Valentine’s Day stocks: ITC, Titan, Zomato, among seven stocks to watch out for
- Valentine's day stocks to buy: Rajesh Bhosale recommends Nestle India, Indian Hotels, ITC, Titan Company, Jubilant FoodWorks, InterGlobe Aviation, and Zomato as stocks to watch on Valentine's Day and throughout February.
Valentine's Day stocks: Since February is a month dedicated to celebrating love, it's a smart idea for investors to focus on a select few companies that might yield profitable returns. Following the fad, traditional methods of showing love include giving chocolates and sweets, hosting candlelight dinners, holidaying, and having meals delivered right to the doorstep of your loved ones. Thus, fast-moving consumer goods (FMCG), quick-service restaurants (QSR), and retail firms stand to gain from this. Thus, investors might profit greatly from these stocks in February.
The benchmark index, the Nifty 50, has seen a spectacular move since last year's Valentine days, while the Nifty 50 was placed around 18,000 levels on the day there was initial weakness during the February and March months as the Nifty 50 tested 16,800 zones. However, from there, we have seen a splendid bull run, with every dip getting bought into. The Nifty 50 is now placed around 21,700, up around 20% from the close of last Valentine's Day, according to analysts.
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Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, has picked out seven stocks below that investors could pay particular attention to on Valentine's Day or throughout February.
Nestle India Ltd
According to Rajesh, following the stock split in early January, prices have faced challenges and gradually declined. Despite this, the stock's higher timeframe remains in an uptrend, suggesting the current correction could present a buying opportunity.
"Traders may consider accumulating the stock on further declines, anticipating robust returns in the near future. Long-term support for the stock is around 2400–2350, marked by the 200SMA, while resistance is at 2700," advised Bhosale.
Indian Hotels Co Ltd
The stock has maintained a robust uptrend, with every dip being bought into. Year-to-date, the stock has surged by 19%, indicating continued positivity.
However, traders should exercise caution due to overbought conditions. Immediate support is around 500, with resistance at approximately 560, advised Rajesh.
ITC Ltd
According to Rajesh, despite a remarkable rally over the past two years, the stock has recently experienced a correction, with prices down 10% for the year. Short-term support levels have been breached, suggesting a slowdown in momentum. Nevertheless, considering the recent pullback, accumulation can be initiated, with 390 serving as immediate support and ₹435–450 as resistance.
Titan Company Ltd
While the stock remains in an overall uptrend, recent weeks have seen a correction amidst broader market weakness. Investors may view this as an opportunity within the larger uptrend. Immediate support stands at ₹3,450, with resistance at ₹3,700, explained Bhosale.
Jubilant FoodWorks Ltd
The recent performance of the stock has been weak, with expectations of continued underperformance in the near term. However, from a trading perspective, the stock appears oversold and is approaching key support levels. Buying on further dips for a trading bounce may be viable. Immediate support is at 450, with resistance at 500, advised Rajesh.
InterGlobe Aviation Ltd
According to Bhosale, the stock has witnessed a healthy upward movement in recent months, characterised by higher top and higher bottom formations. The buy-on-dip strategy can be continued, with immediate support at ₹2,900 and resistance at ₹3,300.
Zomato Ltd
This emerging company has experienced a remarkable rally from its all-time low and is on track to reach previous all-time high levels in the near future. Current momentum favours bulls, with buying on dips advisable, with ₹143 as immediate support, highlighted Rajesh.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
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