ITC, Kotak Bank, Sudarshan Chemicals & Man Infra: Brokerages prefer these 4 stocks for near-term trade

Domestic brokerage firms including Nirmal Bang Securities and SMC Global Securities are positive on the select stocks, namely- Sudarshan Chemical Industries Ltd, Kotak Mahindra Bank Ltd, Man Infraconstruction Ltd and ITC Ltd - as benchmark indices remained on a muted note on the first session of 2024 amid thin trading volumes. 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 them:

Sudarshan Chemical Industries | Buy | Target Price: Rs 640 | Stop Loss: Rs 508
Technically, weekly chart suggests that Sudarshan Chemical has given a breakout of cup & handle formation. The stock has given a breakout of downward sloping trendline on monthly charts. The stock has shown positive moving average crossovers. Momentum indicator RSI is showing strength in its weekly and monthly charts. Buy Sudarshan Chemical above 550, add on dips at Rs 526 for a Target of Rs 640 with a strict stop loss of Rs 508.
Recommended by: Nirmal Bang Securities

Kotak Mahindra Bank | Buy | Target Price: Rs 2,070 | Stop Loss: Rs 1,800
Since last two years, Kotak Mahindra Bank has been trading in a broader range of Rs 1,700-2,000 zone with prices holding well above its 200 days exponential moving average on weekly interval. From the technical front, the stock took support at its 200 DEMA thrice and formed a 'triple bottom' pattern around Rs 1,700 level as once again prices witnessed a sharp move towards Rs 1,900 levels. At the current juncture, the stock has given a fresh break above its falling trend line of downward sloping channel along with positive divergences on secondary oscillators. The price action suggests that the stock is likely to witness its next upswing and could breach 2000 levels after a series of prolonged consolidation. Therefore, one can buy the stock in the range of 1900-1910 levels for the upside target of Rs 2,070 levels with stop loss below Rs 1,800 levels.
Recommended by: SMC Global Securities

Man Infraconstruction | Buy | Target Price: Rs 270 | Stop Loss: Rs 190
Daily chart suggests Man Infraconstruction is giving a breakout of consolidation and likely to start an upward rally. Weekly charts suggest Man Infra is on the verge of breakout of Flag Pattern. Volume accumulation is seen in all the time frames. Man Infra is well placed above all its important moving averages. Buy Man Infra above Rs 216, add on dips at Rs 200 for a Target of Rs 270 with a strict stop loss of Rs 190.
Recommended by: Nirmal Bang Securities

ITC | Buy | Target Price: Rs 508-510 | Stop Loss: Rs 430
ITC witnessed a healthy profit booking and once again retraced back towards its 200 days exponential moving average on daily time frame, after hitting its 52-week high of Rs 499.70 in the month of July 2023. From the last six months, the stock has witnessed a continuous non directional move as prices got stuck in a broader range of Rs 430-460. At current juncture, the stock has formed a 'cup & handle' pattern on daily time with fresh breakout seen above the pattern formation as well. Therefore, one can buy the stock in the range of Rs 460-465 levels for the upside target of Rs 508-510 levels with stop loss below Rs 430 levels.
Recommended by: SMC Global Securities

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.

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