Updated: 16 Jul 2022, 10:41 AM IST
“Bears are not letting the market go beyond 16,400. The range of 16,100-16,200 is seen as immediate resistance and only a move beyond this would trigger some broad-based buying in the market,” says Osho Krishan, Senior Analyst – Technical & Derivative Research, Angel One.
Here are the top 5 stocks Osho Kishan is betting on.
Agencies
Target: Rs 250-255
Stop Loss: Rs 229
BEL is trading in a symmetrical triangle pattern and has seen strong traction at the lower band in the past few trading sessions. On the daily chart, the stock is well-versed above all its major exponential moving averages and is likely to continue its current momentum. Even on technical oscillators, 14-period RSI has seen a positive crossover, keeping the bullish view intact in the near period.
Agencies
Target: Rs 1,390
Stop Loss: Rs 1,275
Godrej Properties has seen strong traction in the past couple of trading sessions and managed to sustain above the Rs 1300 zone even in challenging market conditions. Most indicators signal a bullish trajectory for the counter on technical parameters, and even the stock has been in an upsurge for the past four consecutive weeks. It is expected to continue its momentum in the near period.
Agencies
Target: Rs 875-880
Stop Loss: Rs 805
MFSL recently saw a horizontal line breakout that even got tested, and the surge started yet again. This provides an opportunity for the short-term traders to accumulate the counter near the breakout zone with a favourable risk-reward ratio. On the daily chart, the stock is placed well above the cluster of its exponential moving averages, and the 14-period RSI showcases optimism to continue rallying.
Agencies
Target: Rs 680-685
Stop Loss: Rs 620
Bharat Forge is hovering near the supporting trendline, which historically provided a firm cushion. Even in the last trading session, the stock has seen a strong bounce back from the same, which was backed by robust volumes, indicating demand near the support zone. Hence, from a risk-reward point of view, the stock is placed in a lucrative zone and can be seen from a short-term perspective.
Agencies
Target: Rs 2250-2260
Stop Loss: Rs 2,090
Titan has seen a substantial gap up in the previous week, which sustained for the entire week, indicating strong demand in the counter. On the technical chart, the stock is placed above the short-term exponential moving average and is heading towards the 200 DEMA zone. On the oscillator front, the MACD is inching upwards post a positive crossover that signals bullishness in the counter.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)
