We have collated a list of top five stocks that hit new highs on October 10 and what analysts have to say about them.
Indian markets were seesawing on October 11. The Sensex fell by more than 600 points to touch an intraday low of 37,737 and by late afternoon, it was hovering around its crucial level of 38,000. The Nifty, too, was trading near its crucial 200-day moving average.
We have collated a list of top five stocks that hit new highs on October 10 and analysts tell us how should investors approach these stocks now:
Analyst: Mustafa Nadeem, CEO, Epic Research
The stock is in an aggressive uptrend as it recently broke out from the bullish ‘pennant’ continuation pattern. This is the fourth consecutive month of positive gains while the range has now increased, which shows that volatility is increasing and to highest levels since 2016.
We believe that there shall be some cooling off or pending correction in prices, which could result in a sideways momentum for some time.
A recent flag pattern breakout point should be apt for traders to enter this stock which is placed around Rs 440 - 445.
In that case, we believe that the stop loss can be a lower range of patterns, which is placed at Rs 420. For now, one should avoid the stock as the risk-to-reward for investors is not favourable in the short-term, while in the long term, investors can accumulate the stock.Indiamart Intermesh Ltd: Use pullback towards Rs 2,000-2,050 to buy
A newly listed stock with a higher top and higher bottom and is now trading in uncharted territory, which indicates that the bull run may continue.
It has been using consolidations as a short-term base to extend its uptrend and we believe that any pullback towards Rs 2,000-2,050 should be utilised for an upside target of Rs 2,550-2,580, while a stop can be placed below the long bar low of Rs 1,933.Whirlpool of India: Buy for a target of Rs 2,350-2,390
The stock has given a fresh breakout after a correction, which was followed by consolidation on the charts between Rs 1,600-1,300 levels.
We believe that any dip towards previous resistances of Rs 1,950-2,000 should work as an apt point for buyers, while upside for the stock based on Fib projection is open to Rs 2,350–2,390. A stop loss for this position can be at Rs 1,850, its 20-day moving average (DMA).Affle (India): Buy on dips for a target of Rs 1,360, and a stop below Rs 1,060
Given the data since August, this newly listed stock is making a higher top and higher bottoms formation and any correction was utilised by the bulls to buy.
The price is trading above the lower channel support line, which is around Rs 1,130. One should utilise the dips in stock to these levels for an upside target of Rs 1,360 and a stop loss can be kept at Rs 1,060.Spandana Financials: Use dips towards Rs 910 to buy into the stock
The stock is trading in a range-bound formation as it is oscillating between the range of Rs 140-150. A bearish dark cloud cover is seen on the hourly scale as prices are seen rejected on the upside channel resistance line.
If prices close below Rs 1,010 on a weekly basis, we believe that there should be some correction towards Rs 900.
Since prices are based on the upside, levels around Rs 900-910 should be seen as a point of demand. Lower levels of Rs 910 should be utilised for entry for an upside of Rs 1,020 with a stop loss at Rs 865.Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.