INSUBCONTINENT EXCLUSIVE:
NEW DELHI: The domestic equity market suffered sharp losses in morning trade on Monday, as the euphoria over Fed pause and Budget booster
fizzled out and investors embarked on a selling spree amid poor health of the rupee, which fell nearly 48 paise against the US dollar this
morning.
In the absence of fresh directional cues, the market moved towards the negative terrain, led by losses in banking and auto
heavyweights.
Asian peers logged gains, but dollar’s rise against its peers weighed in on emerging market currencies and stocks
The Chinese market is closed all week for Lunar New Year.
Sensex dropped over 190 points in opening deals and Nifty slipped below 10,830
Around 10:15 am, the BSE Sensex was down 102 points, or 0.28 per cent, at 36,367, while Nifty fell 39 points, or 0.36 per cent, to
10,854.
Technical analysts see stock-specific opportunities in the bearish market
Based on various brokerage recommendations, here is a list of seven stocks that can potentially deliver solid gains over next 2-3
weeks.
Kunal Parar, Senior Research Analyst, Choice BrokingTech Mahindra | Buy | Target price: Rs 793-810 | Stop loss: Rs 710This stock has
seen a breakout from the upper band of a symmetrical triangle formation on the daily charts
This may cause the stock to spurt from its current level
Moreover, the stock has been continuously trading with strong support from 200-day moving average (DMA), which shows that the long-term
Daily momentum indicator RSI read 62.80 with a positive crossover, which signalled positive breadth on the counter.
UltraTech Cement | Buy |
Target price: Rs 3,720-3,800 | Stop loss: Rs 3,330 This stock has been trading with support from its upward rising trend line on the weekly
chart, which suggests a likely bounceback on the counter
Daily momentum indicator RSI reading was at 33.10 with a positive crossover
Apart from this, the RSI has just come out of the overbought zone, which indicates a positive move on the counter.
Vaishali Parekh, Senior
Technical Analyst at Prabhudas Lilladher Hexaware Technologies | Buy | Target price: Rs 385 | Stop loss: Rs 315This stock has been
consolidating for some time in the Rs 310-330 range
It has seen a breakout above that range to signify strength and is showing immense potential to rise further in the coming days
The RSI has shown a trend reversal and given a buy signal to maintain the positive bias
“With good volume activity, we recommend a buy signal on this stock for an upside target of Rs 385, keeping a stop loss at Rs 315,” said
Parekh.
Hindustan Unilever | Buy | Target price: Rs 1,930 | Stop loss: Rs 1,725This stock has been sliding in recent times and it has seen a
decent bounceback with a bullish positive candle to signify strength
It has the potential to rise further in the coming days
The chart looks attractive and with the RSI indicating a steep trend reversal to signal a buy, the bias has become positive
Sameet Chavan, Chief Analyst, Angel BrokingGodfrey Phillips India | Buy | Target price: Rs 1,020 | Stop loss: Rs 903The daily chart of this
stock shows a series of ‘higher highs and higher lows.’ In the process, the stock finally broke out the trend line hurdle at Rs 930 with
This move was supported by humongous volumes, providing credence to the price action
After this, the stock saw some consolidation but that could be seen as a good buying opportunity
Jubilant Foodworks | Buy | Target price: Rs 1,565 | Stop loss: Rs 1,212After enjoying a good multi-year bull run, this stock slipped into
Price action in past two days has been encouraging
Due to a massive bumpup on Friday, the stock finally seemed to have come out of the congestion zone
Its volume activity has risen substantially over the past three days, indicating the emergence of strong buying interest
“Considering this price and volume development, we expect the stock to resume its higher degree uptrend,” said Chavan
Titan Company | Buy | Target price: Rs 1,055| Stop loss: Rs 964This stock has been one of the outperformers and is known for its steady
It has been enjoying a strong multiyear bull-run, started a decade ago
In between, all natural corrections in this stock were interpreted as good buying opportunities
The stock recovered sharply from recent lows and went on to clock fresh record highs
The daily chart looks extremely promising from a near-term perspective.
(Views and recommendations given in this section are the analysts’
own and do not represent those of ETMarkets.com
Please consult your financial advisor before taking any position in the stock/s mentioned.)
