Dr Lal PathLabs, Sunteck Realty & Godrej CP among stocks that analysts pick for short-term trade

Domestic brokerage firms including Progressive Shares and SMC Global are positive on the select stocks, namely- Godrej Consumer Products Ltd, Sunteck Realty Ltd and Dr Lal PathLabs Ltd- amid the rising volatility in the domestic markets. The brokerage firms believe that these stocks are headed for a strong upside in the near-term on the basis of their technical setup. Here what the analysts said about these counters:
 

Dr Lal PathLabs | Buy | Target Price: Rs 2,975-2995 | Stop Loss: Rs 2,300

Dr Lal PathLabs has formed a rounding bottom pattern on weekly charts and manages to surpass above its 200 days exponential moving average on weekly intervals in the recent past. After giving a breakout above the Cup & Handle pattern on weekly charts, the stock has gone into consolidation phase and seen trading in a broader range of Rs 2,300-2,580. After a series of consolidation, the
stock has given a fresh breakout above its key resistance level of Rs 2,580 with rise in volumes as well. The prices volume action suggests the next upswing into the prices. Therefore, one can buy the stock in the range of Rs 2,575-2,595 levels for the upside target of Rs 2,975-2,995 levels with stop loss below Rs 2,300 levels
Recommended by: SMC Global

Sunteck Realty | Buy | Target Price: Rs 534-638 | Stop Loss: Rs 330
Sunteck Realty has given a breakout from the descending Channel with a lower top lower bottom formation and currently, it has completed pullback move. Leading Momentum Indicator RSI has given a trendline breakout. Trend Following Indicator MACD has given a positive crossover. Reading of 19 in ADX indicates beginning of the trend. We recommend a 'buy' on the stock at current market price of Rs 430 with the closing stop loss of Rs 330 for a target of Rs 534-Rs 638 with a horizon of 6-9 months.
Recommended by: Progressive Shares

Godrej Consumer Products | Buy | Target Price: Rs 1,095-1,100 | Stop Loss: Rs 960
Godrej Consumer Product had been trading in a downward sloping channel with a formation of lower low & lower high pattern on daily charts as traders are seen booking profits at higher levels after making its 52-week high of Rs 1,102.05 in the month of July 2023. However, at current juncture, the stock has once shown a bounce into the prices after testing and taking a support at its 200 days exponential moving average on daily charts. Technically, the stock has formed a W pattern and given a fresh breakout above the falling trend line of long-term declining channels seen on daily intervals. Therefore, one can buy the stock in the range of Rs 1,010-1,020 levels for the upside target of Rs 1,095-1,100 levels with stop loss below Rs 960 levels.
Recommended by: SMC Global

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: Zerodha's trading platform sees glitch again, says few users unable to see executed orders

Also read: Protean eGov Technologies IPO opens today: Should you subscribe to the issue?