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1 Mid and 1- Small Cap Cement Stocks To Buy From HDFC Securities Based On Technical Analysis

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Indian indices in trade on the previous day snapped two day winning streak in a volatile session. SGX Nifty indicates a weak opening for the Indian markets on November 10, 2021.

 

Further going by the technicals there is expected continuation of range-bound action below key resistance at 18,1000 as per analysts at HDFC Securities. So, amid such a market momentum, here are 2 stock picks by HDFC Securities considering the technical analysis:

1. Prism Johnson- Buy for potential upside of 17%

1. Prism Johnson- Buy for potential upside of 17%

The brokerage firm has given a buy on Prism Johnson for gains of 17.30 percent considering the target price set at Rs. 160. The buy has been given for a period of 3 months, while its last closing price has been at Rs. 136.40 per share. Stop loss suggested for the trade is Rs. 121.

Prism Johnson Limited (Formerly Prism Cement Limited) is one of India's leading integrated Building Materials Company, with a wide range of products including cement, ready-mixed concrete, tiles and bath products.

Technical observations:

1. Prism Johnson is in an intermediate uptrend as it has been making higher tops and higher bottoms for

the last several months.

 After a period of consolidation, the stock broke out of its range on Monday owing to higher than average volumes.

2. Positive signals are being given out for the stock as the counter trades above the 20 day and 50 day SMA. Also weekly indicators like the 14-week RSI are in rising mode. This suggests of an upmove trend to sustain.

2. Dalmia Bharat: - Buy for potential upside of 22%
 

2. Dalmia Bharat: - Buy for potential upside of 22%

The company is bullish on the counter for up to 22 percent gains and has set a target price of Rs. 2600 to be realized in 3 months time frame. The stop loss recommended is Rs. 1950.

Dalmia Bharat is into cement business since the year 1939 and has a capacity of 3 3Mnt. The company is a pioneer in super speciality cement that is used by oil wells, railway sleepers and Air Strips.

Technical observations:

The stock has been seeing immediate uptrend and has been hitting higher tops and higher bottoms since last few months.

After hitting the intermediate lows of Rs. 1842 levels, the stock has been gaining ground and reversed its recent downtrend.

" Technical indicators are giving positive signals as the stock is 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. This augurs well for the uptrend to continue", says HDFC securities report.

Disclaimer:

Disclaimer:

The above stocks are picked from the brokerage report of HDFC Securities. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage house are not liable for any losses caused as a result of decisions based on the article

Story first published: Wednesday, November 10, 2021, 7:47 [IST]
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