Diwali 2023 picks: BHEL, Tata Motors, L&T, Tata Power among PL's top tech ideas
Prabhudas Lilladher has chosen some select quality stocks as for this Diwali or Samvat 2080, on technical parameters are well placed indicating strength and looks promising to yield good returns.
- Nov 9, 2023,
- Updated Nov 9, 2023 2:58 PM IST
With Diwali round the corner, Dalal Street is all set to bid farewell to Samvat 2079 and gearing-up to welcome Samvat 2080. Nifty50 has gained more than 8 per cent since Diwali 2022 so far but domestic brokerage firm Prabhudas Lilladher expects the bullish momentum to continue in the coming year. It has selected a portfolio of select stocks across all sectors for the upcoming year. Nifty index is precariously placed with the overall bias maintained with a very cautious approach and the breach below 19,500 zone was very crucial with the trend and sentiment turning negative and currently with 19,200-19.250 zone positioned as the important and crucial resistance zone, a decisive breach above is much needed to improve the bias to some extent, said Prabhudas Lilladher. Technically, the major support zone lies near 18,850 levels and 18,600 zones of the significant 200 period MA where one can expect for some consolidation and if a decisive breach below is triggered then the overall scenario can turn very much bearish, it said. The overall bias is positive for Indian markets with much upside potential visible and one can pick for the quality stocks expecting good returns. The brokerage firm has chosen some select quality stocks as for this Diwali or Samvat 2080, on technical parameters are well placed indicating strength and looks promising to yield good returns in the next one-year time frame. It has suggested buying and accumulate the recommended stocks at every decline, maintaining the levels as mentioned in the report.Ashok Leyland | Target Price: 210 and 255 | Support: Rs 147 Ashok Leyland Ltd has overall maintained a strong trend on the weekly chart with a short erosion witnessed from the peak zone of Rs 191 levels and has almost retraced 50 per cent of the recent rally with support zone lying at Rs 160 levels of the significant 50 EMA zone. The RSI also has gradually cooled off from the overbought zone and is currently well placed to anticipate consolidation and further improvement in the bias. With the chart looking good, we suggest to buy the stock for an upside potential target of Rs 210-255 levels keeping the stop loss at Rs 147Bharat Heavy Electricals | Target Price: 160 and 190 | Support: Rs 107 Bharat Heavy Electricals Ltd (BHEL) has made an all-time high of Rs 148 levels and thereafter with some correction has witnessed a decent erosion from Rs 133 zone and currently has arrived at the long term trendline support zone of Rs 113 levels where it has shown signs of bottoming out and improving the bias. On the weekly chart, the bias has been maintained strong and with a slight correction witnessed, again has seen a pullback to improve the bias with trend maintained intact and further rise is anticipated in the coming days. The RSI has indicated flattening out after the slide and with a trend reversal indicated has much upside potential to carry on the momentum further ahead. With the chart looking attractive, we suggest to buy and accumulate the stock for an upside potential target of Rs 160-190 keeping the stop loss of Rs 107 for the medium-term time frame investment purpose.
CDSL | Target Price: 1,850 and 2,100 | Support: Rs 1,300
CDLS has overall turned the trend positive after the downward slide and very much strengthened the bias moving past the significant 100 period MA on the weekly chart and indicating a breakout above the resistance barrier of Rs 1,430 zone to anticipate further rise. With the RSI also well-placed showing strength, there is much upside potential visible from current levels and we anticipate a further upward rise in the coming days. With the chart looking attractive, we suggest buying and accumulating this stock for upside targets of Rs 1,850-2,100 keeping the stop loss of Rs 1,300.Exide Industries | Target Price: 300 and 340 | Support: Rs 225 Exide Industries Ltd on the weekly chart has indicated a strong uptrend since the last 5 months and recently with a short correction from the peak zone of Rs 273 has cooled off to show signs of bottoming out near 240 levels. Almost a retracement of 38.20 per cent is completed of the recent rally and with indication of improvement visible in the weekly chart, one can anticipate further rise in the coming months. The RSI also has cooled off from the highly overbought zone and is well placed at an attractive level for another strong upward move. With the chart looking good, we suggest to buy and accumulate the stock for an upside target of Rs 300-340 levels keeping the stop loss of Rs 225.Larsen & Toubro | Target Price: 3,500 and 4,350 | Support: Rs 2,000 Larsen & Toubro Ltd (L&T) has given a strong bull run in the last one year on the weekly chart and recently witnessed some profit booking from the peak zone of Rs 3,120 level and has slipped to some extent to take a breather. On the daily chart, it has shown signs of taking support near the significant 50 EMA level of Rs 2,890 zone with some consolidation seen and indicating a pullback to improve the bias. With the RSI also showing a trend reversal has signaled a buy with immense upside potential visible from current levels. We suggest to buy and accumulate the stock for an upside target of Rs 3,500-4,350 levels keeping the stop loss of Rs 2,700.SRF | Target Price: 2,600 and 2,950 | Support: Rs 2,000 SRF Ltd has maintained the long-term trendline support zone near Rs 2,000 levels on the weekly chart and currently has shown improvement in the bias with pullback witnessed and anticipated to carry on the positive move further ahead. A decisive move past Rs 2,350 zone of the cluster of moving averages of 50 EMA and 100 period MA on the weekly chart shall further strengthen the trend and can expect for strong upward move in the coming months. With the RSI also well placed and indicating a trend reversal to signal a buy, we suggest to buy and accumulate the stock for an upside potential target of Rs 2,600-2,950 keeping the stop loss near Rs 2,000 levels.Tata Motors | Target Price: 780 and 820 | Support: Rs 550 Tata Motors Ltd has indicated a strong bull run for the stock in the last 2-3 years on the weekly charts and after every consolidation phase, has indicated a strong upward move to scale new heights. Recently after the decent rally, it has been consolidating for quite some time maintaining above the significant 50 EMA zone, on the daily chart, with near term support intact near Rs 590 levels. Also, the stock has sustained above the important 100 period MA to indicate strength and can anticipate for further upward move. Again, on the weekly chart, maintaining the support near 550 zone of the important 50 EMA level, once a decisive move past the Rs 677 zone is established, shall trigger for fresh breakout anticipating further targets of Rs 750 and Rs 820 levels for the medium-term time frame. We suggest to buy and accumulate for an upside potential target of Rs 780-820 levels keeping the stop loss of Rs 550.Tata Power | Target Price: 290 and 320 | Tata Power: 210 Tata Power Co Ltd has witnessed a decent rally in the last 5-6 months indicating a clear triangular breakout on the weekly chart thereafter strengthening the trend and recently with a short correction with 50 per cent retracement of the recent rally has shown signs of taking support near the confluence of 50 EMA and 100 period MA zone of Rs 228-230 levels to make the chart look attractive. There are signs of improvement in the bias with the RSI also indicating a trend reversal after the short slide to signal a buy. There is much upside potential from current levels and can anticipate further rise in the coming months. We suggest to buy and accumulating the stock for an upside potential target of Rs 290 - 320 keeping the stop loss of Rs 210.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Also read: ASK Automotive IPO booked 21 times on Day 3 so far; bidding for the issue closes today
Also read: Hot stocks on November 9: YES Bank, Suzlon Energy, Reliance Power, IndusInd Bank and more
With Diwali round the corner, Dalal Street is all set to bid farewell to Samvat 2079 and gearing-up to welcome Samvat 2080. Nifty50 has gained more than 8 per cent since Diwali 2022 so far but domestic brokerage firm Prabhudas Lilladher expects the bullish momentum to continue in the coming year. It has selected a portfolio of select stocks across all sectors for the upcoming year. Nifty index is precariously placed with the overall bias maintained with a very cautious approach and the breach below 19,500 zone was very crucial with the trend and sentiment turning negative and currently with 19,200-19.250 zone positioned as the important and crucial resistance zone, a decisive breach above is much needed to improve the bias to some extent, said Prabhudas Lilladher. Technically, the major support zone lies near 18,850 levels and 18,600 zones of the significant 200 period MA where one can expect for some consolidation and if a decisive breach below is triggered then the overall scenario can turn very much bearish, it said. The overall bias is positive for Indian markets with much upside potential visible and one can pick for the quality stocks expecting good returns. The brokerage firm has chosen some select quality stocks as for this Diwali or Samvat 2080, on technical parameters are well placed indicating strength and looks promising to yield good returns in the next one-year time frame. It has suggested buying and accumulate the recommended stocks at every decline, maintaining the levels as mentioned in the report.Ashok Leyland | Target Price: 210 and 255 | Support: Rs 147 Ashok Leyland Ltd has overall maintained a strong trend on the weekly chart with a short erosion witnessed from the peak zone of Rs 191 levels and has almost retraced 50 per cent of the recent rally with support zone lying at Rs 160 levels of the significant 50 EMA zone. The RSI also has gradually cooled off from the overbought zone and is currently well placed to anticipate consolidation and further improvement in the bias. With the chart looking good, we suggest to buy the stock for an upside potential target of Rs 210-255 levels keeping the stop loss at Rs 147Bharat Heavy Electricals | Target Price: 160 and 190 | Support: Rs 107 Bharat Heavy Electricals Ltd (BHEL) has made an all-time high of Rs 148 levels and thereafter with some correction has witnessed a decent erosion from Rs 133 zone and currently has arrived at the long term trendline support zone of Rs 113 levels where it has shown signs of bottoming out and improving the bias. On the weekly chart, the bias has been maintained strong and with a slight correction witnessed, again has seen a pullback to improve the bias with trend maintained intact and further rise is anticipated in the coming days. The RSI has indicated flattening out after the slide and with a trend reversal indicated has much upside potential to carry on the momentum further ahead. With the chart looking attractive, we suggest to buy and accumulate the stock for an upside potential target of Rs 160-190 keeping the stop loss of Rs 107 for the medium-term time frame investment purpose.
CDSL | Target Price: 1,850 and 2,100 | Support: Rs 1,300
CDLS has overall turned the trend positive after the downward slide and very much strengthened the bias moving past the significant 100 period MA on the weekly chart and indicating a breakout above the resistance barrier of Rs 1,430 zone to anticipate further rise. With the RSI also well-placed showing strength, there is much upside potential visible from current levels and we anticipate a further upward rise in the coming days. With the chart looking attractive, we suggest buying and accumulating this stock for upside targets of Rs 1,850-2,100 keeping the stop loss of Rs 1,300.Exide Industries | Target Price: 300 and 340 | Support: Rs 225 Exide Industries Ltd on the weekly chart has indicated a strong uptrend since the last 5 months and recently with a short correction from the peak zone of Rs 273 has cooled off to show signs of bottoming out near 240 levels. Almost a retracement of 38.20 per cent is completed of the recent rally and with indication of improvement visible in the weekly chart, one can anticipate further rise in the coming months. The RSI also has cooled off from the highly overbought zone and is well placed at an attractive level for another strong upward move. With the chart looking good, we suggest to buy and accumulate the stock for an upside target of Rs 300-340 levels keeping the stop loss of Rs 225.Larsen & Toubro | Target Price: 3,500 and 4,350 | Support: Rs 2,000 Larsen & Toubro Ltd (L&T) has given a strong bull run in the last one year on the weekly chart and recently witnessed some profit booking from the peak zone of Rs 3,120 level and has slipped to some extent to take a breather. On the daily chart, it has shown signs of taking support near the significant 50 EMA level of Rs 2,890 zone with some consolidation seen and indicating a pullback to improve the bias. With the RSI also showing a trend reversal has signaled a buy with immense upside potential visible from current levels. We suggest to buy and accumulate the stock for an upside target of Rs 3,500-4,350 levels keeping the stop loss of Rs 2,700.SRF | Target Price: 2,600 and 2,950 | Support: Rs 2,000 SRF Ltd has maintained the long-term trendline support zone near Rs 2,000 levels on the weekly chart and currently has shown improvement in the bias with pullback witnessed and anticipated to carry on the positive move further ahead. A decisive move past Rs 2,350 zone of the cluster of moving averages of 50 EMA and 100 period MA on the weekly chart shall further strengthen the trend and can expect for strong upward move in the coming months. With the RSI also well placed and indicating a trend reversal to signal a buy, we suggest to buy and accumulate the stock for an upside potential target of Rs 2,600-2,950 keeping the stop loss near Rs 2,000 levels.Tata Motors | Target Price: 780 and 820 | Support: Rs 550 Tata Motors Ltd has indicated a strong bull run for the stock in the last 2-3 years on the weekly charts and after every consolidation phase, has indicated a strong upward move to scale new heights. Recently after the decent rally, it has been consolidating for quite some time maintaining above the significant 50 EMA zone, on the daily chart, with near term support intact near Rs 590 levels. Also, the stock has sustained above the important 100 period MA to indicate strength and can anticipate for further upward move. Again, on the weekly chart, maintaining the support near 550 zone of the important 50 EMA level, once a decisive move past the Rs 677 zone is established, shall trigger for fresh breakout anticipating further targets of Rs 750 and Rs 820 levels for the medium-term time frame. We suggest to buy and accumulate for an upside potential target of Rs 780-820 levels keeping the stop loss of Rs 550.Tata Power | Target Price: 290 and 320 | Tata Power: 210 Tata Power Co Ltd has witnessed a decent rally in the last 5-6 months indicating a clear triangular breakout on the weekly chart thereafter strengthening the trend and recently with a short correction with 50 per cent retracement of the recent rally has shown signs of taking support near the confluence of 50 EMA and 100 period MA zone of Rs 228-230 levels to make the chart look attractive. There are signs of improvement in the bias with the RSI also indicating a trend reversal after the short slide to signal a buy. There is much upside potential from current levels and can anticipate further rise in the coming months. We suggest to buy and accumulating the stock for an upside potential target of Rs 290 - 320 keeping the stop loss of Rs 210.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Also read: ASK Automotive IPO booked 21 times on Day 3 so far; bidding for the issue closes today
Also read: Hot stocks on November 9: YES Bank, Suzlon Energy, Reliance Power, IndusInd Bank and more