There is a possibility of volatility in the market for a few days. At such times, especially short term investors are advised to choose stocks with quality and strong fundamentals.
Top Technical Picks: Uncertainty about the Russia and Ukraine crisis in the stock market is not over yet. As of now, there is no result of this crisis and the fear of prolonging the war is increasing. In such a situation, there is a possibility of volatility in the market for a few days. At such times, especially short term investors are advised to choose stocks with quality and strong fundamentals. Recently some stocks have seen a breakout with significant volume. Brokerage house Axis Securities has given a list of 4 such stocks, which are expected to give better returns in the short term. Timken India, West Coast Paper Mills, Titan Company and Coromandel International are included in this list.
Timken India
CMP: Rs 2199
Buy Range: Rs 2180-2138
Stop loss: Rs.2020
Upside: 6%-11%
Upside trend is being seen in the stock and the stock has made a series of higher tops and bottoms. The recent rally in the stock has been accompanied by increased volumes, which are indicative of increasing participation. The stock is trading above its 20, 50, 100 and 200 days, which is showing a bullish sentiment. Daily strength indicator RSI is in bullish mode. The stock can show a level of Rs 2285-2400 in the next few weeks.
West Coast Paper Mills
CMP: Rs 306
Buy Range: Rs 294-288
Stop loss: Rs 275
Upside: 12%–20%
The stock has broken out of the 3-year multiple resistance zone on the weekly chart. This breakout coincided with increased volume, which is a sign of increased participation. The stock has recaptured its 20 and 200 day SMA. Daily and weekly strength indicator RSI is in bullish mode. The stock can show a level of Rs 325-348 in the next few weeks.
Titan Company Limited
CMP: Rs 2706
Buy Range: Rs 2670-2620
Stop loss: Rs 2473
Upside: 8%–12%
The stock has broken out of the 6-month consolidation range on the weekly chart. The stock has recaptured its 20, 50 and 100 Day SMA. This breakout coincided with increased volume, which is a sign of increased participation. Daily and weekly strength indicator RSI is in bullish mode. The stock can show a level of Rs 2865-2950 in the next few weeks.
Coromandel International
CMP: Rs 848
Buy Range: Rs 835-825
Stop loss: Rs 795
Upside: 7%–10%
On the weekly chart, the stock has seen a rebound from the support zone 725-710 level. The stock has recaptured its 20, 50, and 100 Day SMA. Daily and weekly strength indicator RSI is in bullish mode. The stock can show a level of Rs 890-913 in the next few weeks.
(Disclaimer: Stock investment advice is given by the brokerage house. These are not the personal views of The Financial Express. Markets are risky, so take expert opinion before investing.)
,