BackHDFC Securities top 3 positional stock picks
Most analysts believe the stock markets could be heading for some more consolidation in the short term.
PremiumAfter gaining over 50% since March 23-24 when the Prime Minister announced nationwide lockdown amid corona virus outbreak, the domestic stock markets halted their bull run last week. Last week saw massive sell off triggered after the news of India-China clash at the border. Most analysts believe the stock markets could be heading for some more consolidation in the short term. Here are a few stocks to keep you afloat in the next three months.
HDFC Securities top stock picks for 7 days to upto 3 months
Sun Pharmaceuticals : The stock of the drug major SunPharma last trade at ₹511. The brokerage house recommend to buy between the current market price and ₹500 with a stop loss at ₹495 and a seven day time horizon. The broker has fixed the target price at ₹548. "After showing a minor declines/sideways consolidation, the stock price has shifted into an upside bounce. The short term trend seems to have turned positive," says the research report by HDFC Securities.
Bank Of India: "We observe a sustainable move above ₹53 could have a sharp positive impact on the stock price ahead. Weekly 14 period RSI is showing positive indication and volume has started to rise with price upside breakout. This is positive indication.
The overall chart pattern of Bank of India indicates a long trading opportunity," says the brokerage house report. The last traded price of the bank was ₹49. HDFC Securities has fixed the target at ₹57.50/64 with a horizon of up to three months. Stop loss at ₹47.50.
Kirloskar Oil Engines : The last traded price was ₹122. The brokerage house has fixed the target price at ₹132/145 with a time horizon of up to three months. Stop loss at ₹108. "This upside breakout is positive signal for the stock price and a sustainable upmove from here could open up an upside pattern target of ₹140 and above in the next few months. The volume expanded sharply this week along with the upside breakout of the stock price. The Weekly 14 period RSI is also signal further strengthening of upside momentum. The overall bullish chart pattern of Kirloskar Oil Engines Ltd indicate long trading opportunity," said the report.
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