INSUBCONTINENT EXCLUSIVE:
NEW DELHI: The bulls retained their control on Dalal Street on Monday and helped benchmark indices open with solid gains.
During the week
gone by, the SP BSE Sensex added 0.66 per cent to settle at 35,657 while NSE's Nifty50 ended 0.54 per cent higher at 10,772.
Experts believe
the domestic market is expected to see rangebound trade with a negative bias in the near term, as investors will adopt a risk-off approach
amid global trade tensions, rising oil prices and macroeconomic worries.
However, a good monsoon, better GDP growth and continued flow of
domestic money will cap downside, said Vinod Nair, Head of Research at Geojit Financial Services.
"The near-term underperformance in midcaps
and smallcaps might continue on account portfolio churning
Brokerages continued to prescribe stock-specific strategies
Based on various brokerage recommendations, we picked 10 stock strategies that can potentially deliver gains over the next three
weeks.
Vikas Jain, Senior Research Analyst, Reliance SecuritiesCastrol India | BUY | Target Price: Rs 180-187 | Stop Loss: Rs 154This stock
reversed after taking support at its 100-months moving average and bounced over 5 per cent from its 52-week low
prior lower low formation
moving average worked as a key reversal point
The key technical indicator-RSI reversed from its bull market support zone (40-33), signalling a turnaround in the stock
In the past, identical formation supported 20- 25 per cent of rebound in the stock
"We believe the history will repeat and the stock will manage to report a decent gain," he said.
Equitas Holding | BUY| Target Price: Rs 158
| Stop Loss: Rs 130This stock has ended prior weekly falling trend with the gain of over 3 per cent, where its prior multiple lows once
again worked as a key reversal point
Due to prior consecutive decline, the key technical indicators - RSI and Stochastic reached their oversold zone and reversed from those
In the past, a reversal from that point supported a healthy rebound (20 per cent-25 per cent) for the stock
"We believe the stock will manage to revisit prior swing highs," says Jain.
Jay Anand Thakkar, CMT -Assistant Vice President - Equity
Research, Anand Rathi Shares and Stock BrokersBajaj Auto | BUY | Target Price: Rs 3,185 | Stop Loss: Rs 2,941Bajaj Auto has seen a breakout
from the double bottom pattern on the weekly charts with a buy crossover in its momentum indicators on the daily as well as weekly charts
With this technical evidence, the analyst recommends initiating buying position.
Asian Paints | BUY | Target Price: Rs 1,370 | Stop Loss:
1,295Asian Paints has seen a breakout from the downward sloping parallel channel with a buy crossover in its momentum indicators on the
daily as well as weekly charts
With this breakout, it has started its wave 5 up on the weekly charts.
Berger Paints | BUY | Target Price: Rs 310 | Stop Loss: Rs 280Berger
Paints has also broken out of the falling channel with a buy crossover in its momentum indicators, which is a positive sign for the short
Textiles | BUY | Target Price: Rs 1,000 | Stop Loss: Rs 870This stock has witnessed a decent correction from the peak of Rs 1,265 to show
signs of bottoming out at around RS 850 level and has produced a bullish candle pattern in the daily chart to show strength and is poised
for an upward movement in the coming days with the bias improving and turning out to positive
The RSI also has been hovering near the oversold zone and currently has indicated a steep rise to signify still further rise
"With decent volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 1,000 keeping a stop loss of Rs
870," Parekh said.
Apollo Tyres | BUY | Target Price: Rs 282 | Stop Loss: Rs 250This stock has given a good correction from Rs 307 level in
the past three months and has bottomed out at around Rs 247 level
It has produced a positive bullish candle pattern in the daily chart to signify strength and potential to rise further
Above the Rs 264 level, a breakout above the significant 200-DMA shall improve the bias and we anticipate a move in the upward direction
till Rs 275 - Rs 280 is possible
"With good consistent volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 282 keeping a stop loss of
Corporation | BUY | Target Price: Rs 115 | Stop Loss: Rs 97After retracing around 80 per cent of its last leg of the rally from the lows of
Hence, positional traders should go long for a target of Rs 115 with a stop loss at Rs 97.
Bank of Baroda | BUY | Target Price: Rs 129 |
Stop Loss: Rs 107The price action over the past six trading sessions resembling a round bottom formation on this counter suggests a durable
bottom may be in place at a recent low of Rs 109
Hence, on a sustainable pullback rally, this counter shall initially test its 50-Day EMA on the way upside
Positional traders are advised to buy for a target of Rs 129 with a stop of Rs 107.
Raymonds | BUY | Target Price: 970 | Stop loss: Rs
870Since January 2018, this counter appears to be consolidating in a broader range of Rs 1,140 to Rs 870
After the recent correction, as this counter is again consolidating around Rs 875 near the lower end of the range, one can initiate fresh
long positions with a stop of Rs 870
On a pullback from this support, initially, it can test its 50-day moving average, which offered resistance to it in the past
Hence, positional traders should go long for a target of Rs 970.
