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Stocks To Buy: 3 Short Term Share Picks For Quick Gains
Markets have seen a sharp rise in the last few trading sessions. Analysts at Prabhudas Lilladher are recommending 3 stocks to buy based on technical analysis for quick gains. These stocks are Balrampur Chini Mills, Sudarshan Chemical Industries and State Bank of India.
Buy SBI stock with target price of Rs 590
Prabhudas Lilladher has suggested buying the stock of State Bank of India with a target price of Rs 590. The brokerage has set a stop loss of Rs 515 on the stock.
SBI Current market price: Rs 538
Target price on the stock: Rs 590
Stop loss on the stock: Rs 515
"The stock after making the all time high has witnessed a short correction to again bottom out near 515 levels and indicating a pullback to improve the bias and with a higher bottom formation on the daily chart has shown strength maintained and anticipated for further upward move. The RSI indicator also has shown a trend reversal from near the oversold zone and suggesting immense upside potential to retest the peak zone once again. We suggest to buy and accumulate the stock for an upside target of 590 keeping the stop loss of 515," the brokerage has said.
Buy Balrampur Chini Mills stock with target price of Rs 385
Current market price: 359, target price on the stock 385, stop loss on the stock Rs 345
"The stock after the short correction has bottomed out near the trendline support zone of 338-340 zone and indicated a decent pullback with bias improving and with a positive bullish candle pattern visible on the daily chart has made it attractive and further rise is anticipated in the coming days. The RSI indicator has shown a decent reversal to strengthen the trend and has signaled a buy with further upward move expected. We suggest to buy and accumulate this stock for an upside target of 385 keeping the stop loss of 345," the Prabhudas Lilladher report has said.
Buy Sudarshan Chemical Industries for a target price of Rs 500
For Sudarshan Chemical, the brokerage has a buy call with a price target of Rs 500. The brokerage has set a stop loss of Rs 410 on the stock.
Current market price: 438, Target price: 500, Stop Loss: 410
"The stock has almost made a double bottom formation pattern on the daily chart taking support near 410 levels and has picked up momentum with decent pullback indicated to improve the bias and with series of positive candle pattern. The RSI also has shown a trend reversal from the oversold zone to signal a buy and is anticipated to rise further in the coming days. We suggest to buy and accumulate this stocks for an upside target of 500 keeping the stop loss at 410," the brokerage has said.
Disclaimer
All the three stocks have been picked from the brokerage report of Prabhudas Lilladher. Investing in stock markets is risky. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before making any investment decision.
