Technical picks: PNB Housing, Radico Khaitan among 5 stocks that can rally up to 13% in short term

Apr 22, 2024, 09:54:45 AM IST1/6

Scouting Winners

The Nifty50 and S&P BSE Sensex rose 0.7% and 0.8%, respectively, on Friday, gaining for the first time this week. But they lost about 1.6% over the holiday-shortened week. Meanwhile, numerous analysts have provided their technical perspectives on several stocks, identifying potential gains of up to 13% in the near term. Here’s a compilation of 5 tech picks:

2/6

Buy Bharat Dynamics at Rs 1,780-1,837 | Stop Loss: Rs 1,720 | Target Price: Rs 2,000 | Upside: 12%

The stock is in a healthy uptrend as it has been making higher tops and higher bottoms for the last few weeks. This week, the stock broke out of its recent trading range on the back of above average volumes. Technical indicators too are giving positive signals as the stock trades above the 20-day and 50-day SMA. And momentum indicators like the 14-day RSI too are climbing and not overbought.(Subash Gangadharan, Senior Technical and Derivative Analyst, HDFC Securities)

3/6

Buy PNB Housing at Rs 750-769 | Stop Loss: Rs 720 | Target Price: Rs 850 | Upside: 13%

After a sharp fall in the stock recently that saw the stock testing a low of 604, PNB Housing Finance has bounced back sharply recently. It has been consolidated for the last two weeks. But now showing signs that it is ready to move higher.
This week, the stock bounced from the 50-day SMA and ended the week near its weekly highs. Momentum readings like the 14-day RSI too are in rising mode and not overbought.
(Subash Gangadharan, Senior Technical and Derivative Analyst, HDFC Securities)

4/6

Buy Radico Khaitan at Rs 1,750-1,780 | Stop Loss: Rs 1,698 | Target Price: Rs 1,950 | Upside: 11%

The stock has formed an inverted head and shoulder pattern indicating bullish momentum in the stock. On the higher side, we can witness a small resistance near Rs 1815 levels. Once stock surpasses the mentioned resistance the stock can move towards the target of 1950 levels and above.Furthermore, RADICO is trading above key Exponential Moving Averages (EMAs), including the 20-day, 50-day, and 200-day EMAs. This suggests a strong bullish momentum, indicating the potential for continued upward price action. The Relative Strength Index (RSI) stands at 63.12, signalling an upward trajectory and confirming an increase in buying momentum.(Mandar Bhojane, Equity Research Analyst, Choice Broking)

5/6

Buy Jindal Steel and Power at Rs 910-927 | Stop Loss: Rs 878 | Target Price: Rs 1,020 | Upside: 12%

Jindal Steel demonstrates a compelling technical setup, notably breaking out from a flag and pole pattern with robust volume support. This breakout underscores a shift in market sentiment towards bullishness. Notably, Jindal Steel maintains its position above critical moving averages, including the 20-day, 50-day, and 200-day EMAs, validating the stock’s underlying strength and bullish momentum.Supporting this bullish stance is the momentum indicator, Relative Strength Index (RSI), currently at 70.68 levels, signaling an upward trajectory and suggesting further upside potential.(Mandar Bhojane, Equity Research Analyst, Choice Broking)

6/6

Buy Escorts Kubota at Rs 3,106 | Stop Loss: Rs 2,900 | Target Price: Rs 3,300 | Upside: 6%

The stock has recently consolidated above the Rs 3000 level with a significant increase in trading volume, indicating price stability. The Relative Strength Index (RSI) currently stands at 66 and is trending upward, indicating increasing buying momentum. Furthermore, the Stochastic Relative Strength Index (Stoch RSI) has recently experienced a positive crossover, moving out of the oversold region.(Mandar Bhojane, Equity Research Analyst, Choice Broking)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

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