Muhurat Picks: Sumeet Bagadia picks these 5 stocks for Diwali - Check target prices and other details
Sumeet Bagadia of Research Analyst Equities has suggested 5 stocks for this Diwali. Check these stocks - Tata Steel, HDFC Bank, Manappuram, HCL Tech and Raymond - for good returns. Also check the target prices and other details.
(Disclaimer: The views/suggestions/advices expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)
Tata Steel
On a monthly chart, the stock has been trading in the higher territory with a good volume activity, which confirms a bullish trend for the long term. On a daily timeframe, the price has taken good support at 100-days Simple Moving Averages and the prior support levels at around 1270 levels. Based on this technical structure, Bagadia has recommended a buy position in the stock for the medium to long term. Buy Tata Steel at Rs 1296 and up to Rs 1280. Target price at Rs 1480/1700.
HDFC Bank
On a monthly chart, the stock has taken good support at 61.8 per cent price extension and moved above 78.2 per cent levels of its prior rally. The stock has been trading upward with volume. In recent week, it has moved above the prior swing high of 1641 levels, which indicates positive strength after a resistance breakout. Bagadia recommends a buy position in the stock for medium to long term. Buy HDFC Bank at Rs 1680 and up to Rs 1660. Target price at Rs 1850/2130.
Manappuram
On a weekly chart, the stock has taken support at Rising Trendline and also formed the Bullish Engulfing pattern in the prior trades and confirmed the further breakout, which indicates a bullish strength in the prices. The price has also moved above the 38.2% Retracement Levels of its prior rally that suggesting a northward movement in the stock. Bagadia recommends a buy position in the stock for medium to long term. Buy Manappuram at Rs 199 and up to Rs 197. Target price at Rs 220/245.
HCL Tech
On a monthly chart, the stock has given a breakout of 1075 level and make a life-time high at 1393 levels, but it showed profit booking from the top and made a low around 1190, which is 38.2% RL of its previous up move which indicated bounce-back movement in the counter. The stock has taken support from the horizontal line, which indicates a reversal move in the prices. Furthermore, the stock has been trading above 100 Daily Moving Average, which shows a positive trend for the time being. Bagadia recommends a buy position in the stock for medium to long term. Buy HCL Tech at Rs 1190 and up to Rs 1170. Target price at Rs 1370/1480.
Raymond
On a weekly chart, the stock has been rising continuously with higher highs and higher lows formation from the last couple of weeks, which suggests an upward momentum for the long term. Bagadia recommends a buy position in the stock for medium to long term. Buy Raymond at Rs 450 and up to Rs 442. Target price at Rs 520/590.