Tech picks: IDBI among 6 stocks to buy for robust returns in short term
Tech picks: IDBI, Astral among 6 stocks to buy for robust returns in short term
, ETMarkets.com|
May 13, 2024, 09:34:48 AM IST1/7
Top bets
Equity markets were volatile throughout the last week on expensive valuations and election related uncertainty. In the upcoming week, investors will closely watch out for key inflation data from India and US and stock specific action is likely to continue due to fourth quarter earnings.
In this setup, here are 6 stocks that you can consider buying for robust returns in short term
2/7
Astral – Buy | CMP: Rs 2,159 | Target: Rs 2,300-Rs 2,400 | Stop loss: Rs 2,050
Astral has recently exhibited a Triangle pattern breakout on both the hourly and daily charts. The current price trend indicates a robust bullish momentum, with expectations of further upward movement towards Rs Rs 2,300-Rs 2,400 levels.
Mandar Bhojane, Equity Research Analyst, Choice Equity Broking
3/7
Balkrishna Industries – Buy | CMP: Rs 2,480 | Target: Rs 2,700 | Stop loss: Rs 2,340
Balkrishna Industries is currently valued at Rs 2,480. A recent formation of a cup and Handle pattern on the daily chart, coupled with robust trading volume, indicates a strong upward trajectory in the stock.
Mandar Bhojane, Equity Research Analyst, Choice Equity Broking
4/7
Dixon – Buy | CMP: Rs 8,440 | Target: Rs 9000 | Stop loss: Rs 8,000
Dixon has recently broken the daily trend line with significant volume. The current price trend suggests a robust bullish momentum, with expectations of further upward movement towards the Rs 9,000 levels. On the downside, substantial support is evident near Rs 8,000.
Mandar Bhojane, Equity Research Analyst, Choice Equity Broking
5/7
IDBI – Buy | Buying range: Rs 90 | Target: Rs 96-100 | Stop loss: Rs 85
The recent session saw a breakout of a falling trendline for the stock, indicating a potential upward movement. Additionally, it is trading above its short-term moving average, further supporting bullish sentiment.
Kunal Shah, Senior Technical & Derivative Analyst at LKP securities.
6/7
L&T – Buy | Buying range: Rs 3,000 | Target: Rs 4,100 | Stop loss: Rs 3,690
The stock, after a breakout on the daily chart, is currently testing its previous resistance level, indicating potential bullish momentum. It’s trading above its 21-day moving average, a positive sign.
Kunal Shah, Senior Technical & Derivative Analyst at LKP securities.
7/7
RIL – Buy | Buying range: Rs 2,980 | Target: Rs 3,100 | Stop loss: Rs 2,930
The stock has given a breakout from a consolidation phase with strong volumes. The momentum indicator RSI has given a positive crossover which confirms the buy signal. The support of Rs 2,900 will act as a cushion for the bull and the upside potential target is Rs 3,100.
Kunal Shah, Senior Technical & Derivative Analyst at LKP securities.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Read more on
For more details: Read More