There is no ceasing the gains on the headline Indian indices and they have been touching new highs on a daily basis. Nifty Bank also was gaining over 0.6% at the time of writing this report. Now as the momentum seems positive, there are 3 recommendations by ICICI Direct for decent gains in the short term:
1. Buy Bank of Baroda in the range of Rs. 83-85 for a target price of Rs. 91
ICICI Direct recommends buying the PSU Bank for 7 days time frame and suggests a stop loss of Rs. 80. As per the brokerage, PSU Bank index is seeing fresh upmove after 2 months of breather. It is one of the most preferred pick among the PSU Banks and the share price of Bank of Baroda has recently generated a breakout above the falling supply line joining the previous highs of Rs. 89 seen in June 2021 and August 2021 of Rs. 85 signaling resumption of up move and offers fresh entry opportunity.
The stock will extend the current gains and move towards Rs. 91 levels as it is the 123.6% external retracement of the last 2 months breather.A faster retracement signals a positive price structure • The daily 14 periods RSI is in up trend and is seen rebounding taking support at its nine periods average thus supports the positive bias, added the brokerage report.
Jamna Auto: Buy Jamna Auto for a target price of Rs. 101
The share price of Jamna Auto is at the cusp of breaking above last one months highs (Rs. 95) as buying demand emerged at the 61.8% retracement of previous up move (| 79-95) signaling resumption of up move and offers fresh entry opportunity. Going ahead, we expect the stock to extend the current up move and head towards Rs. 101 levels as it is the 161.8% external retracement of the last two weeks breather (Rs. 95-84), adds the brokerage firm.
There is seen strong volume in the scrip which has been three times the 200 days average volume of 15 lakhs share on a daily basis. The daily RSI has generated bullish crossover above its nine period average and is in rising trajectory thus validates positive bias in the stock, adds the brokerage.
Stop loss recommended for the scrip is Rs. 85. Note the stock is recommended for a period of 14 days.
Arvind Mafatlal group company NOCIL is the largest rubber chemicals manufacturer in India. The company's brands include PILFLEX® Antidegradants, PILNOX® Antioxidants, PILCURE® Accelerators, Post Vulcanization Stabilizer and PILGARD® Pre Vulcanization Inhibitor.
ICICI Direct has recommended buying the scrip of NOCIL for a target price of Rs. 328. This implies gains of over 7% from the current market price of Rs. 306.9.
The company's share price trend is forming higher peak and higher trough in all time frame. "The stock is seen breaking above the last five weeks consolidation range (Rs. 293- 230) signaling resumption of up move and offers fresh entry opportunity . Going ahead, we expect the stock to extend the current up move and head towards Rs.| 328 levels as it is the 161.8% external retracement of the last five weeks consolidation range ( Rs. 293-230).The daily MACD is in up trend and is seen rebounding taking support at its nine periods average thus validates positive bias in the stock.
The scrips mentioned in the story are taken from the brokerage report. The investments listed out should not be construed for investment purpose.