Quick News Bit


Market Trading Guide: Gravita India among 7 stock recommendations for Monday – ​Stock Ideas​

Business
By Dustin Moskovitz
0
stock recommendations: Market Trading Guide: Gravita India among 7 stock recommendations for Monday – ​Stock Ideas​ | The Economic Times

Indian indices ended the week on a positive note with Nifty ending 98 points higher at 17,956. Easing inflation and better than expected Q3 earnings by the IT majors is boosting investor sentiment. The broader markets ended weak, with Nifty Midcap 100 ending with a marginal cut.

“Easing inflation and brighter Q3 numbers projected by the second set of IT majors are outweighing the cautiousness of the market. CPI in India and US cooled off, thereby bolstering expectations of a less aggressive policy. Falling treasury yields and dollar index are raising investors’ sentiments,” Vinod Nair, Head of Research at Geojit Financial Services, said.

Here are stock recommendations for Monday:

ETMarkets.com

Gravita India: Buy| Buying range: Rs 445-447 | Target: Rs 475 | Stop Loss: Rs.423

2/8

Gravita India: Buy| Buying range: Rs 445-447 | Target: Rs 475 | Stop Loss: Rs.423

The stock is seen to be retesting a cup and handle pattern after breaking out of the pattern on the daily timeframe with above average volumes and the stock is also seen to be taking support from an upwards sloping trendline which can be used as a confluence towards the bullish view. The 200 ema is at around Rs 341 and the stock is seen to be comfortably trading above it. The momentum oscillator RSI (14) is at around 57 on the daily timeframe showing strength by sustaining above 50.

Observationl of the above factors indicates that a bullish move is possible in the stock for targets up to Rs.475. One can initiate buy on dip in the range of Rs 445-447 with stop loss below Rs 423 on daily closing basis.

(Mitesh Karwa, Research Analyst, Bonanza Portfolio)

ETMarkets.com

Arvind Smartspaces: Buy | Buying range: Rs.324-326 | Target Rs 361 | Stop Loss: Rs. 299

3/8

Arvind Smartspaces: Buy | Buying range: Rs.324-326 | Target Rs 361 | Stop Loss: Rs. 299

It is seen to be retesting a breakout on the daily timeframe as previous resistance is seen to be acting as a support with above average volumes after five months and it is also breaking a downwards sloping trendline on the hourly chart which can be used as a confluence towards the bullish view. The 200 ema is at 240 and the stock is comfortably trading above it whereas momentum oscillator RSI (14) is at around 66 on the daily time frame indicating strength by sustaining higher levels. Observation of the above factors indicates that a bullish move in the stock is possible for targets up to Rs 361. One can initiate a buy trade in between the range of Rs 324-326 with stop loss below Rs 299 on daily closing basis.

(Mitesh Karwa, Research Analyst, Bonanza Portfolio)

iStock

HDFC Life: Buy| CMP: Rs 604| Target: Rs 646| Stop Loss: Rs 580

4/8

HDFC Life: Buy| CMP: Rs 604| Target: Rs 646| Stop Loss: Rs 580

On the monthly scale, post correction from the higher levels, the counter was trading in a range bound mode. However, it has given the range breakout move in the recent past sessions. Hence, the closing above the resistance line indicates further bullish momentum to continue from the current levels.

(Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities)

Agencies

BPCL: Buy | CMP: Rs 349.4 | Target: Rs 375 | Stop Loss: Rs 336

5/8

BPCL: Buy | CMP: Rs 349.4 | Target: Rs 375 | Stop Loss: Rs 336

On the daily and weekly scale, the counter is into a rising channel chart formation with higher high and higher low series pattern. After a sharp uptrend rally, the counter comfortably closed above its breakout zone. Furthermore, the bullish continuation chart structure suggests an up move to persist in the near term.

(Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities)

Agencies

ONGC: Buy | CMP: Rs 147 | Target: Rs 157 | Stop Loss: Rs 141

6/8

ONGC: Buy | CMP: Rs 147 | Target: Rs 157 | Stop Loss: Rs 141

Post remarkable up move of the last few months, the stock is having a breather at the moment. The consolidation structure of the chart formation indicates a bullish continuation pattern. The stock is likely to resume its uptrend from the current levels. For the positional traders, 141 would be the key support level to watch out. Above which the uptrend structure will continue until 157.

(Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities)

Agencies

Edelweiss: Buy near Rs 73 | Target: Rs 83 | Stop Loss: Rs 68

7/8

Edelweiss: Buy near Rs 73 | Target: Rs 83 | Stop Loss: Rs 68

We are witnessing a major range breakout with exceptional volumes since past three trading sessions. The stock is poised for a faster upside.

(Mehul Kothari, AVP – Technical Research, Anand Rathi)

iStock

Titagarh Wagons: Buy near Rs 220 | Target: Rs 232| Stop Loss: Rs 214

8/8

Titagarh Wagons: Buy near Rs 220 | Target: Rs 232| Stop Loss: Rs 214

During the last session we witnessed fresh traction in most of the railway related stocks. TWL too seems to be preparing for a fresh rally.

(Mehul Kothari, AVP – Technical Research, Anand Rathi)

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

ETMarkets.com

For all the latest Business News Click Here 

 For the latest news and updates, follow us on Google News. 

Read original article here

Denial of responsibility! NewsBit.us is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Dustin Moskovitz 99039 posts 0 comments
Leave a comment