Mphasis, Sun Pharma among top 5 technical picks by brokerages | Mint
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Business News/ Markets / Stock Markets/  Mphasis, Sun Pharma among top 5 technical picks by brokerages
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Mphasis, Sun Pharma among top 5 technical picks by brokerages

Amid a rangebound trade in Indian equities, experts name Mphasis, Sun Pharma, UGRO Capital, Dixon Tech and Hindustan Aeronautics as top technical picks

Amid this rangebound trade, experts find some pockets of opportunities in individual stocks (iStock)Premium
Amid this rangebound trade, experts find some pockets of opportunities in individual stocks (iStock)

The market has been trading in a range for past few days amid high volatility as investors wait for cues. “The market will continue to trade in a broad range of 17750-18150 since there are no triggers for a breakout or a breakdown crossing the upper or lower limit," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

“At lower levels DIIs and retail investors will turn buyers and at higher levels FIIs will turn sellers. Trading opportunities are limited. But long-term investors can utilise the weakness in the market to buy high quality stocks in performing sectors," he added.

Amid this rangebound trade, experts find some pockets of opportunities in individual stocks. Here is a consolidated list of 5 stocks from various experts, brokerages:

Brokerage: Religare Broking

Mphasis

Recommendation: Buy | Target: 2,420 | Stop Loss: 2,145

In line with the recovery in the midcap IT counters, Mphasis, too, is catching up with the trend. It has witnessed a breakout from a consolidation range of late and also reclaimed the long-term moving average i.e. 200-EMA on the daily chart. We thus recommend creating fresh longs in the mentioned range.

Sun Pharmaceutical

Recommendation: Buy | Target: 965 | Stop Loss: 1,022

The pharma index has been trading under pressure for the last several months and Sun Pharma is also seeing profit taking after retesting its record high. It has slipped below the trend line support of late, indicating the prevailing corrective phase to continue.

Brokerage: Keynote Capitals

UGRO Capital

Recommendation: Buy | CMP: 153 | Target: 197

Given its cutting-edge and data-driven model, along with positive and improving financial metrics, and the expertise of its experienced management team, we believe that UGRO Capital is well-positioned to seize upon the significant growth opportunity in the MSME Lending sector. We maintain our view on UGRO Capital with a BUY rating with a target price of Rs. 197, valuing it at 1.2x FY24E BV.

Expert: Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher

Dixon Tech

Recommendation: Buy | Target: 3,120 | Stop Loss: 2,600

The stock has witnessed a decent steep correction to bottom out near the 2,600 zone with consolidation happening and also taking support near the long-term trendline zone with risk-reward factor much favourable for a positional investment.

A decisive move past 2,770 would further improve the trend and trigger for fresh upward move. The RSI is highly in the oversold zone with gradual improvement witnessed and has immense upside potential from here on. We recommend a buy in this stock for an upside target of 3,120 keeping a support level of 2,600.

Hindustan Aeronautics

Recommendation: Buy | Target: 2,850 | Stop loss: 2,480

The stock after taking support near 2,300 zone has picked up well to move past the significant 50EMA level of 2,500 to improve the bias and has indicated strength on the daily chart anticipating for further rise. A short dip from the peak level is witnessed but the overall trend is maintained positive and with the RSI also well placed has shown immense upside potential to carry on with the momentum further. We recommend a buy in this stock for an upside target of 2850 keeping a support level of 2,480.

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: 21 Feb 2023, 03:07 PM IST
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