This real estate counter, after undergoing a lot of volatility, is showing signs of bottoming out. The last few days have been displaying long-body bullish candles in this uncertain market, which has pushed the prices above the bands. A strong breakout beyond the bands have indicated some bullish momentum. After biding some time and absorbing the volatility, we can look at the prices looking to extend. The steady upward bounce has pushed the ADX DMI (average directional movement index) into a buying mode, indicating the trends could push the prices higher.
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Laurus Labs: Buy above ₹585, stop ₹570; target ₹625-640
There has been some steady buying at moving average bands as the momentum tried to revive the prices from lower levels. With the cloud region offering some upward thrust, the possibility of the counter showing a bullish bias has gone up. Now, with the steady upward bias in the last few days, the dip into the moving average bands has attracted some buying interest in the last week, highlighting some steady resolve on the way up.
• Welspun Corp: Buy above ₹822, stop ₹805, target ₹845-870
The capital goods stocks counter, after some pullback action into the moving average band’s support, is seen reviving once again. The formation of long body candle at the support region indicates that the trends are showing bullish bias from lower levels. As momentum is reviving from neutral zone look to initiate long. With volume stepping up, we can consider possibility of the trends to continue.
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Three stocks to buy today, as recommended by Ankush Bajaj
Gabriel India: Buy at ₹532.55 | Target ₹600-620 | Stop loss ₹490
On the daily chart, the stock’s Relative Strength Index (RSI) is trading above 60, and it is also trading above major EMAs. On the hourly chart, the stock has given a rectangle breakout around the 520 level. Expecting the price to reach 600 soon.
Crompton Greaves Consumer Electricals: Buy at ₹357.65 | Target ₹395-410 | Stop loss ₹337
On the hourly chart, the stock has given an upper breakout from a falling wedge pattern, with a swing target of around 400 levels. Also, RSI is at 68, and moving average convergence divergence (MACD) has given a bullish crossover.
UltraTech Cement: Buy at ₹10,520 Target ₹10,700-10,800 | Stop loss ₹ 10,395
On the lower time frame (15-minute), the stock has formed a double bottom and has also given a triangle breakout. The short-term target is around 10,700 levels.
MarketSmith India’s top stock recommendations for March 13:
DOMS Industries Ltd: Current market price: ₹2,807 | Buy range: ₹2,750–2,830 | Profit goal: ₹3,240 | Stop loss: ₹2,590| Timeframe: 1–2 months
Pearl Global Industries Ltd: Current market price: ₹ 1,528.1 | Buy range: ₹1,500–1,535 | Profit goal: 1,760| Stop loss: ₹ 1,415 | Timeframe: 1–2 months
About the experts: Raja Venkatraman is co-founder, NeoTrader. His registration number is INH000016223.
Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441.
MarketSmith India: Trade name: William O’Neil India Pvt. Ltd. Its Sebi-registered research analyst registration number is INH000015543.
Investments in securities are subject to market risks. Read all the related documents carefully before investing.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
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