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Fallen Angels: Anand Rathi bets on these stocks for up to 30% upside

Fallen Angels: Anand Rathi bets on these stocks for up to 30% upside

Most of the stocks selected by Anand Rathi may be momentum-based recommendations, valid for a period of 3 to 6 months.

Fallen Angels: Anand Rathi bets on these stocks for up to 30% upside Fallen Angels: Anand Rathi bets on these stocks for up to 30% upside

Of late, the benchmark indices have been on a selling spree as the ongoing concerns on the Russia-Ukraine conflict coupled with soaring crude oil prices continued to weigh market sentiment.
 
Amid the ongoing bear run, Anand Rathi has selected some stocks based upon Technical and Derivatives parameters, considering the overall momentum of the market. Most of the stocks may be momentum-based recommendations, valid for a period of 3 to 6 months.
 

Here's the Fallen Angel Basket:
 
Bharti Airtel
 
Target - Rs 800
Stop loss - Rs 570
Current Market Price - Rs 677.50
 
The stock has retested its previous parabolic line breakout zone. On the daily scale, it has turned from its 200 DEMA and 200 DSMA placed near 650 mark. Also, during this ongoing geopolitical issue, the stock has outperformed which suggests relative strength.
 
Britannia
 
Target - Rs 3,900
Stop loss - Rs 2,740
Current Market Price - Rs 3,153.05
 
Britannia too has been in a corrective mode for a few months, the brokerage house noted. However, at this juncture, the stock has approached its previous demand zone of 3200 - 3100. The demand zone coincides with the placement of 200 EMA and 200 SMA on the weekly scale, the brokerage firm said.
 
Eicher Motors
 
Target - Rs 2,800
Stop loss - Rs 1,950
Current Market Price - Rs 2,263.40
 
The stock has been trading in a broad range of Rs 3000 – Rs 2200 since Jan 2021. Currently, it is resting at the lower end of this range. It is the placement of 200 EMA and 200 SMA on the weekly scale, Anand Rathi added.
 
ICICI Bank
 
Target - Rs 800
Stop loss - Rs 570
Current Market Price - Rs 653.5
 
The weekly chart of ICICI Bank indicates that the stock is approaching 620 mark which is a very strong demand zone as per the pitchfork tool. This zone is also the 161.8 per cent retracement of the previous move. "We saw the data from 2016 and found that whenever the RSI of ICICIBANK went below 30 mark there has been a bottom formation most of the times and this time too the RSI is below 30," the brokerage house said.
 
Maruti Suzuki
 
Target - Rs 8,500
Stop loss - Rs 6,070
Current Market Price - Rs 6,772.90
 
The given chart of Maruti Suzuki indicates that the stock has been trading in a broad range of 9000 – 6500 since Jan 2021. Currently, it is resting at the lower end of this range. It is the placement of 200 EMA and 200 SMA on the weekly scale and also the previous demand zone, Anand Rathi said.
 
Zee Entertainment Enterprises Limited
 
Target - Rs 280
Stop loss - Rs 180
Current Market Price - Rs 238.55
 
In the past 2 to 3 months the stock Zee gave up almost 40 per cent from the top of Rs 378. At this point, it is approaching the 78.6 per cent retracement level of the rally which started from Rs 170 to Rs 380. Also, it is approaching the zone from where the rally started due to its merger with Sony.
 
(Disclaimer: Stocks recommendations by experts or brokerages are their own and not those of the website or its management. BusinessToday.in advises market participants to check with certified experts before taking any buy, sell or hold decisions.)
 
 

Published on: Mar 07, 2022, 3:49 PM IST
Posted by: Tanya Aneja, Mar 07, 2022, 3:46 PM IST