Active Stocks
Sat May 18 2024 12:49:03
  1. Tata Motors share price
  2. 952.95 0.76%
  1. Power Grid Corporation Of India share price
  2. 316.85 1.12%
  1. Tata Steel share price
  2. 167.90 0.39%
  1. ITC share price
  2. 436.50 -0.02%
  1. State Bank Of India share price
  2. 821.30 0.42%
Business News/ Markets / Stock Markets/  Stocks to buy: GAIL, Indraprastha Gas, NALCO are ICICIdirect's top momentum picks; 8-10% upside seen at new TP
BackBack

Stocks to buy: GAIL, Indraprastha Gas, NALCO are ICICIdirect's top momentum picks; 8-10% upside seen at new TP

Top momentum stock picks: Domestic brokerage house ICICIdirect has picked GAIL, Indraprastha Gas Ltd and NALCO as its top stocks to buy with an upside of eight per cent, while DLF is a ‘sell’.

Stock picks: ICICIdirect has picked GAIL, Indraprastha Gas Ltd and NALCO as its top stocks to buyPremium
Stock picks: ICICIdirect has picked GAIL, Indraprastha Gas Ltd and NALCO as its top stocks to buy

Top momentum stock picks: Indian stock market benchmarks the Sensex and the Nifty 50 ended with losses for the third consecutive session led by a slide in information technology stocks on Receding bets of early US rate cuts and worries over the conflict in the Middle East.

The NSE Nifty 50 shed 0.56 per cent to close at 22,147.90, while the S&P BSE Sensex settled 0.62 per cent lower at 72,943.68 on Tuesday. Since touching record closing highs on April 10, the domestic equity benchmarks have lost 2.7 per cent each over the past three sessions, which is also their longest losing streak this year. 

Investors' wealth tumbled 7.93 lakh crore in three days of the market crash amid simmering geopolitical tensions and weak global trends. The US dollar climbed to more than five-month highs while gold prices hovered near record-high levels.

Also Read: 200% return in 1 year: Multibagger smallcap hits 20% upper circuit on 233-crore govt order; do you own?

Going ahead, domestic brokerage house ICICIdirect expects the current decline to extend towards next key support of 21,900, as a part of retracement of past one month rally, followed by a base formation amid stock specific action as earnings season accelerated. Meanwhile, life highs of 22,800 to act as key resistance, being value of last week highs and upper band of rising channel

ICICIdirect has picked GAIL, Indraprastha Gas Ltd (IGL) and National Aluminium Company Ltd (NALCO) as its top stocks to buy. ICICIdirect sees a potential upside of 8-10 per cent on these stocks from the new target prices. The brokerage has given a ‘sell’ call for DLF.

Here are the top momentum stock picks by ICICIdirect:

1.GAIL: Recommended Price 195.50-196.50; Target Price: 199.20; Stop Loss: 194.10 --Price rebounding after taking support at recent breakout area signaling further upsides in coming sessions, said ICICIdirect.

2.DLF: Recommended Price 882-884; Target Price: 872.00; Stop Loss: 890.20--Price close below 20 day EMA suggests further downward momentum in coming sessions, said the brokerage.

3.IGL: Recommended Price 472-482; Target Price: 515.00; Stop Loss: 458.00; Upside eight per cent

Price retested triangular base formation with volumes offers fresh entry opportunity. Resilience amid recent volatility signifying strength and augurs well for next leg of up move, said ICICIdirect.

4.NALCO: Recommended Price 180-185; Target Price: 198.00; Stop Loss: 177.00; Upside eight per cent

Metal sector is outperforming in recent market volatility. Within this sector National Aluminum has given a breakout from six week consolidation and sustaining above the same indicating further upsides in coming sessions.

​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.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed - it's all here, just a click away! Login Now!

ABOUT THE AUTHOR
Nikita Prasad
Nikita covers business news and has been producing news on digital platforms since 2018. She writes on economy, policy, markets, commodities, industry. Her core areas of interests include infrastructure, energy, oil and gas, railways, and transport/mobility. She has worked for business news channels like Moneycontrol, NDTV Profit, and Financial Express in the past. If you have story ideas/pitches/reports or quotes/views to share, reach her at nikita.prasad@htdigital.in.
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.
More Less
Published: 17 Apr 2024, 04:57 PM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started