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1 Compressors, 1 Oil & Gas & 1 Hotel Stock To Buy For Gains Up To 35% In 3 Months: HDFC Securities

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Markets for the week ended April 22 ended on a weak note primarily hurted by the aggressive call to hike interest rates in the US and other weak global cues. Nifty ended at below 17,200 points.

 

Meanwhile, renowned brokerage firm HDFC Securities has come up positional calls that are recommendations to buy in shares based on technical analysis and derivatives. Typically, such positional calls are apt for people looking for short term trading ideas.

So, here are the positional calls if you are looking for short term trading ideas:

Elgi Equipments: Buy for a target price of Rs. 400 for 3 months
 

Elgi Equipments: Buy for a target price of Rs. 400 for 3 months

The brokerage has given out the target of Rs. 400 that at the CMP of Rs. 337.5 per share implies an upside of 18.52%. The stop loss to be maintained is Rs. 310.

The company is an air compressor manufacturer. Its's products have application across various industries like food processing, pharmaceutical, automotive garages etc.

Technical observations:

Elgi Equipments has recently corrected from a high of 422 tested in February 2022 and found support at the 268 levels in April 2022.
The stock has since then bounced back and has reversed its recent short term downtrend in the process. A new uptrend was confirmed when the stock took out the previous swing high of 327 on the back of healthy volumes.

Technical indicators are giving positive signals as the stock is now trading above the 20 day and 50 day SMA. Daily momentum indicators like the 14-day RSI have bounced back from oversold levels and are in rising mode now. We also observe that the Relative Strength Comparative indicator is moving
higher, indicating the stock is outperforming the Nifty index.

With the intermediate technical setup too looking positive, we believe the stock has the potential to move higher in the coming weeks and therefore recommend a buy. Our entry levels with stop loss and targets have been mentioned above.

 BPCL: Buy for a target price of Rs. 450

BPCL: Buy for a target price of Rs. 450

The OMC is suggested as a 'Buy' for gains up to Rs. 450 i.e. an upside of 14.39% considering the current market price of Rs. 393.4. The stop loss suggested for the trade is Rs. 365.

The above target shall be realised in 3 months time.

This is again the brokerage's E-margin positional pick selected based on derivatives and technical research.

Technical observations:

 BPCL has recently corrected from a high of 503 tested in September 2021 and found support at the 331 levels in February 2022.

The stock has since then bounced back and has reversed its recent short term downtrend in the process. A new uptrend was confirmed when the stock took out the previous swing high of 372 on the back of healthy volumes.

Technical indicators are giving positive signals as the stock is now trading above the 20 day and 50 day SMA. Daily momentum indicators like the 14-day RSI have bounced back from oversold levels andare in rising mode now. We also observe that the Relative Strength Comparative indicator is moving
higher, indicating the stock is outperforming the Nifty index.

With the intermediate technical setup too looking positive, we believe the stock has the potential to move higher in the coming weeks and therefore recommend a buy. Our entry levels with stop loss and targets have been mentioned above.

 

 

 Mahindra Holidays: Buy for a target of Rs. 340

Mahindra Holidays: Buy for a target of Rs. 340

For the Mahindra group hospitality concern, the brokerage has set a target of Rs. 340 and it is a 'Buy' for 3 months with stop loss maintained at Rs. 230.

Technical observations:

Stock price has broken out on the daily chart with higher volumes.

Primary trend of the stock is positive as it is trading above its 50, 100 and 200 day EMA.

RSI and MFI oscillators are placed above 60 and rising upwards, Indicating strength in the current uptrend.

Stock price is making bullish higher top higher bottom formation on the daily and weekly chart.

Considering the Technical evidences discussed above, we recommend buying MHRIL at CMP of 258.2 and
average at 240 for the upside targets of 300 and 340, keeping a stop-loss at 230.

Disclaimer:

Disclaimer:

The above stocks are taken from the HDFC Securities report and should not be considered as an investment advice into this. Individuals should do their own due diligence before making any risky bet.

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