Stock picks: Equity benchmarks closed down 0.2% after the ups and downs on 9 July. The NSE declined 1,356 shares and 1,295 shares rose, leading to the market overall beer. Experts believe that major index can continue to trade in the range of last week. However, some stocks in short term may get a chance to earn good profits.
Jatin Geedia, Technical Research Analyst, Mirae Asset Sharekhan opinion:
Cholamandalam Investment and Finance Company | CMP: ₹ 1,563.1
Stock has completed the last phase of the Simatricical Triangle Pattern and is seen shopping. It is taking support from 20-week moving average (₹ 1,536) on a weekframe. In such a situation, there is a possibility of positive trend in stock.
Strategy: Buy
Target: ₹ 1,666
Stop-Loss: ₹ 1,506
Bharat Heavy Electricals (BHEL) | CMP: ₹ 262
Stock has done 50% correction of its previous boom and now the next speed has started. The volume with this rise is also above average, which reflects strong interest.
Strategy: Buy
Target: ₹ 272, ₹ 281
Stop-Loss: ₹ 256
Power Grid Corporation | CMP: ₹ 299.65
Last week, the stock broke out of the Falling Channel and now it is moving up again by resting the breakout level. The Daily Momentum Indicator has given a positive crossover, which is considered a by signal.
Strategy: Buy
Target: ₹ 321
Stop-Loss: ₹ 293
Sudeep Shah, Head – Technical and Derivatives Research, SBI Securities Opinion:
ICICI PRDENIL LIFE Insurance | CMP: ₹ 680.35
On Wednesday, the stock has given stage-2 cup pattern breakout on the daily chart, above the 50-day average volume. This stock is trading all its shorts and long -term moving averages, which are in the right order and bent upwards. Also, the RSI is in the bullish zone. It is advisable to deposit stock between ₹ 680- ₹ 685.
Strategy: Buy
Target: ₹ 740
Stop-Loss: ₹ 655
In the last two sessions, tire stocks have surpassed the major index. CEAT has given a failing channel breakout on the daily chart and is growing up with a high volume. It is now trading over its major moving average. The RSI is above 60 and is growing, while the MACD is in the bullish zone. It is recommended to deposit it between ₹ 3,870- ₹ 3,850.
Strategy: Buy
Target: ₹ 4,150
Stop-Loss: ₹ 3,740
Rupak de, Senior Technical Analyst, LKP Securities Opinion:
Apollo Tyres | CMP: ₹ 473.9
Stock has crossed the falling trendline resistance on the daily chart and gave a breakout, indicating Bulish Reversal. It is now trading on both 50DMA and 200DMA. Also, there is an edge in the volume. The RSI has gone above 60 and the downward sloping has come out of the trendline.
Strategy: Buy
Target: ₹ 519
Stop-Loss: ₹ 454
Dabur India | CMP: ₹ 522.15
Stock has broken the failing trendline upwards on the daily chart and has seen a rapid increase in volume. It is now trading over 200DMA and has gone above the RSI 75, causing the purchase pressure clear. However, reaching the overbott zone of RSI can also bring mild correction in short-term. As long as ₹ 510 is above, trend will remain positive.
Strategy: Buy
Target: ₹ 555
Stop-Loss: ₹ 504
Bandhan Bank | CMP: ₹ 178
The stock has recovered from the Rising trendline on the daily chart and is now trading over 50DMA. Also, a reciperochl ABCD pattern is made on the chart, which points to fast.
Strategy: Buy
Target: ₹ 185, ₹ 188
Stop-Loss: ₹ 173
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