Buy Divis Labs, Indian Bank, Granules India shares, says LKP Securities
An analyst from LKP Securities said that Divi's Labs is now forming higher highs and higher lows on the daily chart, after correcting from its high, signaling the onset of an uptrend.
- Aug 29, 2024,
- Updated Aug 29, 2024 8:08 AM IST
Amid the rising volatility at the higher levels in the Indian stock markets, Rupak De, Senior Technical Analyst at LKP Securities, a domestic brokerage firm has shared three stocks- Indian Bank Ltd, Granules India Ltd and Divi's Laboratories Ltd- from a trading point of view. The analyst has suggested too long all the three counters. Here's what the analyst has to say about these stocks:
Indian Bank | Buy | Target Price: Rs 600 | Stop Loss: Rs 547
Indian Bank has moved above a crucial moving average on the daily timeframe, indicating a bullish reversal of the current trend. Additionally, the stock has broken out of a consolidation phase. The RSI has entered a bullish crossover. In the short term, the stock might move towards Rs 600, with support placed at Rs 547.
Granules India | Buy | Target Price: Rs 770 | Stop Loss: Rs 685
Granules India has given a consolidation breakout on the daily chart. The rise in price was backed by decent volume suggesting broad-based participation. The RSI has entered a bullish crossover. In the short term, the stock might move towards Rs 770, with support placed at Rs 685
Divis Laboratories | Buy | Target Price: Rs 5,250 | Stop Loss: Rs 4,850
After correcting from its high, Divi's Labs is now forming higher highs and higher lows on the daily chart, signaling the onset of an uptrend. On the weekly chart, a rounding bottom pattern is emerging, which is a strong bullish indicator. The RSI shows a bullish crossover, and the stock is maintaining its position above the 21-day EMA, further confirming its strength. Investors can consider buying the stock at the current market price up to Rs 4,980, with a stop-loss at Rs 4,850 on a closing basis, targeting an upside of Rs 5,250.
Amid the rising volatility at the higher levels in the Indian stock markets, Rupak De, Senior Technical Analyst at LKP Securities, a domestic brokerage firm has shared three stocks- Indian Bank Ltd, Granules India Ltd and Divi's Laboratories Ltd- from a trading point of view. The analyst has suggested too long all the three counters. Here's what the analyst has to say about these stocks:
Indian Bank | Buy | Target Price: Rs 600 | Stop Loss: Rs 547
Indian Bank has moved above a crucial moving average on the daily timeframe, indicating a bullish reversal of the current trend. Additionally, the stock has broken out of a consolidation phase. The RSI has entered a bullish crossover. In the short term, the stock might move towards Rs 600, with support placed at Rs 547.
Granules India | Buy | Target Price: Rs 770 | Stop Loss: Rs 685
Granules India has given a consolidation breakout on the daily chart. The rise in price was backed by decent volume suggesting broad-based participation. The RSI has entered a bullish crossover. In the short term, the stock might move towards Rs 770, with support placed at Rs 685
Divis Laboratories | Buy | Target Price: Rs 5,250 | Stop Loss: Rs 4,850
After correcting from its high, Divi's Labs is now forming higher highs and higher lows on the daily chart, signaling the onset of an uptrend. On the weekly chart, a rounding bottom pattern is emerging, which is a strong bullish indicator. The RSI shows a bullish crossover, and the stock is maintaining its position above the 21-day EMA, further confirming its strength. Investors can consider buying the stock at the current market price up to Rs 4,980, with a stop-loss at Rs 4,850 on a closing basis, targeting an upside of Rs 5,250.