Federal Bank, JSW Energy could give up to 8-14% returns; here's why Religare has a buy on them | Mint
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Business News/ Markets / Stock Markets/  Federal Bank, JSW Energy could give up to 8-14% returns; here's why Religare has a buy on them
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Federal Bank, JSW Energy could give up to 8-14% returns; here's why Religare has a buy on them

Stock Market Today- Federal Bank, JSW Energy are two weekly technical picks of Religare Broking termed as Tech Stars. The target price given by the Brokerage for the stocks indicate 8-14% upside for these stocks

JSW Energy, Federal Bank technical stock picks by Religare stock broking (PTI)Premium
JSW Energy, Federal Bank technical stock picks by Religare stock broking (PTI)

Stock market today: Federal Bank and JSW Energy stand among top two technical picks by Religare Broking for the week. The brokerage has termed them as Tech stars. 

The two stock picks are filtered by Brokerage based on momnetum from companies under their coverage Universe.

For Federal Bank that is trading at close to 156 levels currently, Religare Broking has initiated a "Buy call in the range of 155-158 for a target price of 178. A stop loss at 149 has been recommended by the Brokerage for Federal Bank.

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Technical Rationale indicated by Religare Broking for buying Federal Bank is that the Federal Banks stock has been trading in a steady uptrend from past more than two years and currently trading near life high levels. Federal Bank has registered a breakout from the basing pattern which has formed at its 20 WEMA (20 week exponential moving average) and around its previous consolidation breakout zone which indicates bullish tone to continue. Traders can consider accumulating fresh in the mentioned range, said, Religare

JSW Energy is the second technical Pick of Religare for the week. The brokerage has recommended buying JSW Energy in the range of 420- 422 with a taret price of 455. JSW Energy stock is trading at close to 416 levels and Religare has recommended for putting a stop loss at 405.

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Technical Rational for buying JSW Energy as per Religare Broking is that JSW Energy witnessed a fresh breakout from multi month consolidation range with strong volumes. JSW Energy has formed a strong base around the support zone of the neckline of its previous consolidation range. And has formed a fresh buying pivot holding above its 20 Week EMA (Exponential Moving Average), which suggests share price is likely to resume its prior uptrend Religare suggest initiating fresh longs in the mentioned range for JSW Energy.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions

 

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Published: 06 Dec 2023, 10:19 AM IST
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