The stock market is currently seen in the grip of bears. Barring Nifty Pharma, every index seems to be falling under selling pressure. However, in the weekly chart, the Nifty is seen closing down by four per cent. This is the sharpest decline in 11 weeks. Even before this, there are chances of strong profit booking in the correction phase. In such a situation, buying can be done in some shares. Let us see which are the stocks in which one can buy at this time and they can give profit.
Stock Tips: These two stocks can be profitable even in the falling market, know the opinion of experts and target price
Current Price: Rs 1669
Target Price: Rs 1810
Stop Loss – Rs 1585
Return – 8.5%
Shares of ADANIENT (Adani Enterprises) are seen trading in the consolidation range for the last six months. This stock has made a trendline resistance at 1660. The shares of ADANIENT have formed a quadrilateral pattern in the weekly time frame at Rs 1670 on November 11. The share price has registered a decisive breakout. This means that it is showing change upwards. At present, despite the bearish hold in the market, this stock seems to be outperforming the benchmark index and is maintaining strength above the support zone.
UNION BANK: BUY
Current Price – Rs 43.70
Target Price – Rs 50.50
Stop Loss- Rs 40
Return – 15.50 percent
After the formation of the Rectangle breakout, Union Bank has again touched its trendline support and has started showing a bullish pattern in the interval of the week. Its prices have crossed the 100 Week Exponential Moving Average and the Momentum Oscillator RSI (14) reading is above the 50 level. The stock has corrected from the level of 54 and is currently trading above its Polarity Line. Due to this, the bottom-out structure seems to be forming in it. Therefore, this share can be bought with a target price of Rs 50.50.
(Article: Rohan Patil)
(Rohan Patil is Technical Analyst at Bonanza Portfolio. The views expressed here are those of the author. Hence, consult your financial advisor before investing in these stocks.)