On improved sentiments, the markets are again trending higher, Nifty is once again back above 17,000 levels and broader markets have been outperforming. Meanwhile, brokerage firm HDFC Securities is bullish on 3 stocks for gains up to 15%.
The calls made are positional calls based on technical analysis of the stock by the brokerage's research experts. Further, the stock ideas here are based on the market movements by examining historical data, like price and volume.
The brokerage has suggested a 'Buy' on the stock for a price target of Rs. 654 i.e. an upside of over 15 percent considering the last traded price of Rs. 567.55 apiece. The horizon for the 'Buy' is 3 months.
The stock is in a strong uptrend on Major time frame. After making a life high on 08th Sep 2021 it started correcting and halted near 557 levels which also coincide with the bullish trend line.
It has also taken support of 50% Fibonacci level drawn by connecting low(418.50) and high (724.30) Bullish candle pattern is observed on the daily chart which suggests stock could resume its upward journey.
It also took multiple support near lower band of Bollinger band on daily chart.
RSI (14) on Weekly chart has taken support of 40 level. +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.
About ICICI Prudential:
This is a joint venture between ICICI Bank and Prudential - a leading financial services group based out of the UK. The company offers a vast range of insurance plans serving all insurance goals. This is a large cap company in terms of market capitalisation with a m-cap of Rs. 81,429 crore. The last trading price of the stock is Rs. 565.8 per share.
Aurobindo Pharma: Buy for a target price of Rs. 828.
The brokerage bets on this large cap pharma company and sees it to hit a target price of Rs. 828 in the next 3 months.
Technical observations for the scrip as given out by HDFC Securities:
Stock has formed a strong bull candle which indicates positive momentum.
Higher top and higher bottom formation has been witnessed on daily chart.
Earlier price has given breakout and moving up sharply.
Short term trend of the stock remains positive as it is trading above key moving averages.
Oscillators like MACD and DMI are showing strength in the stock.
Plus DI is trading above Minus DI Indicating momentum in the current uptrend. Considering the Technical evidences discussed above, we recommend buying the Auropharma at 715 and average at 684, for the upside targets of 798 - 828, keeping a stop-loss at 658.
About Aurobindo Pharma:
The company is into manufacturing semi synthetic penicillin (SSPs). Through its product line the company serves therapeutic areas such as SSPs, cephalosporins, antivirals, CNS, cardio-vascular, gastroenterology, etc.
TV18 Broadcast: Buy for a target of Rs. 50.5
The buy on the media stock i.e. low on price has been given for 3 months time for a target price of Rs. 50.5. Implying potential investors can make 11.85 percent gains considering stock price of Rs. 45.15 per share.
Technical observation on TV 18:
After showing a sharp upside breakout of the hurdle at Rs 50 in last week, the stock price has failed to sustain the highs and showed downward correction.
Presently, formed a higher bottom at Rs 43 in the last session and moved up firmly. Today's sustainable up move could confirm a higher bottom reversal.
The stock price has sustained above the crucial support of weekly 10 and 20 period EMA and moved up so far.
The formation of higher bottoms and the strength of recent up move (long bull candle) as per weekly chart could indicate chances of further upside in the stock price ahead. Weekly 14 period RSI and weekly DMI/ADX signal possibility of further strengthening of upside momentum in the near term.
The overall chart pattern of TV18BRDCST indicate long trading opportunity. One may look to create positional buy as per the levels mentioned above
About TV18 Broadcast:
This is a small cap scrip that operates the country's leading English news channel-CNN IBN. The company's business segments include News Broadcasting, news portals and Entertainment.
The stocks are taken 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.