Domestic brokerage firms including Axis Securities and SMIFS Research are positive on select stocks including Bharat Electronics (BEL), JK Lakshmi Cement, ICICI Bank, State Bank of India (SBI) and Bajaj Finserv. The brokerage firms suggested up to 26 per cent in these stocks in the next one-month period. Here’s what analysts suggested about these stocks in their report:
Bharal Electronics | Buy | Target Price: Rs 108-112 | Stop Loss: Rs 90 | Upside: 13-17%
Bharal Electronics (BEL) on the weekly chart has decisively broken out above the medium-term ‘falling channel’ at Rs 96 with a strong bullish candle indicating a positive bias. The breakout is accompanied by an increase in volume confirming participation at the breakout level. The stock holds above 50 per cent fibonacci retracement of a rally from Rs 62-114 placed at Rs 88 forming a medium-term support zone. The weekly strength indicator RSI is in bullish mode and the weekly RSI crossover above its reference line generated a buy signal. The above analysis indicates an upside of Rs 108-112 levels.Recommended by: Axis Securities
Bajaj Finserv | Buy | Target Price: Rs 1,450 | Stop Loss: Rs 1,000 | Upside: 26%
After reacting down from the recent high, the stock has been in a prolonged downtrend and is now seen coming down onto the critical trend line (placed around Rs 1,150 levels) connecting the previous top and bottom. 200 SMA placed around Rs 1,130 levels is likely to act as long-term support. Leading indicators Stochastic looks extremely oversold while the RSI is seen hovering around previous bottoms suggesting the stock is likely to find buyers around 1150 levels. Based on the aforementioned explanations, we recommend buying Bajaj Finserv on dips in the price range of Rs 1,200-1,100 for the target of Rs 1,450.Recommended by: SMIFS Research
ICICI Bank| Buy | Target Price: Rs 924-944 | Stop Loss: Rs 840 | Upside: 6-9%
ICICI Bank on the weekly chart has decisively broken out above the ‘downward sloping trendline’ with a strong bullish candle indicating positive bias which was placed at Rs 864. The breakout is accompanied by an increase in volume confirming participation at the breakout level. The stock holds above 50 per cent Fibonacci retracement of a rally from Rs 642-958 placed at Rs 800 forming a medium-term support zone. The weekly strength indicator RSI is in bullish mode and the weekly RSI crossover above its reference line generated a buy signal. The analysis indicates an upside of Rs 924-944 levels.Recommended by: Axis Securities
State Bank of India | Buy | Target Price: Rs 580 | Stop Loss: Rs 500 | Upside: 16%
After a decline from the recent highs, State Bank of India is seen taking support along the critical ascending trend line placed around Rs 500 levels. Leading indicators Stochastic looks extremely oversold while the RSI is seen approaching the previous bottom suggesting the stock is likely to find buyers around 500 levels. Based on the aforementioned explanations, we recommend buying State Bank of India on dips in the price range of Rs 510-500 for the target of Rs 580.Recommended by: SMIFS Research
JK Lakshmi Cement | Buy | Target Price: Rs 864-890 | Stop Loss: Rs 720 | Upside: 13-16%
JK Lakshmi on the weekly chart has decisively broken out above the falling channel’ at Rs 740 with a strong bullish candle indicating a positive bias. The stock holds above 50 per cent fibonacci retracement of a rally from Rs 366-897 placed at Rs 634 forming a medium-term support zone. The stock is forming a higher high-low on the weekly chart. This formation indicates a positive uptrend. The weekly strength indicator RSI is in bullish mode and the weekly RSI crossover above its reference line generated a buy signal. The above analysis indicates an upside of Rs 864-890 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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