Stocks to buy: Here are weekly technical picks by Prabhudas Lilladher’s Vaishali Parekh with upside of 14-20%

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The Sensex opened at 76,679.11, up from its previous close of 76,456.59, and climbed as much as 594 points to reach an intraday high of 77,050.53, just 29 points shy of its all-time high of 77,079.04 set on Monday, June 10. The index closed at 76,606.57, gaining 150 points or 0.20%, with 19 stocks advancing.

The Nifty 50 opened at 23,344.45, up from its previous close of 23,264.85, and reached a new all-time high of 23,441.95 during the session. It closed 58 points, or 0.25%, higher at 23,322.95, with 32 stocks advancing and 18 declining.

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“Nifty has been resisting nearthe 23400 zone which is acting as a strong barrier and the index needs a decisive breach above this zone to trigger for fresh upward move in the coming days. The next target, as we had mentioned earlier, would be near the 23 with 22800 levels maintained as the important support level. Sensex once again has been moving sideways with resistance visible near the 77000 zone for the session, and on the downside, the 74700 level of 20 DMA is maintained as the crucial support zone. The support for the day is seen at 76000/23100 levels while the resistance would be seen at 77000/23400 levels,” said Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher Pvt. Ltd.

Bank Nifty

On the Bank Nifty outlook, Parekh added, “Banknifty has consolidated near the 49800 zone with bias maintained positive and a decisive breach above 50700 would further strengthen the trend and expect further rise with 52800 and 53500 levels visible as the next targets. Bankex has been in consolidation for quite some time near 57000 zone and would need a decisive breach above 57200 zoneto confirm a breakout forfurtherfresh upward move. BankNifty would have the daily range of 49300-50200 levels with Bankex support at 55500 and resistance at 56700 levels.”

Also read: Coal India gains 113% in 10 months, up 235% in 3 years; what lies ahead for this PSU stock?

Vaishali Parekh’s technical stock picks for June 12 were Rategain, Xchanging Solutions, IndusInd Bank, and RK Forge.

Rategain: Buy at 744 | Target price: 900 | Stop loss: 680

The stock has made a decent correction from the higher levels of 920 to 640, where it has taken support multiple times and has almost made a triple bottom formation pattern in the daily chart. The RSI indicator is also recovering from its oversold zone; hence, we recommend a positional buy in this stock for an upside target of 900, keeping a stop loss of 680.

Xchanging Solutions Ltd: Buy at Buy at 121 | Target price: 145 | Stop loss: 110

The stock has been in consolidation and is currently moving past the significant 50EMA level of the 119 zone, which has improved tim bias to anticipatefurther rise. The stock has recovered significantly from the 200 period MA, and with upside potential visible, we expect further gains in the coming days. With the RSI on the rise, indicating a trend reversal has signalled a buy, and with the chart looking good, we suggest buying the stock for an upside target of 145, keeping a stop loss of 110.

Also read: Stocks to buy: Hindustan Zinc, GMR Airports are Anand Rathi’s emerging stock picks with up to 28% upside potential.

IndusInd Bank: Buy at Buy at 1490 | Target price: 1700 | Stop loss: 1380

The stock has been consolidating for quite some time around the 1400 – 1500 levels and has maintained good support at the 1400 level. The RSI is currently well placed and has indicated a trend reversal to signal a buy with much upside potential visible to carry on with the positive move. We suggest buying the stock for an upside target of 1700, keeping the stop loss of 1380 level.

RK Forge: Buy at Buy at 727 | Target price: 850 | Stop loss: 670

The stock has made a double bottom formation in the daily chart at around 600 levels and has strongly recovered from thereon to maintain above the 200 DMA level of 711. The RSI is on the rise, which indicates potential and strength for further upward movement, and with decent volume participation witnessed, we recommend a positional buy in this stock for an upside target of 850, keeping a stop loss of 670.

Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making investment decisions, as market conditions can change rapidly and individually. circumstances may vary.

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Published: 12 Jun 2024, 06:24 PM IST

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