Tata Steel, JSPL, Glenmark, J Kumar Infra: 12 stocks that high-risk investors can buy in August

Domestic brokerage firm Progressive Share Brokers shared its top picks for the month of August which can deliver strong returns in a medium-term. The brokerage has cherry-picked as many as a dozen picks for medium-to-long term across all segments including largecap, midcap and smallcap for high-risk appetite investors. Majority of these picks are from metals and infrastructure segments. Here's what Progressive Shares said about these stocks: Century Textiles Industries | Buy | Target Price: Rs 1,240-1,405 Century Textiles has given a breakout from the Flag and Pole formation. RSI oscillator replicates price activity. Positive crossover has been spotted in the MACD and the same was observed in the directional movement index as well with an addition of ADX at 26 indicating the presence of a strong trend. As per formation, the target comes to Rs 1,405. One can add the stock on declines upto Rs 995.Glenmark Pharmaceuticals | Buy | Target Price: Rs 1,004-1,220 Glenmark Pharma has given a breakout from an Inverted Head & Shoulder Formation. 18-year-old trendline breakout was witnessed in the RSI oscillator. Reading of 19.49 in ADX indicates the beginning of an uptrend. As per the formation, the target comes to Rs 1,220. One can add the stock on declines upto Rs 725.Hindustan Copper | Buy | Target Price: Rs 171-202 Hindustan Copper Ltd has given a breakout from the Symmetrical Triangle Formation. Price breakout was confirmed with the trendline breakout in the leading indicator RSI. Positive crossover was witnessed in the ADX as well as in MACD. Uptick in Volume indicates strong market participation. As per formation, the target comes to Rs 202. One can add the stock on declines upto Rs 130.Jindal Steel and Power | Buy | Target Price: Rs 747-825 Jindal Steel and Power has given a breakout from a Flag and Pole Formation. Breakout in the RSI oscillator supports price activity. ADX at 30 indicates the presence of a strong uptrend. As per Flag and Pole formation, the target comes to Rs 825. One can add the stock on declines upto Rs 640.J Kumar Infraprojects | Buy | Target Price: Rs Inverted Head & Shoulder Pattern breakout was spotted in the J Kumar Infra. RSI has given a long-term trendline breakout way back and recently, completed its pullback move. Positive Crossover was witnessed in the ADX (+DMI has crossed ADX). With the reading of 26.51 in ADX, there is a strong trend. As per Inverted Head & Shoulder Formation Breakout, the target comes to Rs 595. One can add the stock on declines upto Rs 334Kolte-Patil Developers | Buy | Target Price: Rs 536-638 A much-awaited breakout was seen in the stock in the form of a Rounding Bottom Formation. RSI replicates price activity by giving a trendline breakout. DMI stands well above –DMI and ADX. The stock is about to start trending as ADX stands at 17.64. As per the pattern, the target comes to Rs 638. One can add the stock on declines upto Rs390Maithan Alloys | Buy | Target Price: Rs 1,350-1,526 Consolidation breakout was witnessed in the Maithan Alloys. Falling trendline breakout was spotted in the RSI oscillator. An Uptick in Volume indicates strong market participation. As per the ADX, the stock is about to start a strong trend. As per the pattern breakout, the target comes to Rs 1,526. One can add the stock on declines upto Rs 1,148.Nesco | Buy | Target Price: Rs 889-1,080 Three-year consolidation comes to an end with a Symmetrical Triangle Formation breakout. RSI oscillator has given the same pattern breakout. As per ADX, the stock is in the strong uptrend. As per Symmetrical Triangle Breakout, the target comes to Rs 1080. One can add the stock on declines upto Rs 660.

Also read: Hot stocks on August 2, 2023: IRFC, Hawkins Cookers, Reliance Power, Sula Vineyards and morePrakash Industries | Buy | Target Price: Rs 120-149 Four-year consolidation comes to an end with a Cup and Handle Formation breakout. RSI oscillator has given a long term trendline breakout. MACD has given a positive crossover and ADX is indicating a start of a new trend. As per pattern breakout, the target comes to Rs 149. One can add the stock on declines upto Rs 84.Tata Steel | Buy | Target Price: Rs 147-172 The Stock has given a breakout from the Symmetrical Triangle Formation. RSI oscillator replicates price activity. The stock is about to start its trend as ADX stands at 19.75. As per Symmetrical Triangle Breakout, the target comes to Rs 172. One can add the stock on declines upto Rs 117.Tata Metaliks | Buy | Target Price: Rs 1,017-1,140 Tata Metaliks has given a breakout from an Ascending Triangle formation. RSI oscillator has breached its previous swing high. Post Dec 2021, MACD has given a first signal which is a positive crossover. As per the pattern, the target comes to Rs 1,140. One can add the stock on declines upto Rs 872.United Spirits | Buy | Target Price: Rs 1,123-1,230 The stock has given a breakout from a continuation pattern known as the Symmetrical Triangle Formation. RSI has given a long-term trendline breakout way back and recently, given a short-term trendline breakout. Trend following indicators- ADX and MACD- have given a positive crossover. As per the formation, the target comes to Rs 1,230. One can add the stock on declines upto Rs 975.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today)

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