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Three stocks to buy, recommended by Ankush Bajaj:
Berger Paints: Buy at ₹502.85 | Target ₹516-525 | Stop loss ₹495
On the hourly chart, the stock is breaking out of a falling wedge pattern, accompanied by an RSI bullish divergence. Taking a long trade with a low-risk approach could be a good opportunity.
Glaxo: Buy at ₹2,638 | Target ₹2725-2750 | Stop loss ₹2,544
The stock is exhibiting bullish momentum on the daily timeframe. Additionally, on the hourly chart, it has formed a clear double bottom around the 2460 level, making it a good candidate for initiating a long trade.
Redington: Buy at ₹250 Target ₹275-282 | Stop loss ₹ 236
The stock is in a strong upward momentum, although recent price action indicates some profit booking. Initiating a long trade could offer quick upside gains from current levels.
Also Read: Mint Primer | Can the market tide over the earnings slump?
Three stocks to buy on Tuesday, recommended by NeoTrader’s Raja Venkatraman
• Kiri Industries: Buy above ₹570, stop ₹555, target ₹610- ₹630.
This counter from the specialty chemicals industry has now made a base around the moving average bands, indicating that the revival emerging despite the market weakness spells some buying emerging at lower levels. Monday’s trading action highlights that the rise in prices is supported by volume and could now result in some revival. With the RSI showing some positive divergence indicating that the trends are on a revival mode and could set some pace to the upside. Buy.
• Texmaco Infrastructure & Holdings: Buy above ₹102, stop ₹99, target ₹106-108
After a strong decline into oversold territory, the formation of long body candles highlights that the prices are now recovering. Now, we can expect a rally towards the moving average bands, which show some bullish signatures. Momentum readings also show a revival from oversold zones, which could help the prices rise quickly. With a long body candle, one can look to go long for the next few days. Buy.
• Kotak Mahindra Bank: Buy at ₹1970, stop ₹1940 target ₹2150
This private banking counter has managed to stay afloat during the recent capitulation, indicating some steady buying interest developing at lower levels. The support offered by the lower bounds of RSI clearly spells out that the trends are showing some revival again. With the possibility of some upward bounce emerging one can consider going long as there is room to the upside.
Mint Primer | Can the market tide over the earnings slump?
Stocks recommended by MarketSmith India:
Abbott India Ltd: Current market price ₹ 29,813| Buy range ₹ 29,000–30,000| Profit goal ₹ 34,000| Stop loss ₹ 27,700| Timeframe 3–4 Months
Union Bank of India: Current market price ₹ 117.3 | Buy range ₹ 114–118| Profit goal ₹ 139| Stop loss ₹ 107| Timeframe 3–4 Months
Read more: Mint Quick Edit | An earnings let-down adds to the bearish trend
About the analysts: MarketSmith India is a stock research platform. Raja Venkatraman is co-founder, NeoTrader
Investments in securities are subject to market risks. Read all the related documents carefully before investing. Registration granted by Sebi and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
Also Read: Fresh bear hug could drag the market down to 22,500
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