Stocks to buy: Here are weekly technical picks by Prabhudas Lilladher’s Vaishali Parekh with upside of 14-20%

Rategain, Xchanging Solutions, IndusInd Bank and RK Forge are the technical stock picks by Prabhudas Lilladher's Vaishali Parekh.

Vaamanaa Sethi
First Published12 Jun 2024, 06:24 PM IST
Indian stock market benchmarks ended in positive territory on June 12.
Indian stock market benchmarks ended in positive territory on June 12.

Indian stock market: Indian stock market benchmarks ended in positive territory on Wednesday, June 12, primarily driven by favourable global cues.

The Sensex opened at 76,679.11, up from its previous close of 76,456.59, and climbed as much as 594 points to reach an intraday high of 77,050.53, just 29 points shy of its all-time high of 77,079.04 set on Monday, June 10. The index closed at 76,606.57, gaining 150 points or 0.20 per cent, with 19 stocks advancing.

The Nifty 50 opened at 23,344.45, up from its previous close of 23,264.85, and reached a new all-time high of 23,441.95 during the session. It closed 58 points, or 0.25 per cent, higher at 23,322.95, with 32 stocks advancing and 18 declining.

Also read: Expert view: Political stability, GDP forecast key positives but high valuation a critical risk, says Priti Goel

“Nifty has been resisting near the 23,400 zone, which is acting as a strong barrier, and the index needs a decisive breach above this zone to trigger a fresh upward move in the coming days. The next target, as we had mentioned earlier, would be near the 23 with 22,800 levels maintained as the important support level. The Sensex once again has been moving sideways with resistance visible near the 77,000 zone for the session, and on the downside, the 74,700 level of 20 DMA is maintained as the crucial support zone. The support for the day is seen at 76,000/23,100 levels while the resistance would be seen at 77,000/23,400 levels,” said Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher Pvt Ltd.

Bank Nifty

On the Bank Nifty outlook, Parekh added, “Bank Nifty has consolidated near the 49,800 zone with bias maintained positive and a decisive breach above 50,700 would further strengthen the trend and expect further rise with 52,800 and 53,500 levels visible as the next targets. Bankex has been in consolidation for quite some time near the 57,000 zone and would need a decisive breach above the 57,200 zone to confirm a breakout for a further fresh upward move. Bank Nifty would have the daily range of 49,300-50,200 levels with Bankex support at 55,500 and resistance at 56,700 levels.”

Also read: Coal India gains 113% in 10 months, up 235% in 3 years; what lies ahead for this PSU stock?

Vaishali Parekh's technical stock picks for June 12 were Rategain, Xchanging Solutions, IndusInd Bank, and RK Forge.

Rategain: Buy at 744 | Target price: 900 | Stop loss: 680

The stock has made a decent correction from the higher levels of 920 to 640, where it has taken support multiple times and has almost made a triple bottom formation pattern in the daily chart. The RSI indicator is also recovering from its oversold zone; hence, a positional buy in this stock is recommended for an upside target of 900, keeping a stop loss of 680.

Xchanging Solutions Ltd: Buy at 121 | Target price: 145 | Stop loss: 110

The stock has been in consolidation and is currently moving past the significant 50 EMA level of the 119 zone, which has improved time bias to anticipate a further rise. The stock has recovered significantly from the 200 period MA, and with upside potential visible, further gains are expected in the coming days. With the RSI on the rise, indicating a trend reversal has signalled a buy, and with the chart looking good, buying the stock is suggested for an upside target of 145, keeping a stop loss of 110.

Also read: Stocks to buy: Hindustan Zinc, GMR Airports are Anand Rathi’s emerging stock picks with up to 28% upside potential.

IndusInd Bank: Buy at 1490 | Target price: 1,700 | Stop loss: 1,380

The stock has been consolidating for quite some time around the 1,400-1,500 levels and has maintained good support at the 1,400 level. The RSI is currently well placed and has indicated a trend reversal to signal a buy with much upside potential visible to carry on with the positive move. Buying the stock is suggested for an upside target of 1,700, keeping the stop loss at 1,380 level.

RK Forge: Buy at 727 | Target price: 850 | Stop loss: 670

The stock made a double bottom formation in the daily chart at around 600 levels and has strongly recovered from thereon to maintain above the 200 DMA level of 711. The RSI is on the rise, which indicates potential and strength for further upward movement, and with decent volume participation witnessed, a positional buy in this stock is recommended for an upside target of 850, keeping a stop loss of 670.

Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making investment decisions, as market conditions can change rapidly and individually. circumstances may vary.

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First Published:12 Jun 2024, 06:24 PM IST
HomeMarketsStock MarketsStocks to buy: Here are weekly technical picks by Prabhudas Lilladher’s Vaishali Parekh with upside of 14-20%

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