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Can Fin Homes Ltd underperformed benchmark indices in the last one year but recent price action suggests that the bulls are back. The momentum seen in the stock could push it towards a fresh 52-week high in the next 6-9 months.

The housing finance company rose 12 percent in the last one year compared to about 20 percent upside seen in the Nifty50 in the same period.

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The stock with a market capitalization of more than Rs 8000 cr hit a 52-week high of Rs 721.25 on 18 October 2021 and since then the trend went sideways.

Can Fin Homes is a mid-sized, niche player in the housing finance space, with better balance in growth, profitability, asset quality, and return ratios.

The company’s strong fundamentals are supported by its presence in low-risk housing loans with a majority of the borrowers being salaried individuals (73% of the total portfolio), and negligible exposure to developer loans (0.02% of the total portfolio) as well as high-ticket-size LAPs.

The stock fell more than 28 per cent after hitting a 52-week high. It finally took support near Rs 518 on 20 December 2021 before bouncing back.

The momentum took the stock towards Rs 669 on 2 February 2022 before bears took over and pushed the stock towards its previous support. Can Fin Homes took support near Rs 520 on 7 March 2022 before seeing a turnaround.

The recent price structure suggests that the stock formed a double bottom reversal pattern and a confirmation will come when the price breach Rs 670 on the upside, suggest experts.

A double bottom pattern is formed when a stock retests its previous support level twice in a given time frame on the daily charts. The pattern looks like a ‘W’. It signifies a change in trend and a momentum reversal.

<img alt="image" src="https://i.ibb.co/V93cT14/image.png" />

Can Fin Homes rose more than 7 percent in a week, and nearly 16 percent in a month, data from Trendlyne showed.

The stock price hit an all-time high of 722 in October last year with high volumes on up move. It then declined to touch a low of 518 on low volumes indicating a corrective decline.

“After bouncing back to 670 odd levels in February, stock retraced back to test low of 518. It is now rallying back to form a double bottom reversal pattern on the daily chart,” Ashish Chaturmohta, Director, Equity Research, Sanctum Wealth, said.

“Confirmation of the pattern will come when the price crosses above 670 levels and trades above it on a sustainable basis to give breakout from the pattern,” he added.

Chaturmohta said that the stock can be bought at current levels and on dips to 630 with stop loss of 595 for target of 750-780 in the coming 6 to 9 months.

(Disclaimer: The views/suggestions/advice expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)

&nbsp;

Can Fin Homes Ltd underperformed benchmark indices in the last one year but recent price action suggests that the bulls are back.&nbsp;


Technical Check: Double bottom reversal pattern seen in Can Fin Homes; stock could retest 52-week highs

Tarun Birani, Founder CEO at TBNG Capital Advisors said that India's IT sector has a healthy order book and growth levers are in place which puts many companies on the cusp of a multi-year growth trajectory.

Birani brings with him rich and extensive experience of more than 25 years in the financial planning and wealth management space. The firm manages over Rs 400 crore AUM across financial markets.

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In an interview with Zeebiz's Kshitij Anand, Birani said that for FY23, we are extremely mindful of how the Central Banks over the world deal with the inflationary risks and the impending rate hikes. Edited excerpts:

Q) The Nifty50 closed FY22 on a strong note with double-digit gains. How do you sum up FY22 and what are your expectations for FY23?

A) The first half of FY22 delivered strong double-digit gains for the Nifty50 due to the re-opening of the economy post the 2nd Covid wave and resumption in normalcy.

However, the 2nd half of FY22 saw massive volatility due to geopolitical issues, and inflationary pressure which kept the performance muted.

On an overall basis, the Nifty50 has still delivered handsome returns for those who remained invested throughout the year and beyond.

For FY23, we are extremely mindful of how the Central Banks over the world deal with the inflationary risks and the impending rate hikes.

There could also be some pressure on the markets due to the supply-side shocks caused due to Russia-Ukraine crisis.

Q) At a time when leaders are discussing tougher action against Russia, markets have remained relatively stable. Trading on Russia bourses also started. Do you think the worst is factored in by equity markets?

A) Even if you pick up the data from the past wars, markets have very quickly absorbed the immediate shock of these events and have moved on.

But that doesn’t take away from the fact that the longer this conflict extends, more there will be a longer-term impact on the humanitarian and economic level.

Also, to add to that, there is a rate hike expected across various countries which will also affect the markets.

Thus, while markets have factored in many of these factors, there are still some reasons to be watchful as the 2nd order impact of these events unfold in terms of the increased cost of capital, supply-side constraints, stagflation risks, etc.

Q) Which sectors are likely to be in focus in FY23 and why?

A) Generally, the Banking and Financial Services sector with structural tailwinds tends to do well in a stable rising interest rate environment.

Also, there has been recent underperformance in the banking sector which has made it attractively poised for the next financial year.

Apart from these, there continues to be healthy order book and growth levers for Indian IT sectors with many companies on the cusp of a multi-year growth trajectory.

However, one must be wary of valuations and be selective in picking up the bets.

Q) Anything which investors should do differently in the new financial year?

A) Given the volatility expected along with various factors which could pull the market sideways, this year could be a year of consolidation, flat to moderate growth and more importantly constructing portfolios for the next few years.

Investors must take this into cognizance and accordingly modify their expectations and focus their energies on building a portfolio for the next leg of growth.

Q) In the precious metal space, we saw 17% rally in Gold, and over 70% upside seen in the Silver. What is your view on precious metal space in the new year? How should investors go about investing – digital or physical route?

A) Calendar year 2021 was muted for these commodities and the majority of the rally that we are seeing had firmed up in the last few months on the back of turbulence seen in the equity markets and also the geopolitical challenges materializing.

Gold traditionally has always acted well as an inflation hedge during times of volatility and possibly the worst might not be over for the equity markets yet due to the reasons mentioned earlier.

Hence, both the commodities with higher weightage to Gold can continue to form part of overall asset allocation as it helps reduce the correlation of the overall portfolio.

Apart from social use and consumption purposes, one must always prefer the digital route due to many benefits in the form of savings in storage costs, better liquidity and many other benefits.

Q) At Zeebiz we celebrated March 24 as Wealth creation day as it was a day when the Nifty50 made a bottom in 2020 and since then it has been a wealth creation opportunity for investors. What were your key learnings?

A) It’s probably one of the most overused lines but still continues to be true – “Markets have a tendency to remain irrational longer than investors having the ability to remain solvent.”

On 24th March, no one could predict whether the bottom had been reached, and even after the rally that followed, there was always uncertainty regarding earnings, re-opening of the economy, vaccines, etc.

My key learnings were in terms of the right asset allocation and the importance of having cash/cash equivalents in the form of emergency reserve. If people had remained invested throughout that volatile period, outsized returns were created in most of the asset and sub-asset classes in the ensuing bull markets.

Eventually, markets move in cycles and while it’s always good to find the best companies, and funds to invest in what is equally important is how the macro parameters are impacting the portfolio and markets and create structures that minimizes the chances of panic selling.&nbsp;&nbsp;

Q) Some global rating agencies have downgraded GDP forecast for India – will that impact markets and earnings trajectory? What are your views?

A) Due to the global events, India wouldn’t be the only economy that would see a downgrade. There will be many more economies we will see being impacted due to the sanctions, crude rally as well as other factors.

In the short run, there are a lot of moving parts in terms of currency, crude oil estimates, and its impact on Current Account deficits, exports, etc.

Also, in terms of earnings trajectory, margins will get squeezed and thus we would see downward pressure of earnings if the conflict continues or for that matter inflation doesn’t come under control due to planned rate hikes.

But, it is too early to comment in terms of whether the current events will end up impacting the earnings as well as GDP growth for the entire year.

Q) BSE has now 10 cr registered investors on the website – what does it say about the investment climate which has evolved over the past 2 years?

A) While the increase of retail investors and the overall share of equity in the household savings has been a long-term trend, but the last 2 years with retail participation, increased awareness due to social media, technology and convenient investment options has accelerated this push much faster.

Despite this push, the overall share of equity in total household savings is still at around 3-4 percent which is significantly lower compared to other countries – both developed and undeveloped.

As we build more awareness of equities as a healthy inflation hedge, improved regulation, and increased investor trust, this number is only set to get much higher from hereon.

(Disclaimer: The views/suggestions/advice expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)

Tarun Birani, Founder CEO at TBNG Capital Advisors said that India's IT sector has a healthy order book and growth levers are in place which puts many companies on the cusp of a multi-year growth trajectory.


Dalal Street Voice: Many Indian IT companies on cusp of multi-year growth trajectory: Tarun Birani of TBNG Capital Advisors

Pradeep Gupta, Co-Founder &amp; Vice Chairman, Anand Rathi Group&nbsp;thinks that the fundamentals of financials and pharma sectors would positively surprise the market in FY23 and there is relative value in these segments. 
 
With over two decades of rich experience in financial markets, Gupta has played a pivotal role in laying the foundation of the Institutional Broking and Investment Services arm of the group.

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In an interview with Zeebiz's Kshitij Anand, Gupta said the equity market can be considerably volatile in a relatively short period of time, and we always suggest our clients to invest in the equity market with at least one year view and preferably with a three-year investment horizon. Edited excerpts: 
 
Q) The Nifty50 closed FY22 on a strong note with double-digit gains. How do you sum up FY22 and what are your expectations for FY23? 
 
A) Nifty50 delivered an absolute return of 17.5% in the FY21-22. Both Indian and global equity markets registered strong rallies between April 2020 and October 2021, since then markets have been volatile without indicating a particular direction. 
 
Deterioration of the macroeconomic situation, particularly the spike in inflation across the world, expectation of aggressive policy rate hikes by the central banks, and geopolitical uncertainties have been the main factors behind the volatility and correction in the equity markets over the last few months. 
 
Since most of these risks are still persisting, possibilities of further short-term correction and volatility in the global equity markets cannot be ruled out. 
 
At any case, since the equity market can be considerably volatile in a relatively short period of time, we always suggest our clients to invest in the equity market with at least one year view and preferably with a three-year investment horizon. 
 
Investors with 3 to 6 months investment horizon need to be aware of the considerable risk of such investment. 
 
Q) At a time when leaders are discussing tougher action against Russia, markets have remained relatively stable. Trading on Russian bourses also started. Do you think the worst is factored in by equity markets? 
 
A) While there are many theoretical reasons to expect that higher inflation and rising interest rate to impact equity markets negatively, in real life, the impacts of these on equity markets are rather muted, especially over the medium-term. 
 
Therefore, unless the high inflation in the OECD countries persists for much longer than expected, we expect the actual monetary tightening in those countries to be much lower than what the consensus is currently factoring in. 
 
In that sense, while there can be significant near-term volatility of the equity market due to higher inflation and the start of monetary tightening in the US, these are unlikely to materially change the course of corporate earnings or the trajectory of equity market over the next 1-3 years.

Much of the impact of these developments seems to be already in price both in the bond and equity markets. 
 
A full-fledged war in Europe can have a significant negative impact on financial markets. That said, the probability of such an event is rather low at this point in time. 
 
Moreover, historically war generally exerted a positive influence on the equity market over a longer period of time. 
 
Q) Which sectors are likely to be in focus in FY23 and why? 
 
A) Our major conviction calls include positive stances on financials (especially large private banks) and pharma and a negative view on frontline IT. 
 
We think the fundamentals of financials and pharma would positively surprise the market and there is relative value in these segments. 
 
In large-cap IT, while we like the business models, we think the current estimates factor in the blue-sky scenario, which might not fully play out. At the same time, we think that the large-cap IT valuations can come under pressure. 
 
Q) Anything which investors should do differently in the new financial year? 
 
A) I believe that investors should consider their asset allocation strategy and it must be in accordance with factors such as risk appetite, return expectation, investment horizon,&nbsp;and, expected fund in/outflow for that particular investor. 
 
This is the key to a successful portfolio strategy. Once this asset allocation is decided by the investor by an informed, data-driven and balanced methodology, until and unless there is an extremely compelling reason, investors should not tinker with such allocation. 
 
This, however, does not mean the portfolio should not be rebalanced periodically. 
 
For example, since equities have seriously outperformed all other asset classes in 2020 and 2021, the effective share of equity in the portfolio may have gone well above the planned allocation if the investor was already following actual asset allocation in line with the desired allocation. 
 
In such a situation, if the gaps between the actual and strategically planned allocations are considerable, the investors should consider bridging such gaps. 
 
It is important that portfolio strategy is driven by long-term goals and objectives rather than shorter term market movements and sentiments. 
 
In our analysis and assessment, this is the best portfolio strategy over the longer-term and we would recommend the same for 2022 as well. 
 
Q) In the precious metal space, we saw 17% rally in Gold, and over 70% upside seen in Silver. What is your view on precious metal space in the new year? How should investors go about investing – digital or physical route? 
 
A) Once again, I will desist from giving any short-term recommendations regarding these. We maintain a positive outlook, our preference is towards digital and maintaining only about 5% allocation to the metal as a total part of the investment portfolio. 
 
Q) At Zeebiz we celebrated March 24 as Wealth creation day as it was a day when the Nifty50 made a bottom in 2020 and since then it has been a wealth creation opportunity for investors. What were your key learnings? 
 
A) As discussed earlier, I believe that the key to long-term consistent returns is following one’s asset allocation strategy and sticking to it with regular portfolio rebalancing. 
 
Currently, Nifty 50 companies are maintaining over 100% earnings growth over the trailing 12 months. As of now, we are pencilling in earnings per share of ₹880 for March 2023 ₹1020 for March 2024. 
 
Q) Some global rating agencies have downgraded the GDP forecast for India – will that impact markets and earnings trajectory? What are your views? 
 
A) As discussed earlier, we are positive on the long-term fundamentals and continue to remain positive in Indian equities. 
 
Q) BSE has now 10 cr registered investors on the website – what does it say about the investment climate which has evolved over the past 2 years? 
 
A) Yes absolutely, the share of retail investors in cash turnover surged to 45% in FY21 and is showing a similar trend in FY22. According to the Economic Survey, individual investors now account for ~44.7% of the equity cash segment. 
 
The digital transformation of India has rubbed off on the BFSI sector, with them leveraging the technology for process automation and improvement in ease of transactions online to enhance customer connect. 
 
New-generation finance companies are leveraging partnership networks across the value chain of lead generation, client on-boarding, acquisition and retention, credit/loan disbursement, and much more than ever before. 
 
Firms now assess individual consumer insights and create alternative advisory models using artificial intelligence (AI), machine learning (ML), and big data analysis, which helps in giving its customers customised services and offerings basis their needs and requirements. 
 
As the major players in these industries conduct tests to discover innovative use cases and opportunities, we’ll begin to see more AI/ML-based solutions for transparent, accessible, and reliable financial transactions. 
 
This is a space we need to keep a close eye on as it is expected to change the way the way and parameters on which we do business in the capital market space. 
 
(Disclaimer: The views/suggestions/advice expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)

Pradeep Gupta, Co-Founder &amp; Vice Chairman, Anand Rathi Group&nbsp;thinks that the fundamentals of financials and pharma sectors would positively surprise the market in FY23 and there is relative value in these segments


Dalal Street Voice: Investors should keep financials and pharma sector on watchlist in FY23: Pradeep Gupta of Anand Rathi Group

India Hotels Ltd which rallied more than 120 per cent in a year compared to over 19 per cent upside seen in the Nifty50 in the same period could still rally by about 40 per cent in the next 6 months going by technical setup.

Big Bull of the Indian market, Rakesh Jhunjhunwala holds 2.2 per cent stake or for the quarter ended December 2021, showed BSE shareholding pattern of the company.&nbsp;&nbsp;

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The consumer service company with a market capitalization of more than Rs 33,000 cr hit a fresh 52-week high of Rs 245.45 on 30 March, 2022.

Even though the stock is trading around fresh 52-week highs, experts advise investors to either buy the stock now or on dips for a possible target of Rs 335 which translates into an upside of over 39 per cent from Rs 241.45 recorded on 30 March.

The high beta stock made an intraday low of around 180 on 7 March and since then we have seen a vertical rise in the stock. It has rallied nearly 10 per cent in a week, and about 19 per cent in a month.

On a 3-month basis, the stock has risen more than 34 per cent compared to a flattish performance by the Nifty50 in the same period, data showed.

The recent price action resulted in a trend line breakout connecting Aug 21, and March 22 supported by volumes on the weekly scale, suggest experts.

From a shareholding perspective, FIIs have increased their holding from 13.48 per cent in the September quarter to 15.19 per cent in the December quarter. Mutual Funds decreased holding to 18.08 per cent in the quarter gone by, data from Trendlyne showed.

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The stock is trading well above crucial short and long-term moving averages of 30,50,100 and 200-DMA which is a positive sign for the bulls.

The stock price started its Up move from 94 (April 2021) to 237.5 (Aug 21) supported by volumes. The stock traded above averages and the Supertrend indicator was also in Positive Mode from May 21 to March 22.

“The stock traded in the range of 170 to 225 from Aug 21 to March 22. Recently the breakouts have happened above the trend line connecting Aug 21 &amp; March 22, supported by volumes,” Bharat Gala, President - Technical Research, Ventura Securities Ltd, said.

“The Demand Index, PVT, &amp; Vortex Indicator suggest a firm uptrend. The possible target is 335. If the stock price corrects downwards the buy levels are (222-214)-208-(201-198),” he said. A Stop Loss to be observed in the trade is 185.

(Disclaimer: The views/suggestions/advice expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)

&nbsp;

India Hotels Ltd which rallied more than 120 per cent in a year compared to over 19 per cent upside seen in the Nifty50 in the same period could still rally by about 40 per cent in the next 6 months going by technical setup.


Technical Check: 100% in a year! This Rakesh Jhunjhunwala owned stock could see another 40% upside

Aniruddha Naha, Head - Equities, PGIM India Mutual Fund said that FY23 should be a very stock-specific and bottoms-up approach year, and we continue to like IT and pharma and see value emerging in financials.

Naha has done his Masters in Finance &amp; Control and has over 18 years of industry experience in the equity and debt market. He is the fund manager for PGIM India Flexi Cap Fund, PGIM India Small Cap Fund and PGIM India Midcap Opportunities Fund.

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In an interview with Zeebiz's Kshitij Anand, Naha said FY23 might be subdued compared to FY22, but it will be a great time to allocate towards equities for long term investments. Edited excerpts:

Q) The Russia-Ukraine war is showing signs of easing out and the impact is felt on equity markets across the globe as well. Is the worst over for India as well?

A) It is difficult to take a call on geopolitical risks and their timings, and hence we wouldn't hazard a guess. There are quite a few macro risks that persist, which one needs to be aware of, including commodity inflation, interest rate risk and risk of a widening current account deficit.

However, we believe these issues are transitory in the short term and we would be cautiously optimistic on the Indian markets in the medium term.

Q) The US Fed rate hike in March and the possibility of six more hikes could fuel risk-off sentiment. Do you see the FII selling likely to intensify in the coming months? They have already pulled out more than Rs 44,000 cr from the cash segment of Indian equity markets?

A) Higher interest rates, if they play out, could see continued money moving out of emerging markets (EMs) to the developed world in the near term and India wouldn't be any different.

The good part about India is that it offers the most diversified themes to invest in, among emerging markets and many of these themes are structural in nature.

Hence, whenever FIIs decide to start reinvesting in emerging markets, India should receive a strong allocation.&nbsp;&nbsp;

Further, DIIs and individual investors have been very active in Indian markets and have absorbed the bulk of the FII selling.

There is still a lot of scope for financialization of India’s savings through equity markets and hence we are not overly worried about the continued exodus of FII money in the short term

Q) Moody’s downgraded GDP forecast for India while JPMorgan downgraded India to Underweight from Neutral. What does the stars foretell? Is there any historic reference?

A) We would avoid predicting markets based on calls given by other agencies. Our belief is that, though the near term looks a little challenging, valuations have corrected to more reasonable levels and in spite of these near-term challenges, India continues to be one of the better growth markets in the emerging market space.

Further, it is one of the fastest-growing economies as well, in spite of the near-term pressures, which should keep India in good stead.&nbsp;&nbsp;

Q) We are in the last month of FY22. How do you sum up the last financial year and expectations of FY23 – for markets, economy and earnings?

A) The last financial year was a great time to be invested in the market. Inflation and interest rates were subdued, the economy was opening up and hence growth looked great, on a low base of FY21.

Except for the last quarter of FY22, the year was a great time to be invested. FY23 starts off, on a challenging environment.

The geopolitical risks have created a lot of uncertainty in the commodity and energy value chains along with other value chains also getting disrupted.

There is a perceptible move away for globalization and the best of low-interest rates are behind. In such a scenario, returns will be more normalized or even subdued compared to FY21/22.

This year should be a year of consolidation, where investors can pace out their investments for longer-term growth opportunities.

The Union budget estimated growth of 8% in FY23 in real terms and 12-13% in nominal terms which is healthy by any standards.

Further, FY23 NIFTY consensus earnings growth at 17-18% appears to be healthy and valuations close to 18x-19x make the risk-to-reward ratio balanced.

Q) What are your top bets (stocks for FY23) and why? What are you buying in your funds?

A) FY23 should be a very stock-specific and bottoms-up approach year. We continue to like IT and pharma and see value emerging in financials.

Though FY23 might be subdued compared to FY22, it will be a great time to allocate towards equities for long-term investments.

Q) Which sectors are likely to be in focus in the next financial year and why?

A) We continue to believe that IT will be a sector that will be the cornerstone of stability in portfolios, given the strength and visibility of earnings. From a defensive perspective, pharma could be a sector that could perform well after a long hiatus.

This will be a year where performance will be driven by stock selection rather than sectoral calls.

Q) The IPO mania which we saw in FY22 has cooled down due to muted trend in equity markets. What are your expectations for FY23?

A) We follow Growth At Reasonable Price (GARP) philosophy while investing and any investment, be it primary or secondary is evaluated on the same criterion.

While we evaluate most IPOs, we have largely shied away from IPOs in recent times. Going forward as well, we would continue to evaluate IPO and if they don’t meet our internal criterion, we would avoid them.&nbsp;&nbsp;

Q) Any big triggers that investors should watch out for in next financial year?

A) Triggers come and go. We wouldn't be looking out for triggers. Our focus continues to be on earnings.

In case the earnings strength continues, we would suggest investors use every dip in the market to get invested for the long term.

Q) The new age stocks took some beating in March and many are trading below issue price. Any word of advice for forthcoming IPOs and how should investors shortlist stocks for investment?

A) As a fund house, we have stayed away from most of the IPOs, barring a couple of them, where valuations were favourable.

Every IPO should be evaluated based on the fundamentals of the company and the valuations the IPO comes at. As a fund house, we assign a lot of weightage to the fundamentals as well as the valuations.

Q) Your take on international investing in FY23?

A) International investing is an asset allocation call, which helps in diversifying from Indian equities. Being an asset allocation call, these are long-term calls and one shouldn't take a single-year view on it.

We believe, some amount of diversification (moreover with dollar investments) helps in the overall construct of the portfolio and given investments.

(Disclaimer: The views/suggestions/advice expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)

He is the fund manager for PGIM India Flexi Cap Fund, PGIM India Small Cap Fund and PGIM India Midcap Opportunities Fund.


Dalal Street Voice: Investors should follow a stock specific and bottoms up approach in FY23: Aniruddha Naha

Despite an 89 per cent gains already during the last year, Lemon Tree&nbsp;Hotels Ltd still has an upside left. The stock outperformend the Nifty50 by 71 per cent during this period and witnessed 18 per cent gains.&nbsp; 
 
Investors can continue&nbsp;to&nbsp;hold the&nbsp;stock&nbsp;while fresh money can be deployed now or on dips&nbsp;as&nbsp;technical&nbsp;indicators suggest&nbsp;an upside&nbsp;towards&nbsp;Rs&nbsp;100&nbsp;that translates&nbsp;into&nbsp;an upside of over&nbsp;60 per cent from&nbsp;Rs&nbsp;68.35 recorded on March 29, suggest experts.

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The&nbsp;hotel&nbsp;company with&nbsp;a&nbsp;market capitalization of nearly&nbsp;Rs&nbsp;5500 cr hit&nbsp;a&nbsp;52-week high of&nbsp;Rs&nbsp;71.25 on 30 March on the BSE. The&nbsp;stock&nbsp;has been on&nbsp;buyers’ radar despite muted trend seen&nbsp;in&nbsp;overall markets&nbsp;amid volatility caused by Russia-Ukraine war. 
 
Lemon Tree rose over 28 per cent&nbsp;in&nbsp;a&nbsp;week&nbsp;and over 38 per cent&nbsp;in&nbsp;a&nbsp;month. On&nbsp;a&nbsp;3-month basis, the&nbsp;stock&nbsp;has rallied over 50 per cent, data from Trendlyne showed. 
 
After&nbsp;touching&nbsp;an&nbsp;intraday low of 45.30 on 24 February – the&nbsp;stock&nbsp;recouped much of the losses&nbsp;and rallied over 50 per cent since then&nbsp;to&nbsp;touch&nbsp;a&nbsp;52-week high of&nbsp;Rs&nbsp;71.25. 
 
Although the consensus recommendation from 11&nbsp;analysts for Lemon Tree&nbsp;Hotels Ltd. is&nbsp;buy,&nbsp;according&nbsp;to&nbsp;Trendlyne data. It is&nbsp;a&nbsp;high beta&nbsp;stock&nbsp;and&nbsp;investors&nbsp;are&nbsp;advised&nbsp;to&nbsp;stay cautious. 
 
In&nbsp;terms of shareholding, promoters' holding remains unchanged, but promoter pledge&nbsp;increased&nbsp;in&nbsp;the December quarter.&nbsp;Total pledge now stands&nbsp;at 29.39 per cent, data from Trendlyne showed. 
 
FIIs holding&nbsp;increased&nbsp;in&nbsp;the December quarter while mutual funds decreased holding&nbsp;in&nbsp;the same period.

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The&nbsp;stock&nbsp;is trading&nbsp;well&nbsp;above the crucial short&nbsp;and long-term moving&nbsp;averages of 30,50,100&nbsp;and 200-DMA which is&nbsp;a&nbsp;positive signs for the bulls. 
 
In&nbsp;the past, the&nbsp;stock&nbsp;price started its downtrend from 91(April 2019)&nbsp;to&nbsp;16.15(May 2020). The&nbsp;stock&nbsp;traded below&nbsp;averages&nbsp;after making&nbsp;a&nbsp;lower&nbsp;top&nbsp;at&nbsp;65.5(Jan 2020),&amp; breaching&nbsp;an&nbsp;intermediate low of 48(Aug2018). 
 
“Value&nbsp;buying followed,&nbsp;and the&nbsp;stock&nbsp;made&nbsp;a&nbsp;high of 49.45 (Dec 2020)&nbsp;accompanied by higher bottoms formations. Since&nbsp;April 2021 the&nbsp;stock&nbsp;attracted volumes&nbsp;in&nbsp;its up move till&nbsp;60(Nov 21),” Bharat Gala, President -&nbsp;Technical&nbsp;Research, Ventura Securities Ltd, said. 
 
“Recently, the&nbsp;stock&nbsp;has given&nbsp;a&nbsp;breakout&nbsp;above trend line connecting&nbsp;April 2019 &amp; March 2022. The MACD,&nbsp;ADX &amp; DEMAND&nbsp;INDEX&nbsp;Indicators suggest&nbsp;a&nbsp;firm uptrend,” he said. 
 
Gala further&nbsp;added that the possible targets&nbsp;are 85-110. If the&nbsp;stock&nbsp;price corrects downwards the&nbsp;buy&nbsp;levels&nbsp;are (57-54)-51--(49-47).&nbsp;A&nbsp;stop loss&nbsp;to&nbsp;be observed&nbsp;in&nbsp;the trade is 44, he explains. &nbsp; 
 
(Disclaimer: The views/suggestions/advices expressed here&nbsp;in&nbsp;this&nbsp;article is solely by&nbsp;investment experts. Zee Business suggests its readers&nbsp;to&nbsp;consult with their&nbsp;investment&nbsp;advisers before making&nbsp;any financial decision.)

Investors can continue&nbsp;to&nbsp;hold the&nbsp;stock&nbsp;while fresh money can be deployed now or on dips&nbsp;as&nbsp;technical&nbsp;indicators suggest&nbsp;an upside&nbsp;towards&nbsp;Rs&nbsp;100&nbsp;that translates&nbsp;into&nbsp;an upside of over&nbsp;60 per cent from&nbsp;Rs&nbsp;68.35 recorded on March 29, suggest experts


Technical Check: 89% returns in a year! Lemon Tree Hotels stock could surpass Rs 100 in next 6 months; Is it time to buy?

Darshan&nbsp;Engineer, Portfolio Manager,&nbsp;Karma&nbsp;Capital&nbsp;Advisors&nbsp;says that&nbsp;FY23&nbsp;will&nbsp;be&nbsp;a&nbsp;challenging&nbsp;year&nbsp;for&nbsp;equity&nbsp;markets, investors&nbsp;and money managers&nbsp;as they navigate uncertain times


Dalal Street Voice: FY23 will be a challenging year for equity markets, says Darshan Engineer of Karma Capital Advisors

Himadari Speciality Chemicals Ltd rose by over 60 percent in a year compared to over 19 percent upside seen in the Nifty50 in the same period. The good news is that the momentum remains intact which could take the stock towards fresh highs.

The speciality chemical stock which is part of the S&amp;P BSE Small cap index hit a fresh 52-week high of Rs 69.75 on the BSE on 29 March.

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The stock is coming out of the congestion zone and has technically broken above a Rectangular Channel suggests a higher price target towards Rs 91-97 in the next 3-6 months, suggest experts.

Investors who already have the stock can hold it for a positional play while fresh money can be deployed now or on dips for a higher target price towards Rs 91-97 that translates into an upside of over 50 per cent from Rs 62.6 recorded on 28 March.

Globally, Himadari Speciality Chemicals (HSCL) is amongst the few completely integrated speciality carbon companies leveraging on its deep knowledge of one of the most versatile substances - Carbon.

HSCL is primarily engaged in the manufacturing of carbon materials and chemicals. The company is exposed to various industries like Plastic, Rubber, Steel, Aluminium and Automotive.

The company is the only Indian producer to commercially produce high quality anode material for Li-ion batteries that are used in electric vehicles, smartphone and energy storage devices.

The stock is trading well above all the crucial short and long term moving averages placed at 30,50,100 and 200-DMA which is a positive sign for the bulls.

<img alt="image" src="https://i.ibb.co/vhp99nC/image.png" />

This stock was in a buzz in the year 2017 as it gave a spectacular return of 5x returns in that calendar year. However, after making a top in 2018 at 195 levels the stock prices have definitely not participated in the last couple of years' bull run.&nbsp;

“The fall from all-time high levels was seen with low volumes however in the last couple of years we are witnessing a base formation with a huge increase in volume indicating accumulation in this counter at lower levels,” Rajesh Bhosale, Technical Analyst, Angel One Ltd, said.

“Now if we monitor the monthly chart, the prices seem to be coming out of the congestion zone and technically seem to be Rectangular Channel Bullish breakout,” he added.

“In addition, Prices have closed above higher range of the Bollinger band on the monthly chart indicating strong trending up move in the near term post its recent consolidation phase,” highlights Bhosale.

He further added that with the government pushing for electric vehicles this company has a great potential for growth.

Considering all the above scenarios, Bhosale sense the stock is likely to get its charm back and hence recommend a buy in this counter at current levels and on dips to 60 for a target of Rs. 91 and Rs. 97. The stop loss can be placed at Rs. 49.

(Disclaimer: The views/suggestions/advices expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)

Himadari Speciality Chemicals Ltd rose by over 60 percent in a year compared to over 19 percent upside seen in the Nifty50 in the same period. The good news is that the momentum remains intact which could take the stock towards fresh highs.


Technical Check: 60% returns in a year! Himadari Speciality Chemicals hitting 52-week highs could be a good EV play; time to buy?

Snapping three days negative closing, the Indian markets closed 0.4% higher on Monday as it made sharp recovery to end in the green amid mixed global cues. &nbsp;

The broader Nifty managed to close above 17,200, while the Sensex ended with over 200 points gain. Benchmarks Nifty50 and the Sensex ended at 17,222 and 57,593 respectively, &nbsp;&nbsp;

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India's volatility Index slipped below 23-mark as Nifty midcap declined by 0.18% and small cap dropped by 0.73% in the closing trade. &nbsp;

The Nifty Bank too made a U-turn to gain 300 points as the 12-share banking index closed above 35,700. &nbsp;

Buying interest was seen in PSU Bank, Oil &amp; gas, private bank and auto stocks, while Consumer Durable, IT, Pharma and Healthcare witnessed maximum sell off&nbsp;

Bharti Airtel was top gainer on the indices as the telecom stock ended with gains of nearly 4%.&nbsp;

Besides, stocks that were in focus included Tata Elxsi&nbsp;which closed 7 per cent higher, EIH&nbsp;rallied more than 6 per cent, and Gujarat Ambuja closed with gains of over 7 per cent on Thursday.&nbsp;

Here's what Jatin Gohil - Technical and Derivative Research Analyst at Reliance Securities, recommends investors should do with these stocks when the market resumes trading today:&nbsp; 
&nbsp;

Tata Elxsi&nbsp;&nbsp;

Recommendation: Buy on dips | Target: Rs9,940 | Time Duration: 1-2 Months&nbsp;&nbsp;

On 25th March’22, the stock witnessed a breakout from a short-term hurdle zone (Rs7,800-7,965) and recorded a new high. Later, the stock extended gain with relatively higher volume. Spike in volume indicates that major market participants are in favor of the bulls. Major moving averages are sloping upwards on short-term as well as medium-term timeframe charts.&nbsp; The stock has potential to move towards Rs9,350 initially and Rs9,940 subsequently. As per the change in polarity principle, its prior resistance zone will work as a support zone.&nbsp;&nbsp;

EIH&nbsp;&nbsp;

Recommendation: Buy on dips | Target: Rs193 | Time Duration: 2-3 months&nbsp;

Since late-Sep’21, the stock has stuck in a range, where it has oscillated between Rs117 and Rs147. On 28th March’22, the stock gave a breakout from its 6-month-long consolidation. The stock rose to a 27-month high of Rs161.65 with relatively higher volume. Its key technical indicators are positively poised. This could lead the stock towards Rs177 initially and Rs193 subsequently. In case of decline the stock will find support around Rs140-134 zone.&nbsp;&nbsp;&nbsp;

Gujarat Ambuja&nbsp;

Recommendation: Sell on rise | Target: Rs230 | Time Duration: 1-2 Months&nbsp;

The stock tested its 38.2% Fibonacci Retracement of prior down move (Rs385-276) and resumed its southward journey. Major moving averages are sloping downwards on short-term and medium-term timeframe charts. The key technical indicators are in favor of bears. As per the current set-up, we believe this could drag the stock towards Rs230. On the higher side, the stock will face hurdles around Rs315-320 zone.&nbsp;

(Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision)

&nbsp;

Snapping three days negative closing, the Indian markets closed 0.4% higher on Monday as it made sharp recovery to end in the green amid mixed global cues.


Buy, Sell or Hold: What should investors do with Tata Elxi, EIH and Gujarat Ambuja

Delta Corp Ltd rallied more than 100 percent in a year compared to 17 percent upside seen in the Nifty50 in the same period but the momentum may not be over yet, suggest experts.

The stock has been on buyers’ radar even when bears dominated D-Street amid geopolitical concerns. The stock rose over 13 percent in a week, and over 24 percent in a month. On a 3-month basis, the stock has rallied over 22 percent, data from Trendlyne showed.

Investors who are already invested in this stock can look to hold the stock while fresh money can be deployed now or on dips for a possible target of Rs 360-390 in next 3-4 months, suggest experts.

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Delta Corp which is part of S&amp;P BSE 500 index has a market capitalization of more than Rs 8600 cr. It hit a 52-week high of Rs 329.60 on 28 March. The stock has been on a one-way trend after it hit a low of around Rs 240 back in February.

The stock is trading above all the short- and long-term moving averages placed around 30,50,100 and 200-DMA. The stock recently surpassed 30-DMA placed at 276.50 on 9 February, data from Trendlyne showed.

In terms of shareholding, FIIs reduced stake to 5.8 per cent in the December quarter while mutual funds increased stake from 6.7 per cent in September quarter to 10.83 per cent in the December quarter, data showed.

<img alt="image" src="https://i.ibb.co/qdRrWbr/image.png" />

Delta Corp has been moving with higher highs and higher lows formation since March 2020. Recently, the stock has broken out of a 6 months long consolidation with sharp increase in volumes indicating start of new bullish trend.

“In the current week the stock is forming a bullish Marubozu candle and is comfortably sustaining above the 20-week SMA (278). The RSI indicator on all timeframes i.e Daily, Weekly and Monthly is sustaining above the 60-mark indicating strong bullish momentum in the counter,” Malay Thakkar, Technical Research Associate, GEPL Capital, said.

“Relative Strength Index (RSI) plotted on weekly timeframe has given a trendline breakout and is confirming the bullish view. Going ahead we expect the prices to move higher towards 360 followed by 390 levels,” he said.

Thakkar further added that 280-285 zone will act as an important support on the downside for this counter.

(Disclaimer: The views/suggestions/advices expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)

Delta Corp Ltd rallied more than 100 percent in a year compared to 17 percent upside seen in the Nifty50 in the same period but the momentum may not be over yet, suggest experts.


Technical Check: 100% returns in a year! Delta Corp's trendline breakout supports bullish bias

Extending losses for the third straight session last week, the Indian market ended in the red on Friday as global uncertainties and spike in crude weighed on the market. The market closed 4 sessions lower amid volatility last week. &nbsp;

The Nifty50 ended below 17,200, while the S&amp;P BSE Sensex settled with cuts of over 200 points. &nbsp;Following benchmarks, Nifty midcap and small cap too ended lower by 0.12% and 0.49% respectively. &nbsp;

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Sectorally, Realty, Oil &amp; Gas and PSU Bank stocks saw buying interest, while stocks from consumer durables, IT, FMCG and Auto witnessed selling pressure on Friday. &nbsp;

Stocks that were in focus on March 25 were Inox Leisure, which gained more than 6% after the company announced merger with PVR Limited. Other stocks that hogged the limelight were Indian Hotels that touched 52-week high value of Rs 235.70 and ended with nearly 4% gain and GMDC, which ended with nearly 7% gain to Rs 189.15. &nbsp;

Here's what Amol Athawale, Deputy Vice President - Technical Research, Kotak Securities Ltd, recommends investors should do with these stocks when the market resumes trading today:

Inox Leisure: 
The stock rallied over 6 percent on March 25. On Friday, the stock opened with a strong note and registered a fresh 52-week high of Rs 496.80 with strong volume activity. Despite weak market conditions, it maintained its strong momentum throughout the day. On the short-term time frame, the stock has formed a strong price volume breakout pattern. The texture of the pattern suggests breakout action will continue in the near term if stock succeeds in trading above Rs 455 level. For the swing traders, Rs 455 would be the sacrosanct level, trading above the same we could expect uptrend continuation wave up to Rs 500-525.

Indian Hotels 
The stock made a fresh all-time high of Rs 235.80 on Friday. &nbsp;In this month so far, it rallied over 16 percent. The important point is stock not only surpassed its short-term resistance of Rs 220, but also succeeded in closing above the same. On the daily and weekly charts, the stock is holding higher high and higher low series formation, which is broadly positive for the Indian Hotel Ltd. However, on short-term time frame, momentum indicators indicate that stock is in the overbought zone and high chances of quick short-term price correction is not ruled out if it trades below Rs 215. For the next few trading session Rs 215 would be the trend decider level for the bulls, sustain above the same, we could expect continuation of uptrend up to Rs 250-265. &nbsp;On the flip side, dismissal of Rs 215 could possibly trigger quick short-term correction till Rs 210-200. &nbsp;

GMDC 
In this quarter so far, the stock has rallied over 155%. Post 85 price volume breakout, the stock was soaring rapidly. The sharp surge in the price surprised most of the traders as well as investors. The medium-term texture of the chart is positive and likely to continue in the near term. However, in the short-term time frame stock is in to the overbought zone and profit booking is not ruled out if stock trades below 170 level. On the flip side, above 170 uptrend formation likely continue up to 200 -215. Due to temporary overbought situation, traders may prefer to take a cautious stance near 200 resistance level.

(Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.) 
&nbsp;

Extending losses for the third straight session last week, the Indian market ended in the red on Friday as global uncertainties and spike in crude weighed on the market


Buy, Sell or Hold: What should investors do with Inox, Indian Hotels and GMDC?

Vinit Bolinjkar, Head of Research, Ventura Securities Ltd said that the Russia-Ukraine-led crisis came as a trigger for metals and energy stocks as higher realization, due to surge in commodity prices, is expected to generate strong operating profitability.

In an interview with Zeebiz's Kshitij Anand, Bolinjkar picked ICICI Bank, Reliance Industries, Adani Enterprises, and Tata Power as top stocks which are looking attractive for the April series.

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Edited excerpts:

Q) Markets closed with losses of nearly 1% for the week ended 25 March. What led to the price action on D-Street as there was some nervousness in the second half of the week?

A) The Nifty50 was reacting to incremental news flow during the week. A fall in crude oil prices was a breather for the Indian economy, but the hike in fuel prices by OMCs, a third time this week, impacted the market sentiments.

Similarly, the US Fed rate hike, inflationary pressure, and rising bond yields are other key factors. The mix of this positive and negative news flows resulted in a flat performance of the Nifty index.

Q) How do you see markets moving in the last week of March which will also be F&amp;O expiry week. Any important levels that investors should track on Nifty and NiftyBank?

A) The Nifty50 traded lower for most of the session during the week and closed lower on 25th March but still managed to hold the crucial market of 17,000.

Similarly, Bank Nifty traded lower for most of the time and closed above the crucial level of 35,000. It is a positive sign for the next week for a healthy uptrend in the coming sessions.

Q) Sectorally, metals, energy stocks take lead while consumer durable stocks saw selling pressure. What led to the price action? Will metal stocks be in limelight in the April series?

A) Russia-Ukraine-led crisis has escalated commodity prices as Western sanctions have disrupted air and sea shipments of commodities produced and exported by Russia. It has significantly impacted the profitability outlook for consumer durable stocks.

However, the crisis came as a trigger for metals and energy stocks as higher realization, due to surge in commodity prices, is expected to generate strong operating profitability.

Besides, Indian metal companies are expected to get the export market of the banned Russian companies.

The peace talks have failed to make any progress on a resolution to the ongoing conflict between Russia and the Western world.

It is expected to sustain the volatility in the market in the coming weeks. Hence, we expect energy and metal stocks to remain in limelight in April.

Q) What is your view on Tata Tele? The stock rose over 20 per cent in a week. What does the technical suggest?

A) Tata Teleservices raised their prepaid tariffs by around 20% and also preparing to launch the high-speed 5G network and augment the broadband internet services in all villages. This provides very strong revenue visibility in the coming years.

Q) Your 3-4 stocks which are looking attractive for the April series?

A) ICICI Bank, Reliance Industries, Adani Enterprises, and Tata Power are looking attractive for the April series.

(Disclaimer: The views/suggestions/advices expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)

In an interview with Zeebiz's Kshitij Anand, Bolinjkar picked ICICI Bank, Reliance Industries, Adani Enterprises, and Tata Power as top stocks which are looking attractive for the April series.


Energy and metal stocks likely to remain in limelight in April series: Vinit Bolinjkar of Ventura Securities

Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas said that the Nifty50 might consolidate in the range of 17000-17500 in the expiry week.

In an interview with Zeebiz's Kshitij Anand, Ratnaparkhi highlighted that within the&nbsp;range of 17000 to 17500, and dip towards the lower end of the range can be taken as a buying opportunity for the short-term traders.

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Edited excerpts:

Q) Markets closed with losses of nearly 1 per cent for the week ended March 25. What led to the price action on D-Street as there was some nervousness in the second half of the week?

A) The Nifty50 was unable to extend beyond 61.8% retracement of the January – March decline. It tried to surpass that level, which is near 17330, in the last week; however, couldn’t sustain itself in the higher territory.

The overall structure shows that the index is consolidating its gains after the recent rally from the low of 15,671.

Q) How do you see markets moving in the last week of March which will also be F&amp;O expiry week. Any important levels that investors should track on Nifty50 and NiftyBank?

A) The Nifty50 might consolidate in the range of 17000-17500 in the expiry week. Within this range, dip towards 17000 can be taken as a buying opportunity for the short-term traders.

Multiple support parameters are present near 17000, which are offering support to the Nifty50. For Bank Nifty, 34500-36800 will be the range for the short-term.

Going forward, short-term traders can go for staggered buying near 35,000-34,500

Q) Sectorally, metals, energy stocks take lead while consumer durable stocks saw selling pressure. What led to the price action? Will metal stocks be in limelight in the April series?

A) As you rightly mentioned, some of the consumer durable stocks witnessed downside pressure whereas metals and select energy stocks saw good traction in the last few sessions.

However, these two sectors, metals &amp; energy, are losing momentum on the upside. So, there is a possibility of a short-term dip of about 3-5%. Nevertheless, post the dip, they are expected to resume the larger uptrend in April

Q) What is your view on Tata Tele? The stock rose over 20 per cent in a week. What does the technical suggest?

A) The stock is witnessing a sharp rally over the last three weeks. On the way up, it has crossed short-term hurdles and has retraced 38.2% of the January – March decline.

Overall, the setup suggests that the positive momentum can continue further and the stock can head towards the swing high of 180.80 and subsequently to the 50% retracement i.e. placed at Rs 190

Q) Your 3-4 stocks that are looking attractive for the April series?

A) Here is a list of stocks for the next 3-4 weeks:

Godrej Properties: Buy| LTP: Rs 1621| Stop Loss: Rs 1533| Target Rs 1720-1800| Upside 11%

The stock has broken out from a multi-month falling channel. The daily momentum indicator is in line with the price breakout. Hence, the setup is attractive from a short to medium-term perspective.

Ashok Leyland: Buy| LTP Rs 113.50| Stop Loss: Rs 108| Target: Rs 121-128| Upside 12%

The stock has broken out from a falling channel and even retested the breakout line. Structurally, it is gearing up for the next leg up. The risk-reward ratio is attractive at the current level.

Bata India: Buy| LTP Rs 1935| Stop Loss: Rs 1860| Target Rs 2030-2120| Upside 9.5%

The stock is set for a breakout from a brief consolidation. On the daily chart, it is forming higher top higher bottom &amp; is expected to continue with this bullish formation.

The daily upper Bollinger Band is expanding and creating room on the upside.

(Disclaimer: The views/suggestions/advices expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)

Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas said that the Nifty50 might consolidate in the range of 17000-17500 in the expiry week.


Godrej Properties, Ashok Leyland and Bata India among top buys in March F&O expiry week: Gaurav Ratnaparkhi of Sharekhan

Divi’s Laboratories Ltd has risen nearly 30 per cent in the last one year compared to 20 per cent upside seen in the Nifty50 in the same period, and the technical charts suggest that momentum is likely to continue.

The pharma stock with a market capitalization of more than Rs 1.18 lakh cr hit a 52-week high of Rs 5425 back in October 2021 and since then the trend went sideways.

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Divis Laboratories Ltd is engaged in manufacturing of Advanced Pharmaceutical Ingredients (APIs), Intermediates and Nutraceutical ingredients with predominance in exports.

It has a market presence in 95 countries and ~14,000 employees and is one of the leading pharmaceutical companies in the world. The company derives ~47% of total revenues from the top 5 products.

The stock has rallied nearly 13 per cent in last one month which pushed the stock to help breakout from the resistance levels.

The recent price action helped the stock to breakout from the neckline of a double bottom pattern which supports bullish sentiment. It gives a target of Rs 5300 in the next 6-9 months which translates into an upside of over 22 per cent from Rs 4327 recorded on 24 March, according to experts.

A breakout does give comfort to the bulls but 100 and 200-DMA will act as still resistance on the upside. The stock is trading above 30, and 50-DMA but below 100-DMA placed at 4507, and 200-DMA placed at 4673, according to data from Trendlyne.

[[{"fid":"178322","view_mode":"default","type":"media","link_text":null,"attributes":{"height":476,"width":846,"class":"media-element file-default"}}]]

The stock price hit an all-time high of 5425 in the month of October last year and since then has been in a downtrend. In January this year, it hit a low of 3788 and then bounced back to touch a high of 4520.

“Last month stock tested the Jan low and formed a higher low. Thus, forming a bullish double bottom pattern after a major decline on the daily chart. The price crossed the neckline and gave a breakout from the pattern,” Ashish Chaturmohta, Director, Equity Research, Sanctum Wealth, said.

“The moving average convergence and divergence line has moved above equilibrium level of zero and trending higher on the daily chart indicating a reversal in trend,” he added.

Chaturmohta recommends investors to buy the stock at current levels and on dips to 4460 with a stop loss of 4300 for the target of 5300 in the coming 6-9 months.

(Disclaimer: The views/suggestions/advices expressed here&nbsp;in&nbsp;this&nbsp;article is solely by&nbsp;investment experts. Zee Business suggests its readers to consult with their&nbsp;investment&nbsp;advisers before making&nbsp;any financial decision.)

Divi’s Laboratories Ltd has risen nearly 30 per cent in the last one year compared to 20 per cent upside seen in the Nifty50 in the same period, and the technical charts suggest that momentum is likely to continue


Technical Check: After forming a double bottom pattern Divi’s Laboratories eyes 20% upside in next 6-9 months

Indian market closed in the red on Thursday for the second consecutive day. The S&amp;P BSE Sensex fell nearly 90 points while the Nifty50 managed to hold on to the 17200 level on a closing basis.

Sectorally, buying was seen in metals, energy, oil &amp; gas, and IT stocks while selling was seen in banks, consumer, finance, and auto stocks.

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Stocks that were in focus include Hindalco which closed 2 per cent higher, Zee Entertainment rallied more than 16 per cent, and Mahindra Logistics closed with gains of over 4 per cent on Thursday. 
 
Here's what Mazhar Mohammad, Chief Strategist – Technical Research and Trading Advisory, Chartviewindia.in, recommends investors should do with these stocks when the market resumes trading today: 
 
Hindalco: Buy| Target Rs 690 
 
Despite breaking into uncharted territories, this counter seems to be on the verge of a breakout from a 52-week, ascending channel. A sustainable close above 630 can facilitate such a breakout with much bigger targets. 
 
However, a sharp rally from the lows of 555 in the last 6 trading sessions may result in a profit booking. Therefore, positional traders who already own this counter shall place a stop below 610 on a closing basis. 
 
Even fresh buying can be considered at these levels or on a close above 630 for an initial target placed around 690 levels. &nbsp; 
 
Zee Entertainment: Buy 
 
Strong upmove on the back of huge volumes is hinting that this counter has embarked on a fresh leg of the uptrend. Hence, sustaining above 281 levels it can initially head to 330 levels. 
 
However, the steep price appreciation of the last session left a bullish gap in the zone of 261 – 281. Hence, it may remain vulnerable for profit booking in the next couple of sessions. &nbsp; 
 
While fresh buying for the short-term traders is not advisable but a dip can be an opportunity to create fresh long positions with a stop below 280 on a closing basis. &nbsp; &nbsp; &nbsp; 
 
Mahindra Logistics: Buy| Target Rs 497 
 
This counter seems to be making attempts to embark on a sustainable pullback move as it registered a decent price appreciation, on relatively higher volumes in the last trading session. 
 
Interestingly this counter is making such a move after a multi-week consolidation hinting that a durable bottom may be in place at recent lows. 
 
Hence, sustaining above 440 levels it can head to a much higher level with targets placed around 520. 
 
Therefore, positional traders can into this counter with a stop below 440 levels and look for a target of 497. &nbsp; &nbsp; &nbsp; 
 
Analyst disclosure: Neither I nor my clients own any of the scrips discussed above. &nbsp; &nbsp; 
 
(Disclaimer: The views/suggestions/advices expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)

&nbsp;

&nbsp;

Indian market closed in the red on Thursday for the second consecutive day.&nbsp;


Kshitij Anand