Petronet LNG, SW Solar, HAL, Balrampur Chini, SAIL: Brokerages see up to 18% rise in these stocks

By admin On Mar 13, 2023

Domestic brokerage firms Axis Securities and SMC Global are positive on select stocks such as Petronet LNG, Sterling & Wilson Renewable, Hindustan Aeronautics, Balrampur Chini Mills and Steel Authority of India. They believe that these stocks may rise up to 18 per cent in the near-term . Here’s what analysts said about these stocks:

Petronet LNG on the weekly chart has decisively broken out above the ‘symmetrical triangle’ at Rs 230 level with strong bullish candle indicating a positive bias. The breakout is accompanied with an increase in volume confirming participation at breakout level. The stock is well placed above 20, 50, 100 and 200 daily SMA indicating positive momentum. The weekly strength indicator RSI is in bullish mode and weekly RSI crossover above its reference line generated a buy signal. The above analysis indicates an upside of Rs 250-257 levels.Recommended by: Axis Securities

| Steel Authority of India (SAIL) | Target Price: Rs 97-98 | Stop Loss: Rs 82 | Upside Potential: 10-12% |
From last one month, SAIL can be seen fluctuating in a broader range of Rs 81-87 as prices seen waving around its 200 days exponential moving average on daily charts. Technically, the stock has formed a double bottom pattern around Rs 81 levels and regained its momentum above its 200 days exponential moving average, as prices can be seen rising with formation of higher bottom pattern. At current juncture a fresh breakout above ‘W’ pattern has been observed on daily charts along with positive divergences in secondary oscillators. Therefore, one can buy stock in the range of Rs 87-88 levels for the upside target of 97-98 levels with a stop loss below Rs 82 levels.Recommended by: SMC Global

| Hindustan Aeronautics | Target Price: Rs 3,005-3,085 | Stop Loss: Rs 2,655 | Upside Potential: 8-11% |
Hindustan Aeronautics on the weekly chart has decisively broken out above the ’rounded bottom’ pattern at Rs 2,825 level. The stock is holding above medium term upward sloping trendline which is in place from the start of Jan 2022. The stock is forming a higher high-low on the weekly chart. This formed the weekly chart. This formation indicates a positive uptrend. The weekly strength indicator RSI is in bullish mode and weekly RSI crossover above its reference line generated a buy signal. The above analysis indicates an upside of Rs 3,005-3,085 levels.Recommended by: Axis Securities

| Balrampur Chini Mills | Target Price: Rs 445-450 | Stop Loss: Rs 365 | Upside Potential: 11-14% |
From the last two months, Balrampur Chini Mills has been trading in a downward sloping channel with formation of lower high and lower bottom patterns. However, after forming a ‘double bottom’ pattern around Rs 355 levels, stock recovered sharply and gave breakout above the falling trend line of downward sloping channel. The rise in volumes along with rise in price suggests, long build into a stock. Therefore, one can buy stock in the range of Rs 395-399 levels for the upside target of Rs 445-450 levels with stop loss below Rs 365 levels.Recommended by: SMC Global

| Sterling & Wilson Renewable Energy | Target Price: Rs 362-377 | Stop Loss: Rs 299 | Upside Potential: 13-18% |
SW Solar on the weekly chart has decisively broken out above the ‘falling channel’ pattern at Rs 305 level indicating a positive bias. The breakout is accompanied with an increase in volume confirming participation at breakout level. The stock holds above 61.8 per cent Fibonacci retracement of a rally from Rs 70-509 placed at Rs 239 forming a medium-term support zone. The weekly strength indicator RSI is holding above its reference line indicates positive momentum. The above analysis indicates an upside of Rs 362-377 levels.Recommended by: Axis Securities

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today)

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