ICICI Direct’s Top Momentum Picks: NBCC, HPCL; sees 8% upside in 30 days

ICICI Direct has identified 2 stocks - NBCC and Hindustan Petroleum Corporation Ltd as its top momentum picks. The brokerage sees a potential upside of 8 percent on these stocks from the new target prices with a duration of 30 days.

Pranati Deva
Published20 Aug 2024, 02:22 PM IST
Trade Now
ICICI Direct's Top Momentum Picks: NBCC, HPCL; sees 8% upside in 30 days
ICICI Direct’s Top Momentum Picks: NBCC, HPCL; sees 8% upside in 30 days

Equity benchmarks rebounded strongly as concerns about a US recession diminished, buoyed by the latest economic data. The Nifty index gained over half a percent in today's trading session, following a 0.13 percent rise in the previous session and a 1.65 percent rally on Friday.

ICICI Direct Technical Outlook - Nifty

ICICI Direct's technical analysis suggests that Nifty's decisive close above the past eight sessions' high of 24,400, coupled with multi-sector participation, indicates a renewed upward momentum. The index is expected to resolve higher and gradually challenge its life highs of 25,000 in the coming weeks. Any dips should be used as buying opportunities, with strong support at 24,100.

Also Read | Stocks to buy: Axis Securities’ top 4 technical stock picks for this week

The brokerage's positive bias is further validated by following observations, it said:

A) Since beginning of CY24, Index has maintained the rhythm of not correcting for more than 2 weeks wherein intermediate corrections have been limited to the tune of 5 percent. Key takeaway is that post such price/time correction Nifty has tendency to surpass life highs in each of the four instances.

B) Volatility gauge has reverted to pre-election levels signaling that not much volatility is expected in near term by participants.

C) Global equity market regained upward momentum as S&P 500 index logged breakout from four weeks falling trend line that confirms resumption of uptrend.

The brokerage further noted that Profit taking in broader markets continued as percentage of stocks above 50-day ema are now at 49 percent against 60 percent last week. This ratio usually bottoms out below 35 percent. In current context, mid and small caps may consolidate in coming week before next leg of rally emerge. The formation of a higher high-low pattern on the weekly chart has led ICICI Direct to revise the support base to 24,100, coinciding with the 50-day EMA and last week’s low.

Also Read | RVNL share price jumps over 4% on MSCI index inclusion, technical breakout

ICICI Direct has identified 2 stocks - NBCC and Hindustan Petroleum Corporation Ltd as its top momentum picks. The brokerage sees a potential upside of 8 percent on these stocks from the new target prices with a duration of 30 days.

Here are the top momentum stock picks by ICICI Direct:

1.NBCC - Recommended Price: 174-178; Target Price: 194; Stop Loss: 167; Duration 30 days

The stock is on verge of breakout from contracting triangle suggest resumption of up move & fresh entry opportunity, said ICICI Direct.

It has already rallied 290 percent in the last 1 year 127 percent in 2024 YTD.

2.HPCL - Recommended Price: 389-397; Target Price: 426; Stop Loss: 358; Duration 30 days

Bullish flag breakout and elevated buying demand above 10 day EMA suggest further northward journey for the stock in coming sessions, said the brokerage.

The stock has surged over 122 percent in the last 1 year and 50 percent in 2024 YTD.

Also Read | Yes Bank Stock Check: Up over 40% in last one year, should you buy now?

​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 making any investment decisions.

Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

MoreLess
First Published:20 Aug 2024, 02:22 PM IST
Business NewsMarketsStock MarketsICICI Direct’s Top Momentum Picks: NBCC, HPCL; sees 8% upside in 30 days

Most Active Stocks

Bharat Electronics share price

283.95
03:58 PM | 1 OCT 2024
-1.1 (-0.39%)

Tata Steel share price

167.00
03:56 PM | 1 OCT 2024
-1.45 (-0.86%)

Tata Power share price

481.00
03:58 PM | 1 OCT 2024
-1.7 (-0.35%)

Zee Entertainment Enterprises share price

140.05
03:55 PM | 1 OCT 2024
2.4 (1.74%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

Caplin Point Laboratories share price

2,080.30
03:52 PM | 1 OCT 2024
182.75 (9.63%)

PB Fintech share price

1,729.65
03:57 PM | 1 OCT 2024
113.65 (7.03%)

Welspun Living share price

175.00
03:50 PM | 1 OCT 2024
11.25 (6.87%)

National Aluminium Company share price

224.15
03:56 PM | 1 OCT 2024
13.75 (6.54%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    77,245.00-160.00
    Chennai
    77,251.00-160.00
    Delhi
    77,403.00-160.00
    Kolkata
    77,255.00-160.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.86/L0.00
    Chennai
    100.85/L-0.13
    Kolkata
    104.95/L0.00
    New Delhi
    94.72/L0.00

    Popular in Markets

      HomeMarketsPremiumInstant LoanMint Shorts