Last Updated : Jun 16, 2020 11:16 AM IST | Source: Moneycontrol.com

Slideshow | Yes Securities expects these 5 stocks to return up to 45%

Aditya Agarwala, Technical Research Analyst of Yes Securities has a bullish view on these five stocks and expect 18-45 percent upside over a period of one year. (The LTP is closing of June 15).

Sensex

Benchmark indices ended lower on June 15 with Nifty closing below 9,850 levels on the back of weak global cues. Nifty Bank shed 3.6 percent and Nifty Metal index was down 2 percent. Here are the top five buy recommendations from Yes Securities that can return 18-45 upside in the next one year.

Torrent Pharmaceuticals | Rating: Buy in the range of Rs 2,440-2,470 | Target: Rs 2,950-3,100 | Stop loss: Below Rs 2,200. On the weekly chart, the stock is on the verge of a breakout from a Pennant pattern neckline placed at Rs 2,600. A successful breakout will resume the uptrend taking the stock higher to levels of Rs 2,950. Further, on the daily chart, RSI has formed a positive reversal i.e. price making higher low whereas RSI makes a lower low indicating bullishness.

Torrent Pharmaceuticals | Rating: Buy in the range of Rs 2,440-2,470 | LTP: Rs 2,465 | Target: Rs 2,950-3,100 | Stop loss: Below Rs 2,200 | Upside: 25 percent |. On the weekly chart, the stock is on the verge of a breakout from a Pennant pattern neckline placed at Rs 2,600. A successful breakout will resume the uptrend taking the stock higher to levels of Rs 2,950. Further, on the daily chart, RSI has formed a positive reversal i.e. price making higher low whereas RSI makes a lower low indicating bullishness.

Cholamandalam Investment and Finance Company | Rating: Buy in the range of Rs 152-158 | Target: Rs 200-225 | Stop loss: Below Rs 130. On the weekly chart, stocks is on the verge of a breakout from a downward sloping channel resistance line at Rs 158, a successful breakout would resume the bullishness taking it to levels of Rs 200-225. Further, stock took support at the 161.8% Fibonacci extension level placed at Rs 120 levels which also happened to be the lows of 2016 making a double bottom suggesting a bottom formation. Moreover, RSI has turned upwards from extreme oversold zone of 20 on the weekly time frame which was the previous reversal level in 2008.

Cholamandalam Investment and Finance Company | Rating: Buy in the range of Rs 152-158 | LTP: Rs 155 | Target: Rs 200-225 | Stop loss: Below Rs 130 | Upside: 45 percent. On the weekly chart, stock is on the verge of a breakout from a downward sloping channel resistance line at Rs 158, a successful breakout will resume the bullishness taking it to Rs 200-225 levels. Further, the stock took support at the 161.8% Fibonacci extension level placed at Rs 120 levels which also happened to be the lows of 2016, making a double-bottom. Moreover, RSI has turned upwards from the extremely oversold zone of 20 on the weekly time frame which was the previous reversal level in 2008.

Coromandel International | Rating: Buy in the range of Rs 667-675 | Target: Rs 770-810 | Stop loss: Below 610. On the weekly chart, stock has broken out from a trendline resistance at Rs 650 and continues to make higher highs and higher lows indicating strong uptrend dominant in the stock. Further, on the monthly chart, RSI turned upwards from the upper end of the bear zone i.e. 60 confirming strong bull trend dominant.

Coromandel International | Rating: Buy in the range of Rs 667-675 | CMP: Rs 663 | Target: Rs 770-810 | Stop loss: Below 610 | Upside: 22 percent | On the weekly chart, the stock has broken out from trendline resistance at Rs 650 and continues to make higher highs and higher lows indicating strong uptrend in the stock. Further, on the monthly chart, RSI turned upwards from the upper end of the bear zone i.e. 60 confirming strong bull trend.

Bharat Electronics | Rating: Buy in the range of Rs 70-75 | Target: Rs 90-96 | Stop loss: Below Rs 63. On the weekly chart, stock is on the verge of a breakout from a Triangle pattern neckline placed at Rs 78. Volumes are visible at the bottom after recent correction suggesting accumulation. A successful breakout will resume the uptrend taking the stock higher to levels of Rs 90-96. Further, RSI has formed a positive divergence i.e. price making lower low whereas RSI makes a higher low indicating that the downtrend is losing steam and an uptrend should resume soon.

Bharat Electronics | Rating: Buy in the range of Rs 70-75 | LTP: Rs 71 | Target: Rs 90-96 | Stop loss: Below Rs 63 | Upside: 35 percent | On the weekly chart, the stock is on the verge of a breakout from a Triangle pattern neckline placed at Rs 78. Volumes are visible at the bottom after recent correction suggesting accumulation. A successful breakout will resume the uptrend taking the stock higher to levels of Rs 90-96. Further, RSI has formed a positive divergence i.e. price making lower low whereas RSI makes a higher low indicating that the downtrend is losing steam and an uptrend shall resume soon.

Garden Reach Shipbuilders| Rating: Buy in the range of Rs 165-170 | Target: 190-220 | Stop loss: Below Rs 140. On the weekly chart, stock has broken out from a Triangle pattern resistance line resuming uptrend. Further, a sustained trade beyond Rs 168 will take the stock higher to levels of Rs 190-220. RSI has also turned upwards from the lower end of the bull zone i.e. 40 confirming bullishness.

Garden Reach Shipbuilders| Rating: Buy in the range of Rs 165-170 | LTP: Rs 186 | Target: 190-220 | Stop loss: Below Rs 140 | Upside: 18 percent | On the weekly chart, the stock has broken out from a Triangle pattern resistance line resuming uptrend. Further, a sustained trade beyond Rs 168 will take the stock higher to levels of Rs 190-220. RSI has also turned upwards from the lower end of the bull zone i.e. 40 confirming bullishness.

First Published on Jun 16, 2020 11:15 am
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