Wipro, NMDC, Nalco, MMTC among 6 stocks that analysts picked for short term
The share price of India Cement has generated a breakout above the last nine months range Rs 205-235 signaling continuation of the up move thus offers fresh entry opportunity.
- Sep 4, 2023,
- Updated Sep 4, 2023 2:17 PM IST
Domestic equity markets remained range-bound on Monday, but select brokerage firms see strong action in the specific stocks. Domestic brokerages including IIFL Securities, LKP Securities and Ashika Stock Broking have suggested to buy shares such as Wipro, MMTC, National Aluminum Company (Nalco), The India Cements, NMDC and Persistence Systems on a technical basis for short term trading. Here's what brokerage firms said about these stocks.Wipro | Buy | Target Price: Rs 450-470 | Stop Loss: Rs 400 Wipro's daily chart shows the formation of a symmetrical triangle pattern, indicating a period of consolidation. This pattern is accompanied by lower trading volumes, suggesting a potential breakout in the near future .The momentum indicator RSI (Relative Strength Index) has given a positive crossover, confirming a buy signal. This suggests that bullish momentum may be building in the stock.A significant support level is observed at Rs 405, indicating that this level has held as a floor for the stock's price. If the stock experiences a pullback, this level may act as a cushion. The potential upside target for Wipro could be in the range of Rs 450 to Rs 470, implying the possibility of a substantial price increase if the symmetrical triangle pattern results in a bullish breakout.Recommended by: Rupak De, Senior Technical analyst at LKP SecuritiesMMTC | Buy | Target Price: Rs 50 | Stop Loss: Rs 42 MMTC has given a consolidation breakout on the daily chart. Additionally, the stock has consistently remained above a significant moving average, signifying its strength. The Relative Strength Index (RSI) is exhibiting a bullish crossover pattern. In the near term, there is a potential for the stock to advance towards the 50. Conversely, on the downside, a support level is established at 42.Recommended by: Rupak De, Senior Technical analyst at LKP Securities
Watch: Nifty may touch 20,200 by year-end; ICICI Bank, Maruti Suzuki, SBI, ITC, Federal Bank, Varun Beverages, other top stock picks for September, as per stock market analystsNational Aluminum | Buy | Target Price: Rs 108 | Stop Loss: Rs 94.5 National Aluminum (Nalco) has given a rounding bottom breakout after reversing on testing the ascending triangle pattern breakout level, with MACD giving a bullish crossover and RSI still having room for further up move. We expect the stock to trend higher and reach a target of Rs 108. Stop loss can be placed at Rs 94.5.Recommended by: IIFL SecuritiesPersistent Systems | Buy | Target Price: Rs 5,500 | Stop Loss: Rs 4,950 Persistent Systems has given a flag pattern on the daily chart and has breached the previous swing high. MACD continues to show strength while RSI has crossed above the previous swing high, indicating increase in bullish momentum. We expect the stock to trend higher and reach a target of Rs 5,500 in the short term. Stop loss can be placed at Rs 4,950.Recommended by: IIFL SecuritiesThe India Cements | Buy | Target Price: Rs 298 | Upside: 14% The share price of India Cement has generated a breakout above the last nine months range Rs 205-235 signalling continuation of the up move thus offering fresh entry opportunity. The stock is witnessing elevated buying demand from the 20 days EMA (currently placed at Rs 220) signalling strength and a positive price structure. Among the oscillators the daily MACD is in up trend and is seen rebounding taking support at its nine periods average thus supporting positive bias. The stock is expected to head towards Rs 298 levels in the coming week being the previous swing high of September 2022Recommended by: Ashika Stock BrokingNMDC | Buy | Target Price: Rs 150 | Upside: 15% NMDC to continue with its positive momentum as it has generated a breakout above the falling supply line joining highs of May 2021 and January 2023 signalling reversal of the corrective trend and resumption of up move. The stock has also generated a breakout above the last 1.5 month range Rs 100-115 highlighting continuation of the up move and open upside towards Rs 150 levels in the coming weeks being the measuring implication of the range breakout. The daily 14 periods RSI is in uptrend and is seen rebounding taking support at its nine periods average thus validating positive bias.Recommended by: Ashika Stock BrokingDisclaimer: Under no circumstances should any person at this platform make trading decisions based solely on the information discussed herein. You should consult a qualified broker or other financial advisor prior to making any actual investment or trading decisions. All information is for educational and informational use only. Business Today does not guarantee, vouch for, endorse any of its contents and hereby disclaims all warranties, express or implied, relating to the same.
Domestic equity markets remained range-bound on Monday, but select brokerage firms see strong action in the specific stocks. Domestic brokerages including IIFL Securities, LKP Securities and Ashika Stock Broking have suggested to buy shares such as Wipro, MMTC, National Aluminum Company (Nalco), The India Cements, NMDC and Persistence Systems on a technical basis for short term trading. Here's what brokerage firms said about these stocks.Wipro | Buy | Target Price: Rs 450-470 | Stop Loss: Rs 400 Wipro's daily chart shows the formation of a symmetrical triangle pattern, indicating a period of consolidation. This pattern is accompanied by lower trading volumes, suggesting a potential breakout in the near future .The momentum indicator RSI (Relative Strength Index) has given a positive crossover, confirming a buy signal. This suggests that bullish momentum may be building in the stock.A significant support level is observed at Rs 405, indicating that this level has held as a floor for the stock's price. If the stock experiences a pullback, this level may act as a cushion. The potential upside target for Wipro could be in the range of Rs 450 to Rs 470, implying the possibility of a substantial price increase if the symmetrical triangle pattern results in a bullish breakout.Recommended by: Rupak De, Senior Technical analyst at LKP SecuritiesMMTC | Buy | Target Price: Rs 50 | Stop Loss: Rs 42 MMTC has given a consolidation breakout on the daily chart. Additionally, the stock has consistently remained above a significant moving average, signifying its strength. The Relative Strength Index (RSI) is exhibiting a bullish crossover pattern. In the near term, there is a potential for the stock to advance towards the 50. Conversely, on the downside, a support level is established at 42.Recommended by: Rupak De, Senior Technical analyst at LKP Securities
Watch: Nifty may touch 20,200 by year-end; ICICI Bank, Maruti Suzuki, SBI, ITC, Federal Bank, Varun Beverages, other top stock picks for September, as per stock market analystsNational Aluminum | Buy | Target Price: Rs 108 | Stop Loss: Rs 94.5 National Aluminum (Nalco) has given a rounding bottom breakout after reversing on testing the ascending triangle pattern breakout level, with MACD giving a bullish crossover and RSI still having room for further up move. We expect the stock to trend higher and reach a target of Rs 108. Stop loss can be placed at Rs 94.5.Recommended by: IIFL SecuritiesPersistent Systems | Buy | Target Price: Rs 5,500 | Stop Loss: Rs 4,950 Persistent Systems has given a flag pattern on the daily chart and has breached the previous swing high. MACD continues to show strength while RSI has crossed above the previous swing high, indicating increase in bullish momentum. We expect the stock to trend higher and reach a target of Rs 5,500 in the short term. Stop loss can be placed at Rs 4,950.Recommended by: IIFL SecuritiesThe India Cements | Buy | Target Price: Rs 298 | Upside: 14% The share price of India Cement has generated a breakout above the last nine months range Rs 205-235 signalling continuation of the up move thus offering fresh entry opportunity. The stock is witnessing elevated buying demand from the 20 days EMA (currently placed at Rs 220) signalling strength and a positive price structure. Among the oscillators the daily MACD is in up trend and is seen rebounding taking support at its nine periods average thus supporting positive bias. The stock is expected to head towards Rs 298 levels in the coming week being the previous swing high of September 2022Recommended by: Ashika Stock BrokingNMDC | Buy | Target Price: Rs 150 | Upside: 15% NMDC to continue with its positive momentum as it has generated a breakout above the falling supply line joining highs of May 2021 and January 2023 signalling reversal of the corrective trend and resumption of up move. The stock has also generated a breakout above the last 1.5 month range Rs 100-115 highlighting continuation of the up move and open upside towards Rs 150 levels in the coming weeks being the measuring implication of the range breakout. The daily 14 periods RSI is in uptrend and is seen rebounding taking support at its nine periods average thus validating positive bias.Recommended by: Ashika Stock BrokingDisclaimer: Under no circumstances should any person at this platform make trading decisions based solely on the information discussed herein. You should consult a qualified broker or other financial advisor prior to making any actual investment or trading decisions. All information is for educational and informational use only. Business Today does not guarantee, vouch for, endorse any of its contents and hereby disclaims all warranties, express or implied, relating to the same.