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Buy Astra Microwave, HCL Tech For Short Term Gains Suggest HDFC Securities
Indices after opening firm have pared its gains and are trading with losses, with Nifty still holding above 17000 points. Bank Nifty and broader indices continue to underperform the headline indices.
Meanwhile, brokerage firm HDFC Securities has again come up with positional calls to bet on for short term. These suggested positional calls are based on technical analysis of stocks by the brokerage's research experts.
Astra Microwave: Buy for a target price of Rs. 270
For the telecommunications-equipment firm, the brokerage has given a target of Rs. 270 as against the current market price of Rs. 231.8, implying gains of 16.5%
This buy is suggested for 3 months and one can maintain a stop loss of Rs. 214.
Technical observations
Stock has taken a support on change of polarity level and from that level it has bounced.
Short term trend of the stock has turned positive after taking support.
RSI oscillator is placed above 40 and rising upwards, Indicating strength in the current uptrend.
Considering the Technical evidences discussed above, we recommend buying ASTRAMICRO at CMP of 234 and average at 220 for the upside targets of 250 and 270
About Astra Microwave:
The small cap company is engaged in designing and manufacturing of radio frequency (RF) as well as microwave super components and sub-systems that are used in areas of defence, space and civil communication systems. The company's products are employed by corporates, public institutions, telecommunication companies, commercial enterprises and defence laboratories of the Government of India.
HCL Technologies: Buy for a target price of Rs. 1400
The 'Buy' on the IT major is given for a target of Rs. 1400 per share. So, the buy on the scrip is given for gains of around 11 percent. Stop loss for the investment is Rs. 1150.
Technical observation:
HCL Tech is in an intermediate uptrend as it has been making higher tops and higher bottoms for the last several months.
The stock recently corrected from a high of 1378 and found support at the 1090 levels which also roughly corresponds to the previous intermediate highs, indicating change of polarity principle at work.
The stock has since then bounced back and has reversed its recent short term downtrend in the process. On Wednesday, the stock broke out of the 1090-1195 range on the back of healthy volumes. 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. 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
Disclaimer:
The stock has been 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.
