2 HDFC Securities Stock Recommendations For Quick Gains In The Short Term

Indian indices are set to open on a positive note and even as caution prevails as the market is trading at record highs, here are 2 HDFC Securities picks for quick gains in the near term:

1. SKF India

The company is among the leading leading supplier of products, solutions & services within rolling bearing, seals, mechatronics, and lubrication system. The scrip as per the brokerage is in strong uptrend on Major time frame. After making a life high on 27th July 2021 it started correcting and halted near 2728 levels which also coincide with bullish trend line.

The brokerage said on August 27, 2021, the stock has broken out from tight range of consolidation with volumes. "It also took multiple support of bullish trend line and resumed its upward momentum along with huge volumes. RSI 14 on the Weekly and Daily time frame has taken support of 60 level and now moving higher. +DMI & ADX is well placed above 25 level is observed on the weekly chart which indicates that bulls are in control. Primary trend of the stock has been bullish as stock has been forming higher tops and higher bottoms on the weekly charts. Stock is placed above medium to long term moving averages, indicating bullish trend on all time frames", added the brokerage report.

 

Stock	Current market price	Target price	Potential gains
SKF India	Rs. 2977	Rs. 3339	12%

2. ABB India

Formerly called ABB Ltd, ABB India is a leading engineering company globally that helps to use electrical power effectively as well as increase industrial productivity in a sustainable way.

HDFC Securities is bullish on this engineering entity and expects its stock price to hit Rs. 2100. As per the brokerage, the scrip has broken out on the daily chart with higher volumes. Further as per the brokerage, "Short term trend of the Stock is positive where it is trading above its 5,20 and 50-day EMA. Oscillators like RSI and MFI is showing strength in the current uptrend. Plus, DI is trading above -DI while ADX line is placed above 25 Indicating momentum in the current uptrend. Considering the Technical evidences discussed above, we recommend buying ABB at CMP of 1787 and average at 1660 for the upside targets of 1980 and 2100, keeping a stop-loss at 1610.

Stock	Current market price	Target price	Potential gains
ABB India	Rs. 1875	Rs.2100	12%

Disclaimer:

Note these 2 scrips are taken from brokerage report and should not be construed as investment advice.

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