

    For the last 4 trading sessions, this counter appears to be moving almost flat with similar closes around Rs 190 levels. Hence, sustaining above Rs 186 levels, it can initially test its critical near-term resistance point of Rs 202 levels. However, a strong sustainable close above Rs 202 can open much bigger targets of Rs 219. For time being, traders can buy into this counter with a stop below Rs 186 on closing basis for targets of Rs 219. (Analyst: Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in)

    ANI
    Cipla | BUT | Target Price: Rs 760
    5/13

    Cipla | BUT | Target Price: Rs 760

    The stock price has broken out from the consolidation, which was there for the last 10 trading sessions. The stock has been on a primary uptrend with higher tops and higher bottoms on the daily and weekly charts. Derivative Data also suggest long build up in the counter. Traders can buy the stock with a target price of Rs 760 and a stop loss at Rs 695. (Analyst: Vinay Rajani, Technical Research Analyst, HDFC securities)

    PTI
    Godrej Consumers | BUY | Target Price: Rs 735
    6/13

    Godrej Consumers | BUY | Target Price: Rs 735

    The stock has formed a strong base around Rs 664 and reversed north. The stock went up more than 1.5% with rising volumes on 31st July 2020. It is now on the verge of giving breakout from the downward sloping channel on the daily charts. Indicators and oscillators have turned bullish on the hourly and daily charts. Traders can buy this stock with a target price of Rs 735 and a stop loss at Rs 670. (Analyst: Vinay Rajani, Technical Research Analyst, HDFC securities)

    Reuters
    Mindtree | BUY | Target Price: Rs 1,170
    7/13

    Mindtree | BUY | Target Price: Rs 1,170

    The stock has rallied nearly 20% in the last month. Recently, it made fresh all time high of Rs 1,112 and post the sharp price surge, it closed above Rs 1065 resistance mark, which is broadly positive. The modest volume activity post breakout clearly indicates high chances of the further uptrend from current levels. On the daily and weekly charts, the stock has formed a strong promising price volume breakout formation that indicates bulls are clearly dominating the price action. For the breakout traders, Rs 1,045 should be the key levels to watch; the overall chart structure suggests that if the stock sustains above the same then breakout continuation texture likely to continue up to Rs 1,170. Stop suggested for the trade is at Rs 1,045. (Analyst: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities)

    Cadila | BUY | Target Price: Rs 420
    8/13

    Cadila | BUY | Target Price: Rs 420

    From the last few weeks, the stock has been hovering in the range of Rs 345 to Rs 385 zone. But on Friday, Cadila not only surpassed Rs 385 resistance mark but after a long time managed to close above the same which is grossly positive. On daily and weekly charts, the stock has formed strong price volume breakout formation which suggests high chances of further uptrend from current levels. In addition, strong Bar Reversal candle on weekly charts along with incremental volume activity clearly indicate the breakout continuation texture is likely to continue in the near term. For the swing traders, Rs 375 should be the sacrosanct level. Trading above the same, we can expect uptrend continuation wave up to Rs 420. Stop loss suggested for the trade at Rs 375. (Analyst: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities)

    AFP
    Bajaj Auto | BUY | Target Price: Rs 3,230
    9/13

    Bajaj Auto | BUY | Target Price: Rs 3,230


    The stock has been consistently forming higher bottom series formation. The series of higher bottom formation suggest stock is in a strong uptrend and this wave is likely to continue in the near term. Post strong uptrend rally from Rs 2700 to Rs 3150, the stock is witnessing minor profit booking near Rs 3,150 level. However, the medium term texture of the Bajaj Auto is robust and any meaningful correction should be the opportunity for traders to add long positions near support levels. In addition, currently the stock is hovering near 200-day SMA and trading near important retracement level of Rs 2,947. Unless it trading below Rs 2,870, positional traders can retain an optimistic stance and look for a target Rs 3,230. Fresh buying can be considered now and on dips, if any, between Rs 3,000-2,947 levels with a stop loss below Rs 2,870. (Analyst: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities)

    Godrej Properties | BUY | Target Price: Rs 980
    10/13

    Godrej Properties | BUY | Target Price: Rs 980

    On the daily chart, the stock prices after oscillating around the 200 SMA between Rs 840-920 levels for the last few weeks have finally given a bullish range breakout. That said, the breakout is supported by a bullish candlestick pattern and an increase in volume. In addition, we are witnessing a bullish crossover between two key averages i.e. 50SMA crossing 89EMA from below. Moreover, prices have also closed above the higher band of Bollinger band indicating an up move after the recent consolidation phase. Hence, we recommend a buy on the stock at current levels for a target of Rs 980 over the next 14 sessions. The stop loss should be fixed below Rs 894. (Analyst: Sameet Chavan, Chief Analyst Technical and Derivatives at Angel Broking)

    Ipca Lab | BUY | Target Price: Rs 2,100
    11/13

    Ipca Lab | BUY | Target Price: Rs 2,100

    The pharma stocks are buzzing for their strong outperformance and this stock as well is in a strong uptrend, continuously moving in a ‘Higher Top Higher Bottom’ price formation. For the last few sessions, the prices were consolidating around the April month high of Rs 1,825 and finally they have broken above the resistance, confirming a continuation ‘SAUCER’ pattern breakout. Prices are now trading in uncharted territory and after the recent consolidation, we sense a fresh leg of upside in the near term. Going with the sector as well as stock analysis, we expect a strong outperformance by this counter. Hence, we recommend a buy on this stock at current levels for a target of Rs 2,100 over the next 14 sessions. The stop loss should be fixed at Rs 1,749. (Analyst: Sameet Chavan, Chief Analyst Technical and Derivatives at Angel Broking)

    AP
    ICICI Bank | BUY | Target Price: Rs 390
    12/13

    ICICI Bank | BUY | Target Price: Rs 390

    The stock has once again made a good support base near Rs 340 levels and is currently indicating a trend reversal after a decent correction. The RSI has shown a trend reversal to signal a buy. The analyst suggests to buy and accumulate the stock for an upside positional target of Rs 380-390, keeping the stop loss near Rs 335. (Analyst: Vaishali Parekh, Senior Technical Analyst, Prabhudas Lilladher)

    Motherson Sumi | BUY | Target Price: Rs 118
    13/13

    Motherson Sumi | BUY | Target Price: Rs 118

    The stock has been maintaining a strong base near Rs 90 levels and currently has started picking momentum to indicate a positive bias. It has got the strength and potential to rise further upward in the coming days. The RSI also has indicated a trend reversal to signal a buy and with the chart looking attractive, the analyst suggests to buy and accumulate this stock for an upside target of Rs 110-118 keeping the stop loss of Rs 90. (Analyst: Vaishali Parekh, Senior Technical Analyst, Prabhudas Lilladher)

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