RBL Bank, Deepak Fertilizers, Data Patterns: Stocks to buy — Price targets, stop loss, & more

Indian equity benchmark indices managed a decent rebound on Tuesday on the back softer crude oil prices led by improving sentiments between the US and Iran. However, global macro dynamics capped the gains. The BSE Sensex jumped 394.50 points, or 0.54 per cent, to close at 73,918.76, while NSE's Nifty50 gained 119.10 points, or 0.52 per cent, to end at 23,242.10 for the day.

Select buzzing stocks including RBL Bank, Data Patterns (India) Ltd and Deepak Fertilisers and Petrochemicals Corp Ltd are likely to remain under the spotlight of traders for the session today. Here is what Rajesh Palviya, Head of Research at Axis Direct has to say on them ahead of Wednesday’s trading session:

Data Patterns (India) | Buy | Target Price: Rs 4,780-4,850 | Stop Loss: Rs 4,310
Data Patterns is in a strong uptrend across all time frames, continuing to make higher tops and bottoms. With the current close, the stock has decisively surpassed the past one-month ‘multiple resistance’ zone of Rs 4,320 levels on a closing basis, along with huge volumes, indicating increased participation. The stock is well placed above its 20, 50, 100 and 200-day SMAs. These averages are also inching up along with the price rise, which reconfirms the bullish trend. The daily, weekly and monthly RSI is in favourable territory, indicating rising strength across all time frames. The daily ‘Bollinger band’ buy signal shows increased momentum. Investors should consider buying, holding, and accumulating this stock. Its expected upside is Rs 4,780-4,850, and its downside support zone is the 4320-4300 levels.
 

Deepak Fertilisers and Petrochemicals| Buy | Target Price: Rs 1,600-1,680 | Stop Loss: Rs 1,470
Deepak Fertilisers is trending higher, forming higher tops and bottoms on the daily and weekly charts. The stock revisited the 20-day SMA (Rs 1,336) and rebounded sharply. The stock is well placed above its 20, 50, 100 and 200-day SMAs. These averages are also inching up along with the price rise, which reconfirms the bullish trend. With the current close, the stock decisively surpassed the ‘multiple resistance’ zone of Rs 1,485 levels, along with huge volumes indicating the resumption of the prior uptrend. The daily, weekly and monthly RSI is in favourable territory, indicating rising strength across all time frames. Investors should consider buying, holding, and accumulating this stock. Its expected upside is Rs 1,600-1,680, and its downside support zone is the Rs 1,485-1,450 levels.

RBL Bank | Buy | Target Price: Rs 375-390 | Stop Loss: Rs 347
RBL Bank Ltd registered an all-time high at the Rs 362 level, indicating bullish sentiment. The stock is trending higher in an upward-sloping channel, forming higher tops and bottoms, indicating a sustained uptrend. The daily and weekly ‘Bollinger Band’ buy signal justifies increased momentum. The stock is well placed above its 20, 50, 100 and 200-day SMAs. These averages are also inching up along with the price rise, which reconfirms the bullish trend. The daily, weekly and monthly RSI is in favourable territory, indicating rising strength across all time frames. Investors should consider buying, holding, and accumulating this stock. Its expected upside is Rs 375-390, and its downside support zone is the Rs 345–350 levels.