scorecardresearchStocks to buy: These five stocks look buy-worthy on technical charts

Stocks to buy: These five stocks look buy-worthy on technical charts

Updated: 21 Mar 2022, 12:56 PM IST
TL;DR.

While the market is expected to remain volatile in the short term, the medium and long term outlook of the market is positive with economy picking pace and earnings of the India Inc rising.

Indian equity benchmarks have been volatile this year so far owing to geopolitical concerns, rise in commodity prices and prospects of rate hikes. While the market is expected to remain volatile in the short term, the medium and long term outlook of the market is positive with economy picking pace and earnings of the India Inc rising. However, the positive outlook of the market does not mean one should get carried away, buying stocks without proper research on their fundamentals and technical. Bharat Gala, President - Technical Research, Ventura Securities, has recommended five stocks that look attractive on technical charts. Gala recommends buy on these stocks for the medium term (up to a year). Disclaimer: The views and recommendations made are those of individual analysts or broking companies, and not of MintGenie.

Indian equity benchmarks have been volatile this year so far owing to geopolitical concerns, rise in commodity prices and prospects of rate hikes. While the market is expected to remain volatile in the short term, the medium and long term outlook of the market is positive with economy picking pace and earnings of the India Inc rising. However, the positive outlook of the market does not mean one should get carried away, buying stocks without proper research on their fundamentals and technical. Bharat Gala, President - Technical Research, Ventura Securities, has recommended five stocks that look attractive on technical charts. Gala recommends buy on these stocks for the medium term (up to a year). Disclaimer: The views and recommendations made are those of individual analysts or broking companies, and not of MintGenie.

Solar Industries India: The stock corrected and made a low of  <span class='webrupee'>₹</span>2160 in Feb 2022. Recently, it moved above the intermediate high of  <span class='webrupee'>₹</span>2600 and made a high of  <span class='webrupee'>₹</span>2616 which suggests resuming an uptrend. The ROC and Williams % R indicator suggest a possibility of a strong up move on the positive side. The possible targets are  <span class='webrupee'>₹</span>3,300-4,000. Stop-loss should be observed at  <span class='webrupee'>₹</span>2100.

Solar Industries India: The stock corrected and made a low of 2160 in Feb 2022. Recently, it moved above the intermediate high of 2600 and made a high of 2616 which suggests resuming an uptrend. The ROC and Williams % R indicator suggest a possibility of a strong up move on the positive side. The possible targets are 3,300-4,000. Stop-loss should be observed at 2100.

Polyplex Corporation: The stock consolidated between Oct 2021 to March 22 period. Recently it gave range breakouts and made a high of  <span class='webrupee'>₹</span>2157 accompanied by supportive volumes. The KST, Aroon Up/Down and Vortex Indicator suggest a possibility of a strong up move on the positive side. The possible targets are  <span class='webrupee'>₹</span>3500 and the stop loss should be observed at  <span class='webrupee'>₹</span>1490.

Polyplex Corporation: The stock consolidated between Oct 2021 to March 22 period. Recently it gave range breakouts and made a high of 2157 accompanied by supportive volumes. The KST, Aroon Up/Down and Vortex Indicator suggest a possibility of a strong up move on the positive side. The possible targets are 3500 and the stop loss should be observed at 1490.

Century Plyboards: From Sept 21 to March 2022, the stock traded in a range of  <span class='webrupee'>₹</span>540 to  <span class='webrupee'>₹</span>700 price zone, and again has resumed its uptrend with above average volumes. Recently the stock gave a range breakouts and made a high of  <span class='webrupee'>₹</span>702 accompanied by supportive volumes. The Demand index and the ADX indicator suggest a possibility of a strong up move on the upside. The possible targets are  <span class='webrupee'>₹</span>900-1200 and the stop loss should be observed at  <span class='webrupee'>₹</span>460.

Century Plyboards: From Sept 21 to March 2022, the stock traded in a range of 540 to 700 price zone, and again has resumed its uptrend with above average volumes. Recently the stock gave a range breakouts and made a high of 702 accompanied by supportive volumes. The Demand index and the ADX indicator suggest a possibility of a strong up move on the upside. The possible targets are 900-1200 and the stop loss should be observed at 460.

Titan Company: From Oct 21 to March 22, the stock traded in a range of  <span class='webrupee'>₹</span>2200 to  <span class='webrupee'>₹</span>2700. Recently the stock gave a range breakouts and made a high of  <span class='webrupee'>₹</span>2720 which is above all previous highs, accompanied by supportive volumes. The KST, Aroon Up/Down and Vortex indicator suggest a possibility of strong upmove on the upside. The possible targets are  <span class='webrupee'>₹</span>3700-4300. Stop-loss should be observed at  <span class='webrupee'>₹</span>2200.

Titan Company: From Oct 21 to March 22, the stock traded in a range of 2200 to 2700. Recently the stock gave a range breakouts and made a high of 2720 which is above all previous highs, accompanied by supportive volumes. The KST, Aroon Up/Down and Vortex indicator suggest a possibility of strong upmove on the upside. The possible targets are 3700-4300. Stop-loss should be observed at 2200.

Brigade Enterprises: From Nov to Dec 21, the stock traded in a range of  <span class='webrupee'>₹</span>400 to  <span class='webrupee'>₹</span>540. Recently, it gave range breakouts and made a high of  <span class='webrupee'>₹</span>541 accompanied by supportive volumes. The ADX, PVT and ROC indicators suggest a possible firm uptrend. The possible targets are  <span class='webrupee'>₹</span>675-800. Stop-loss should be observed at  <span class='webrupee'>₹</span>345.

Brigade Enterprises: From Nov to Dec 21, the stock traded in a range of 400 to 540. Recently, it gave range breakouts and made a high of 541 accompanied by supportive volumes. The ADX, PVT and ROC indicators suggest a possible firm uptrend. The possible targets are 675-800. Stop-loss should be observed at 345.

First Published: 21 Mar 2022, 12:54 PM IST