A list of stocks which are in focus because of their price action. The technical outlook is limited to near and medium-term.
Indian markets recouped losses on September 13 and witnessed a sharp rebound that pushed the Nifty beyond 11,000 levels. The Sensex rallied more than 100 points.
We have collated a list of stocks which remained in focus on Tuesday because of their price action. The technical outlook is limited to near and medium-term:
Analyst: Romesh Tiwari, Head of Research, CapitalAim.
Tata Power: Avoid fresh buying, hold with a stop loss of Rs 60
The stock is trading around its resistance zone of Rs 63-66 and if it fails to maintain a close above Rs 60, it may slide towards the support level of Rs 55.
If the stock moves above Rs 67-68, the move may stretch towards Rs 74-77.
On technical charts, there are some indicators of it entering the overbought region along with MACD turning negative.
I will not suggest fresh buying at this price, but for those holding the stock should hold it with a stop loss of Rs 60, and a target of Rs 75.
Apollo Hospitals: Buy above Rs 1, 450 for a target of Rs 1, 590
The stock touched its 52-week high of Rs 1,579.70 on September 12 before sliding to Rs 1,454. The stock has good support at around Rs 1,300 and if it tests those levels then it will be a good buying opportunity for the medium term.
For the short term, it may still regain the momentum and go above the recent high as long as it trades above Rs 1,420. I will suggest buying the stock at around Rs 1,450 for a target of Rs 1,590, with a stop loss of Rs 1,410 for the short term.
Eveready Industries: Best to avoid the stock
The stock is in a strong downtrend and hit a fresh 52-week low on September 12. Avoid trading in this stock.
Indiabulls Housing: Avoid shorting the stock
Though the stock is looking very weak on charts, with RSI placed at RSI(14) - 40.78 and MACD negative, it is not advised to short sell on this stock.
We may see some bounce back around current levels, which may take the stock above Rs 500. The stock seems to be bottomed out at around Rs 410 and may need some consolidation around Rs 425-450 levels.
I will advise buying the stock at around Rs 430-440, with a target of Rs 485 in the short to medium term, and a stop loss of Rs 410.
ICICI Bank: Good contra trade, buy for a target of Rs 470-490
This stock is trading around Rs 400, which is also a very good support. Technically, the stock is showing weakness with negative MACD and ROC at - 2.27.
But, looking at fundamentals of the stock, it can be a good contra trade to buy around 390-400 levels for a target of 470-490 in short to medium term.
Wockhardt: Could give 20-25% return in next 1 year
In general, I hold a positive outlook for pharma stocks and am hopeful that this sector will give good returns with a one-year perspective.
Wockhardt seems to be bottomed out and can give 20-25 percent returns in one year. The stock has given a breakout on September 12 and is trading around Rs 320, but I would advise buying only if it comes around 280 levels for a target of 350, with a stop loss of Rs 250.
Those holding the stock should continue to hold it for Rs 350-360 levels in the short term.Disclaimer: The views and investment tips expressed by investment expert 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.The Great Diwali Discount!
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