RVNL, Wipro shares are Vaishali Parekh’s top short-term picks

Vaishali Parekh of Prabhudas Lilladher has suggested Rail Vikas Nigam Ltd (RVNL) and Wipro as two of her stock picks for potential double-digit short term gains. She has a 'Buy' rating on Rail Vikas Nigam Ltd with a target of Rs 148  and a stop loss of Rs 119. So far, the stock has hit a high of Rs 129 and a low of Rs 123.55 in Wednesday's trade.

Parekh, who is vice President for Technical Research at Prabhudas Lilladher also suggested a 'Buy' on Wipro with a stop loss placed at Rs 395 for a target of Rs 470. This stock was trading 0.23 per cent lower at Rs 415.60 on BSE.  

Parekh said the RVNL stock has been in a consolidation phase for quite some time near the Rs 120-124 zone and has recently given a spurt with improvement in the bias. The relative strenghth index (RSI) has flattened out after the recent surge, he said adding that the railways stock is well-placed for a further rise.

"With the chart looking good with immense upside potential visible, we suggest to accumulate this stock for an upside target of Rs 148, keeping the stop loss at Rs 119," she said.

On Wednesday, shares of RVNL were trading 3.51 per cent higher at Rs 128.25 apiece. The stock hit a high of Rs 129 earlier in the day.

On Wipro, she said the stock has been in a gradual rise with series of higher-bottom formations on the daily chart . Wipro has moved past its significant 200-day moving average and 50-EMA near Rs 390-395 levels, with improvement in the bias.

The RSI is also well placed and is on the rise, hinting at strength in the coming days. "With the chart looking good, we suggest to buy and accumulate this stock for an upside target of Rs 470 keeping the stop loss of Rs 395," he said.

Also read: Hot stocks on August 9, 2023: Suzlon Energy, IRCON, Shyam Metalics, HCC, Adani Wilmar and more