Midcap stocks to buy with Anil Singhvi: Rajesh Palviya picks Minda Corp, Varun Beverages and Sumitomo Chemical for bumper returns
Rajesh Palviya of Axis Securities in a chat with Zee Business Managing Editor Anil Singhvi said he was bullish on three companies – Minda Corp, Varun Beverages, and Sumitomo Chemical in the long-term, positional and short-term categories, respectively.
In a special edition of SPL Midcap Stocks, Rajesh Palviya of Axis Securities in a chat with Zee Business Managing Editor Anil Singhvi said he was bullish on three companies – Minda Corp, Varun Beverages, and Sumitomo Chemical in the long-term, positional and short-term categories, respectively.
Speaking with the market guru, Palviya explained why he thinks investors should buy these stocks for good returns.
Long Term: Mind Corp – Target: Rs 320-340; Stop Loss: Rs 195
A good uptrend is seen sustaining on the weekly chart in Minda Corp after a brief correction, the analyst said, adding that the stock is trading above all long-term moving averages. A higher-high formation was seen in stock when analyzing the last 3-4 weeks of data, he added.
Palviya said that the stock will continue its uptrend on a long-term basis to surge around Rs 320-340 per share and should be added in dips or at current levels with a stop loss of Rs 195 per share.
Positional Pick: Varun Beverages – Target: 940-960; Stop Loss: Rs 815
Across all time-frame Varun Beverages is maintaining its uptrend with a series of higher-top higher-bottom formation in weekly/daily setup, the analyst noted. He added a good buying interest is visible whenever there has been a minute crack in the stock.
The counter is trading in a bullish zone in all time frames and hence suggests to Buy for a target of Rs 940-960 per share with a stop loss of Rs 815 per share.
Short-Term Pick: Sumitomo Chemical – Target: Rs 545-560; Stop Loss: 465
On a daily chart, the stock has established a rounding-bottom formation and is trading at a previous high breakout, the analyst said. He added that the stock trading in a bullish zone across all time frames and it has defended 200-DMA and 100-DMA, moreover, it has recovered from the lower levels
The analyst sees that good momentum will be carried in the short-term and expects the stock to surge by Rs 545-560 per share with a stop loss of Rs 465 per share.
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