Weekly Technical Calls: L&T Finance Holdings & IndiGo On The Radar Next Week

The brokerage firm SMC Global Securities has picked up L&T Finance Holdings and Interglobe Aviation as its technical stock recommendations to buy next week. The brokerage sees a potential upside of over 16% on L&T Finance Holdings from its current market price while for IndiGo the potential upside can be expected to be over 12%. Let's see what the technical chart pattern says about both stocks to make a trade call next week.

L&T Finance Holdings

"The stock closed at Rs.137.55 on 06th October, 2023. It made a 52-week low of Rs.74.55 on 11th October, 2022 and a 52-week high of Rs.140.20 on 03rd July, 2023. The 200 days Exponential Moving Average (DEMA) of the stock on the daily chart is currently at Rs110. In the recent past, the stock has given a sharp breakout above its key resistance level of 115 and risen sharply thereon to mark its 52 week high of 140.20 in the month of July 2023, said SMC Global Securities.

"Since then, pullback has been witnessed in prices on the back of profit booking as stock has retested its previous breakout level. After a series of consolidation phase, the stock has once again caught up a momentum above its descending trend line of downward sloping channel. Technically a fresh breakout has been observed in stock last week, above the Symmetrical Triangle pattern visible on weekly interval. Therefore, one can buy the stock in the range of 135-137 levels for the upside target of 158-160 levels with SL below 122 levels," stated the brokerage.

Interglobe Aviation

"The stock closed at Rs.2535.50 on 06th October, 2023. It made a 52-week low at Rs.1676 on 09th November, 2022 and a 52-week high of Rs.2745.10 on 12th July, 2023. The 200 days Exponential Moving Average (DEMA) of the stock on the daily chart is currently at Rs.2283. After making its 52 week high of 2745 in month of July 2023,the stock witnessed a series of lower high pattern and seen a pull back into the prices to tumble down towards 2350 levels in the previous few weeks," said the broking firm in a report dated 6th October.

" At the current juncture, the stock has taken a support around its 200 days exponential moving average on daily interval, and once again shown a sharp recovery from lower levels as prices seen rising above its long term downward sloping channel along with rise in volumes as well. The price momentum can be observed along with positive divergences on secondary oscillators which suggests for next upswing into the prices. Therefore, one can buy the stock in the range of 2500-2535 levels for the upside target of 2800-2850 levels with SL below 2300 levels," the research analysts of SMC Global Securities claimed.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.