Greaves Cotton, Paradeep Phosphates, Wockhardt shares poised for short-term gains: PL analyst

Indian equity benchmarks ended lower for the second straight session on Thursday amid a volatile trading day, as investors stayed cautious ahead of the expected US-India trade agreement developments. The BSE Sensex pack slipped 170 points or 0.20 per cent to settle at 83,239, while the NSE Nifty index declined 48 points or 0.19 per cent to close at 25,405. However, broader markets showed resilience, with the BSE MidCap inching up 0.03 per cent and the SmallCap index gaining 0.26 per cent.

Looking ahead, select buzzing stocks like Greaves Cotton Ltd, Paradeep Phosphates Ltd and Wockhardt Ltd are expected to remain in focus among traders. Here's what Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher (PL), suggests for short-term trading:

Buy Greaves Cotton @ Rs 206.70 | Target: Rs 240 | Stop Loss: Rs 195

The stock is on the verge of a breakout, which could improve the overall bias and lead to further upside in the coming days. The Relative Strength Index (RSI) is trending higher and is well-positioned, indicating a positive trend reversal and signalling a buy. With the charts technically well aligned, we recommend buying the stock for a positional upside target of Rs 240, with a stop loss at Rs 195.

Buy Paradeep Phosphates @ Rs 162.75 | Target: Rs 200 | Stop Loss: Rs 145

The stock has maintained a strong uptrend over the past three months. The RSI has seen a healthy correction from the overbought zone and is now indicating a positive trend reversal, signalling a buy with significant upside potential. With the charts looking technically attractive, we suggest buying and accumulating the stock for a positional upside target of Rs 200, while maintaining a stop loss at Rs 145.

Buy Wockhardt @ Rs 1,748 | Target: Rs 2,040 | Stop Loss: Rs 1,600

The stock has once again begun to show signs of improvement. A further rise can be anticipated, supported by the RSI, which has cooled off from the highly overbought zone and is now well positioned, indicating a trend reversal and signalling a buy with strong upside potential from current levels. With technical indicators reflecting strength, we suggest buying and accumulating the stock for an upside target of Rs 2,040, while keeping a stop loss at Rs 1,600.