After a weak September, Indian markets rebounded to rise around 6 percent in the month of October. The rally was led by positive global cues like softening of crude prices, robust festival demand as well as an improvement in the overall economic situation.
In the near term, experts believe that the Indian market will continue to follow the Q2FY23 earnings and macroeconomic data. While FII flows may remain volatile and the market witness higher volatility in the near term if pressure on the rupee continues, the Indian equity market is likely to perform well over the medium to long term on account of its robust economic outlook.
Amid this backdrop, domestic brokerage house Prabhudad Lilladher has come out with 2 technical pick ideas for the medium term. Let's take a look.
CMP: ₹366 TARGET: ₹422 STOP LOSS: ₹347
The brokerage has a buy call on the stock with a target price of ₹422, indicating an upside of 15 percent.
"The stock after a decent correction has bottomed out near ₹345-348 levels which is the support zone of the ascending channel pattern and with a prominent pullback witnessed has improved the bias with further rise anticipated. The RSI also has indicated a trend reversal from the highly oversold zone and is on the rise to show strength signaling a buy in this stock. We recommend a buy in this stock for the upside target of ₹422 keeping a stop loss of ₹347," advised the brokerage.
The stock has lost 23 percent of its investor wealth in the last 1 year and shed 17 percent in 2022 YTD. In the 10 completed months of 2022, it has tanked in 5 of them and gained in the remaining 5.
The scrip fell the most in March 2022, down nearly 13 percent followed by in October, down 12 percent. However, it rose the most in July, up 16 percent.
It has fallen nearly half a percent in November so far after a weak October. However, July, August and September were positive months for the stock.
It hit its 52-week high of ₹478 on November 15, 2021, but then started correcting to hit its 52-week low of ₹312 on June 17, 2022. Between this period, it shed 35 percent. It is currently trading around ₹360, up 15 percent from its 52-week low and down 25 percent from its 52-week high.
CMP: ₹740 TARGET: ₹825 STOP LOSS: ₹703
The brokerage has a buy call on the stock with a target price of ₹835, indicating an upside of 13 percent.
"The stock after a decent consolidation near 700-705 has gradually picked up momentum with improving bias moving past the 50-EMA level of ₹725 and is currently on the verge of crossing the significant 200DMA also to further strengthen the trend. The RSI is on the rise from the oversold zone and is on the rise to show strength signaling a buy in this stock. We recommend a buy in this stock for the upside target of ₹825 keeping a stop loss of ₹703," suggested the brokerage.
The stock has declined 33 percent in the last 1 year and shed 26 percent in 2022 YTD. In the 10 completed months of 2022, it has lost investor wealth in 7 of them while rising just in the remaining 3.
The scrip fell the most in January 2022, down over 13 percent followed by in May, down 12 percent. However, it rose the most in July, up 15 percent.
It has gained 3 percent in November so far after a weak October (down 4 percent).
It hit its 52-week high of ₹1,119 on November 8, 2021, but then started correcting to hit its 52-week low of ₹575 on June 20, 2022. Between this period, it shed 49 percent. It is currently trading around ₹740, up 28 percent from its 52-week low and down 34 percent from its 52-week high.
