Buy Chennai Petroleum Corporation, Alkem Labs and Zydus Life shares, says LKP Securities

Amid the rising trend in the Indian stock markets in the last few sessions, Rupak De, Senior Technical Analyst at LKP Securities, a domestic brokerage firm has shared three stocks- Chennai Petroleum Corporation Ltd, Zydus Lifesciences Ltd and Alkem Laboratories Ltd- from a trading point of view. The analyst has suggested to long all the three counters. Here's what the analyst has to say about these counters:

Chennai Petroleum Corporation | Buy | Target Price: Rs 950-970 | Stop Loss: Rs 900

Chennai Petro has found support from a rising trendline on the daily chart, and as long as it stays above that line, the trend should remain strong. The RSI is showing a bullish signal and is climbing. The stock has also regained its 200-DMA. On the upside, it could move towards Rs 950-970, while on the downside, it has support at Rs 900.

Zydus Lifesciences | Buy | Target Price: Rs 1,095-1,120 | Stop Loss: Rs 1,029

After a prolonged correction, Zydus Life has formed a hammer pattern on the daily chart, indicating increasing optimism. The RSI is close to being oversold, and the stock has found support at a previous price level. On the upside, it may move towards Rs 1,095-1,120, while on the downside, the stock has support at Rs 1,029.

Alkem Laboratories | Buy | Target Price: Rs 6,360-6470 | Stop Loss: Rs 6,069

Alkem Labs has risen after forming a bullish harami pattern on the daily chart. It recently regained its 21-day exponential moving average, and the RSI is showing a bullish signal. On the upside, it may move towards  Rs 6,360-6,470, while on the downside, the stock has support at Rs 6,069.