Stocks to buy: Gateway Distriparks, Raymond shares among Anand Rathi’s technical stock picks for up to 17% upside

  • Stocks to buy: Anand Rathi has recommended Raymond shares and Gateway Distriparks shares to buy based on the technical outlook.

Ankit Gohel
First Published11 Jul 2024, 01:23 PM IST
Stocks to buy: Gateway Distriparks, Raymond shares among Anand Rathi’s technical stock picks for up to 17% upside.
Stocks to buy: Gateway Distriparks, Raymond shares among Anand Rathi’s technical stock picks for up to 17% upside.(Image: Pixabay)

Indian stock market indices, Sensex and Nifty 50 succumbed to profit booking and traded lower on Thursday. The benchmark Nifty 50 fell below 22,300 level dragged by selling in realty, financials and pharma stocks.

Brokerage firm Anand Rathi has suggested two stocks to buy in this market movement. According to the broking house, the current technical setup of these two stocks show a decent upside potential.

Also Read | Reliance Jio IPO: RIL could list telecom arm by 2025 at $112 bn valuation

These two stocks to buy are Raymond and Gateway Distriparks. Anand Rathi has recommended to buy Raymond shares and Gateway Distriparks shares based on the technical outlook. These two stocks are Anand Rathi’s stock picks of the month.

Raymond | Buy | TP: 2,000 | SL: 1,800

Raymond share price hit upper circuit of 5% from its discovered price on Thursday as the stock trades ex-lifestyle business. After a one-sided rally for many months, Raymond shares finally underwent a demerger.

“Although the charts are not adjusted, but after demerger the stock retested the zone of 1,800 from where the rally started. As of now Raymond stock seems to be in a demand zone. Thus we advise traders to buy the stock in the range of 2,000 – 1,960 with a stop loss of 1,800 for upside target of 2,400,” Anand Rathi said in a note. Raymond share price target implies an upside of more than 17% from current market price.

Also Read | Raymond trades ex-lifestyle business;hits 5% upper circuit from discovered price

Raymond had set July 11 as the record date for the demerger of its lifestyle business venture into Raymond Lifestyle. Raymond share price traded ex-lifestyle business today. The stock opened at 1,950 on the BSE, following a special pre-open price discovery session between 09:45 and 10 AM today. Raymond stock touched an intraday high of 2,047.45 apiece, jumping 5% from its discovered price.

Gateway Distriparks | Buy | TP: 122 | SL: 103

Gateway Distriparks share price jumped 8.88% to 115.80 apiece on Thursday. For many weeks, Gateway Distriparks stock price was consolidating in a range and was struggling to clear 110 mark.

“Finally, there is a price breakout above 110 with volumes and also there is a trend line breakout. The pattern resembles a bullish inverse Head and Shoulder. Thus we advise traders to buy the stock in the range of 110 – 108 with a stop loss of 103 for upside target of 122,” Anand Rathi said.

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

News in Numbers

Numbers that help you understand news better
$5 M

394,000

$112 B

12.1%

₹133.50 Cr

₹12,300 Cr

$136 M

First Published:11 Jul 2024, 01:23 PM IST
HomeMarketsStock MarketsStocks to buy: Gateway Distriparks, Raymond shares among Anand Rathi’s technical stock picks for up to 17% upside

Most Active Stocks

Indian Oil Corporation

174.50
03:59 PM | 11 JUL 2024
2.55 (1.48%)

Tata Steel

169.00
03:58 PM | 11 JUL 2024
1 (0.6%)

Bharat Petroleum Corporation

306.60
03:59 PM | 11 JUL 2024
6.25 (2.08%)

Oil & Natural Gas Corporation

304.80
03:57 PM | 11 JUL 2024
6.75 (2.26%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

Gujarat Pipavav Port

236.60
03:58 PM | 11 JUL 2024
16.85 (7.67%)

Oil India

551.45
03:58 PM | 11 JUL 2024
38.7 (7.55%)

Mazagon Dock Shipbuilders

5,739.10
03:55 PM | 11 JUL 2024
383.7 (7.16%)

Great Eastern Shipping Company

1,455.65
03:58 PM | 11 JUL 2024
93.9 (6.9%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    73,705.000.00
    Chennai
    74,722.000.00
    Delhi
    73,705.000.00
    Kolkata
    74,722.000.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.86/L0.00
    Chennai
    100.75/L0.00
    Kolkata
    104.95/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsPremiumInstant LoanMint Shorts