Piramal Enterprises: Sell | LTP: Rs 1,377 | Target: Rs 1,050 | Stop Loss: Rs 1,485 | Downside 23%
Piramal Enterprises is in a downtrend, however, recently the stock has rallied and become overbought finding resistance around previous support of Rs 1,420-1,460.
The resistance is getting confirmed by a rebound and a big bearish candle on weekly timeframe. Piramal Enterprises is a SELL at Rs 1,360-1,368 levels with a target price of Rs 1m050 and a stop loss of Rs 1,485.
ICICI Bank Ltd: Buy| Buy around: Rs 352 |Target: Rs 390 | Stop Loss Rs 336 | Upside 10%
Bargain hunting is seen at lower levels in the scrip from where it formed a strong base near 200-SMA. Currently, it has formed a double bottom on the daily chart along with positive divergence in RSI which suggests a reversal is around the corner. Indicator and oscillators also lending support to the price action. Traders can take an entry from the level of Rs 352 for the target of Rs 390 while keeping stop loss of Rs 336 levels.
On the weekly chart, the stock has formed a double-bottom trend reversal pattern. Volumes have been high at lower levels, indicating accumulation in the stock. After a recent rally from the lower end of the range, the stock formed higher lows with higher highs, leading to the formation of inverted head and shoulder pattern on the hourly chart. The MACD has given a positive crossover with its average above equilibrium level of zero on the daily chart. Thus, stock can be bought at current around Rs 1,810 with stop loss below Rs 1,727 for a target of Rs 1,919 levels.
SBI Card: Buy | LTP: Rs 755 | Target: Rs 825 | Stop Loss: Rs 712 | Upside 9%
This was one of the most popular and hyped IPOs in recent years and due to its unfortunate timing at the coronavirus outbreak, the listing was very disappointing for investors.
In fact, due to massive selloff thereafter, the stock prices plunged more than 30 percent in the following weeks.
However, after forming a strong base around Rs 500, the stock has given a stellar move over the past couple of months along with the broader market recovery.
Now, with last Friday’s smart move, the stock has managed to give the highest ever close above Rs 750 mark.
Although the historical price data is not sufficient, the chart structure and volume activity looks encouraging. Hence, one can look to buy for a target of Rs 825 in the coming weeks. The stop loss can be placed at Rs 712.
In the last few weeks, this counter has been moving in a well-defined ascending channel with multiple touchpoints and appears to be having strong support around Rs 410-415 levels as it bounced back many times from the demand zone of the mentioned channel. Moreover, scrip is trading above all its significant moving averages on the daily chart implying strength. Hence, the stock sustained above this support then a decent target of Rs 480 is not ruled out in this counter over a given period of time. Therefore, investors should accumulate this scrip around Rs 435 with a suggested stop loss of Rs 406 for the upside target of Rs 480.
Here I am not saying to buy these stocks but I am giving information. Decision is in your hand. First of do your own analysis. Take advice from your finance advicer then take your investment decision.
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Disclaimer: These are my own views. Take your decisions after doing your own analysis.
Credit: www.moneycontrol.com
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