As volatility spikes in the Indian stock market, investors are on the lookout for opportunities in key sectors. While the Sensex and Nifty 50 indices dipped slightly on October 21, several stocks continue to show strength amidst the fluctuations.
Suven Pharmaceuticals
Suven Pharmaceuticals is showing strong bullish momentum after breaking above a key resistance zone between Rs 1,220 and Rs 1,250. The stock closed at Rs 1,276.8 and appears set for further appreciation. With technical indicators like the Relative Strength Index (RSI) and multiple Exponential Moving Averages (EMAs) aligning in its favor, Suven is expected to maintain its upward trend. Investors might consider entering at the current price with a target of Rs 1,350, supported by a stop loss at Rs 1,230.
Indigo Paints
Indigo Paints has also displayed positive momentum, recently hitting a fresh 52-week high of Rs 1,669. Breaking out of a rectangle channel pattern, the stock is trading well above its key EMAs. With strong buying interest reflected in an RSI of 73.83, this stock offers a promising opportunity for those looking to capitalize on its upward movement. With a target set at Rs 1,750, Indigo Paints could be a solid pick for short-term gains, supported by a stop loss at Rs 1,595 to mitigate risk.
Mahindra and Mahindra Financial Services
This stock is experiencing a bullish reversal pattern and is currently priced at Rs 289. With strong support around Rs 283, it presents a favorable buying opportunity. The anticipated target is Rs 297, which could be reached if the current market momentum holds. Investors might consider entering at the current levels while setting a stop loss at Rs 283 to manage downside risk.
Torrent Pharmaceuticals
Torrent Pharmaceuticals is another stock showing bullish potential, with support around Rs 3,350. Currently trading at Rs 3,385, the stock looks poised to reach its target of Rs 3,480. The stock has displayed a strong technical setup, indicating a short-term rally. With a stop loss at Rs 3,350, it offers a risk-managed opportunity for traders and investors.
Escorts Kubota
For those looking at mid-cap stocks, Escorts Kubota has emerged as a favorable candidate. Trading in a broad range of Rs 3,620 to Rs 4,400, the stock is hovering near its 200-day EMA. The likelihood of a price reversal from its current level is high, presenting a good buying opportunity. A target range of Rs 3,982 to Rs 4,020 is expected, with a stop loss placed at Rs 3,670 to protect against potential downturns.
Hindustan Unilever (HUL)
HUL’s stock has recently broken out from a falling trend line resistance and is currently undergoing a correction. With diminishing trading volumes, selling interest seems to be waning. As long as the stock holds above its crucial support at Rs 2,540, it could see a reversal towards the Rs 2,880-Rs 2,920 range. With key moving averages supporting the bullish outlook, HUL offers a favorable entry point for fresh long positions, backed by a stop loss at Rs 2,540.
HDFC Asset Management Company
HDFC AMC remains a solid pick for long-term investors, having recently broken out from a key horizontal resistance level. The stock is trading above its 34-week and 55-week EMAs, reinforcing its bullish trajectory. Following a minor pullback, it now offers a good opportunity for market participants to build fresh long positions. The target price is set at Rs 4,890, with a stop loss at Rs 4,240 for risk management.
Also read: Gold and Silver Prices Surge: Detailed Analysis for October 22, 2024
The stock picks mentioned are based on technical analysis and current market trends. Investors are advised to conduct their own research and consider their financial goals before making investment decisions. SMJ does not guarantee any returns and is not liable for any losses incurred.
