The markets are in a consolidation phase and it will be such as given by brokerages and the action shall be rather stock-specific given the earnings season. Meanwhile, while Nifty in trade on April 19, 2022 trades higher by a tad at 17179.9, ICICI Direct has come up with its Momentum pick for investment.
Buy Mishradhatu Nigam for a target of Rs. 217:
The brokerage recommends to buy the share of MIDHANI at a share price of Rs. 203 for 7 days and it is its Momentum pick. The target price given out is Rs. 217 and the stop loss for the trade is suggested as Rs. 196 per share.
The stock has registered a breakout above the falling supply line joining highs of the last 2 years which indicates turnaround in trend and sentiment. The stock is showing resilience over the past few sessions and thus offers fresh entry position."We expect the stock to maintain positive bias and head towards |217 levels in the coming weeks being its June 2021 highs Among the oscillators Weekly RSI has resolved above readingof 60 for first time since august 2020 indicating turnaround and supports bullish price structure", adds the brokerage firm.
About Mishra Dhatu
Mishra Dhatu Nigam Limited (MIDHANI) was established in the year 1973 under Ministry of Defence as Government of India Enterprise. The production unit of MIDHANI, located at Kanchanbagh, Hyderabad, was commissioned in the year 1982. MIDHANI has been set up with a view to achieve self-reliance in production and supply of various super alloys, special steels, materials to Defence, other Strategic Sectors for Nuclear, aeronautical and Space applications. The guiding factors for setting up of MIDHANI were the demand for Defence oriented technologies, which come under the national priorities.
The stock has been recommended by ICICI Direct and one should only after careful analysis consider investments into market linked investments.