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    These 11 stocks are showing 'BUY' signals on tech charts

    ETMarkets.com|
    ​Money-making ideas
    1/12

    ​Money-making ideas

    Even as the domestic equity markets looked up, tracking the gain in global markets, amid optimism over the opening of economies, the underlying bearish sentiment cannot be completely ruled out.

    The technical outlook for Nifty hints at lack of directional trade on either side. The analysts advise adopting a stock-specific approach. "We recommend staying away from aggressive bets on either side. A highly stock and sector-specific approach is advised for the week. It is also recommended to guard profits actively," said Milan Vaishnav, CMT, MSTA and founder of Gemstone Equity Research & Advisory Services.

    Here are the top stocks that can offer solid returns over 3-4 weeks:

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    ​Coromandel International | BUY | Target Price: Rs 745
    2/12

    ​Coromandel International | BUY | Target Price: Rs 745

    This stock has seen a sharp up move from the March lows of Rs 443 and by now crossing the levels of the previous swing high around Rs 640, it has entered into unchartered territory. The stock prices have formed a bullish continuation pattern known as ‘Inverse Head N Shoulder’. The said breakout is supported with a good increase in volume and bullish candlestick pattern, the analyst said. The stock prices are showing sheer outperformance as even in these bleak conditions they are making fresh new highs. The analyst recommends a 'buy' at current levels for a target price of Rs 700-745 over the next 14 sessions. The stop loss should be fixed at Rs 620.

    [Analyst: Sameet Chavan, Chief Analyst Technical and Derivatives, Angel Broking]

    Cipla | BUY | Target Price: Rs 695
    3/12

    Cipla | BUY | Target Price: Rs 695

    The pharma stocks have managed to outperform broader markets. On the daily chart, the stock prices, for the last few weeks, were facing resistance around the previous swing high at Rs 630 and now by closing above the same, it has given a ‘Saucer’ pattern bullish breakout. In addition, we also witnessed a strong continuation bullish breakout known as ‘Flag’, the analyst said. On the weekly chart, prices have also given a trend line breakout and looking at the multiple pattern breakout, the stock is likely to witness strong outperformance. The analyst recommends a buy on this stock at current levels for a target of Rs 695 over the next 14 sessions. The stop loss should be fixed at Rs 610.

    [Analyst: Sameet Chavan, Chief Analyst Technical and Derivatives, Angel Broking]

    PTI
    Century Textiles | BUY | Target Price: Rs 299
    4/12

    Century Textiles | BUY | Target Price: Rs 299

    Long lower shadows of last three weeks with a low of Rs 254 on weekly charts is hinting that this counter has bottomed out around those levels after retracing almost 70% of the last leg of the rally from the lows of Rs 218-357. Moreover, price action has been flat over the past four sessions and appears to be positively biased. Hence, sooner than later a pullback swing can be expected to unfold with targets of Rs 305 which is a 50% retracement of fall from Rs 357 to Rs 254 levels, the expert said. Hence, positional traders in anticipation of a breakout can buy into this counter and look for a target of Rs 299. Stop suggested for the trade is close below 254.

    [Analyst: Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in]

    NOCIL | BUY | Target Price: Rs 97
    5/12

    NOCIL | BUY | Target Price: Rs 97

    This counter seems to be enjoying better relative strength compared with market indices as it remained almost flat for the last 3 weeks while Nifty was falling. Moreover, in last Friday’s session it witnessed a gap up opening while Nifty witnessed a gap down opening, revealing its inherent strength, the analyst pointed out. Therefore, positional traders can remain long in this counter and look for an initial target of Rs 97. However, traders are advised to adopt a two-pronged strategy of buying now and on declines, if any, into the zone of Rs 83-80 as technical stop loss point is a bit far and placed at Rs 78.

    [Analyst: Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in]

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    Relaxo Footwear | BUY | Target Price: Rs 764
    6/12

    Relaxo Footwear | BUY | Target Price: Rs 764

    This counter appears to be on the verge of a big breakout as it is slowly emerging out of its 27-day old congestion zone placed between Rs 633-590 levels. Interestingly, this breakout is not only on relatively higher volumes but also accompanied with a buy signal on daily MACD charts, the expert said. Hence, positional traders are advised to buy into this counter with a stop below Rs 612 on a closing basis and look for an initial target of Rs 704 levels but eventually, a bigger target towards Rs 764 can’t be ruled out.

    [Analyst: Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in]

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    Maruti Suzuki | BUY | Target Price: Rs 5,430
    7/12

    Maruti Suzuki | BUY | Target Price: Rs 5,430

    After a long time, the stock managed to closed above 50-day SMA which is broadly positive. On daily charts, the stock has formed double-bottom pattern near Rs 4,800 which indicates uptrend wave is likely to continue in the near term, according to the expert. In addition, on weekly charts, the stock has formed a strong bullish candle along with modest volume activity. In short-run, Rs 4,980 should act as strong support for the stock and sustenance above the same can take it to Rs 5,430.

    [Analyst: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities]

    Reuters
    Aarti Industries | BUY Target Pirce: Rs 1,110
    8/12

    Aarti Industries | BUY Target Pirce: Rs 1,110

    After a strong uptrend rally from Rs 670 to Rs 1,190, currently, the stock is witnessing price correction. In this month, the stock was down nearly 7 per cent. However, the short term structure of the stock is still on the positive side. It is trading near important retracement level along with oversold stochastic cycle on daily charts, which indicates a strong possibility of fresh uptrend wave from current levels.

    [Analyst: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities]

    Ultratech Cement | BUY | Target Price: Rs 3,865
    9/12

    Ultratech Cement | BUY | Target Price: Rs 3,865

    Ultratech has formed a higher bottom formation post a sharp price correction. Currently, the stock is trading between Rs 3250-3600 zones. Strong reversal candle formation on weekly charts suggests the bears have started losing interest. And after a long time, the stock has managed to close above Rs 3,600-mark along with incremental volumes which indicates that high chances of fresh breakout are not ruled out.

    [Analyst: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities]

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    Hero MotoCorp | BUY | Target Price: 2,360
    10/12

    Hero MotoCorp | BUY | Target Price: 2,360

    After touching a major low of Rs 1,475 in March 2020, Hero MotoCorp has been steadily climbing and making higher bottoms and higher tops in the process. The stock has then been consolidating in a tight range between the Rs 1933-2265 levels for the last three weeks. However, it has bounced back from a higher bottom at Rs 1,991 and has rallied in the last two sessions. In the process, it closed above the 13-day SMA and the momentum readings like the 14-day RSI too are picking up, which augur well for the uptrend to continue. The analyst recommends a buy between Rs 2120 and Rs 2160 with a stop loss at Rs 2,060 and target of Rs 2,360 for 2-5 weeks.

    [Analyst: Subash Gangadharan, Technical Research Analyst, HDFC securities]

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    Marico | BUY | Target Price: Rs 10,300
    11/12

    Marico | BUY | Target Price: Rs 10,300

    Marico has formed a double bottom pattern on the daily charts around Rs 9,030 levels. The stock has since then been gradually moving higher in the last few sessions, which is encouraging, the analyst said. The stock broke out of the Rs 9225-9465 range on the back of huge volumes, which augurs well for the uptrend to continue. Technical indicators too are giving positive signals as the stock trades just below the 13-day SMA. The 14-day RSI is in rising mode and has cleared its recent highs. The Relative Strength Comparative indicator too has started turning up, indicating that the stock is outperforming the Nifty. The analyst recommends a buy rating between Rs 9,350 and 9,550 with a stop loss at Rs 9,200 and target of Rs 10,300 for 2-5 weeks.

    [Analyst: Subash Gangadharan, Technical Research Analyst, HDFC securities]

    PTI
    Eris Lifesciences | BUY | Target Price: Rs 570
    12/12

    Eris Lifesciences | BUY | Target Price: Rs 570

    On the daily chart, Eris Lifesciences is on the verge of a breakout from a bullish Pennant pattern neckline placed at Rs 500. A successful breakout will resume the uptrend, taking the stock higher to levels of Rs 545-570. Further, on the weekly chart, the stock has turned higher after taking support at its previous cluster of lows and moving averages, conforming bullishness. RSI has also turned up north from the neutral level of 50 and has formed a positive reversal, suggesting bullishness dominant in the stock. The stock can be bought in the range of Rs 490-495 for targets of Rs 545-570, keeping a stop loss below 460.

    [Analyst: Aditya Agarwala, Technical Research Analyst, YES Securities]

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