Where there is volatility in the stock market, investors are looking cautious about their decisions. Choosing quality stocks is not getting easier in the current environment.
Rakesh Jhunjhunwala Portfolio Stock in Top Technical Picks: Where there is volatility in the stock market, investors are looking cautious about their decisions. Choosing quality stocks is not getting easier in the current environment. However, even in this volatility, some fundamentally strong stocks have seen a breakout. They are looking strong on the technical charts and have an upside momentum. These shares are ready to give double digit returns in the near term. These include the share of Rakesh Jhunjhunwala’s portfolio, Indian Hotels Company. Apart from this, Adani Enterprises, Aurobindo Pharma and Jindal Steel & Power are included in this list. In these, 10 percent to 15 percent returns can be given in the next 1 month. Brokerage house Axis Securities has selected them in its technical pick.
Indian Hotels Company
CMP: Rs 227
Buy Range: Rs 225-220
Stop loss: Rs 208
Upside: Rs 10%–14%
The stock has made a breakout of its 6 month triangular on the weekly chart. The stock has recaptured its 20, 50 and 100 Day SMA. This breakout has happened with significant volumes, indicating an increase in participation. Daily and weekly strength indicator RSI is in bullish mode. The stock can show a level of Rs 250-262 in the next 3 to 4 weeks.
Jindal Steel & Power
CMP: Rs 531
Buy Range: Rs 520-510
Stop loss: Rs 480
Upside: Rs 10%-15%
On Weekly Chart The stock has formed a rounding formation pattern on weekly closing basis. This breakout happened with significant volume. This buying momentum has been seen from the 100 and 200-day SMA. The stock is trading above its 20, 50, 100 and 200 Day SMA, which indicates that there is a bullish momentum in it. Daily strength indicator RSI is in bullish mode. The stock can show a level of Rs 565-590 in the next 3 to 4 weeks.
Aurobindo Pharma
CMP: Rs 719
Buy Range: Rs 705-690
Stop loss: Rs 665
Upside: Rs 10%–13%
The stock has made a double bottom formation on the closing basis on the Daily Chart. This has given signs of a rise in the stock. The stock has recaptured its 20, 50 and 100 Day SMA. A good volume has been seen near the support zone, which indicates an increase in participation. Daily and weekly strength indicator RSI is in bullish mode. The stock can show a level of Rs 765-785 in the next 3 to 4 weeks.
Adani Enterprises
CMP: Rs 1865
Buy Range: Rs 1865-1829
Stop loss: Rs 1758
Upside: Rs 10%–14%
The stock is making higher tops and bottoms on the daily chart. The stock has seen a breakout with significant volumes, indicating an increase in participation. 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 2030-2100 in the next 3 to 4 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.)
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