Diwali Technical Picks: Anand Rathi Investment Services recommends these 6 stocks to maximize wealth- Check target price, stop loss here
Diwali is almost here and people love investing on this occasion as they feel it is an auspicious time and will bring good returns. Anand Rathi Investment Services has recommended these 6 Diwali Technical Picks - IDFC First Bank, ITC, LIC Housing Finance, Mazagon Dock Shipbuilders, Rail Vikas Nigam Limited and TVS Motor Company - to maximize the wealth over a period of one year. Check the target prices and stop losses here. It can be noted that stop loss is to be considered on a weekly closing basis.
(Disclaimer: The views/suggestions/advices 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.)
IDFC First Bank Ltd
As per the information provided by Anand Rathi Investment Services, the stock has been trading in a falling channel. After it has managed to breakout of the channel, the theoretical target of the channel is around 30 points higher than the breakout point of 47. After the breakout in the month of Jan 2021; the stock again retested that breakout zone and is now moving higher. The target price is Rs 57 and Rs 67. Stop-loss is at Rs 37.
ITC Ltd
The stock has managed to cross its 100 month EMA and there is a trend line breakout which indicates fresh upside. A bullish flag kind of formation on a smaller time scale is also being observed. With regards to monthly RSI; the indicator is on the verge of a breakout from 60 levels which could bring in more strength going ahead, Anand Rathi Investment Services said. The target price is Rs 290 and Rs 335. Stop loss is at Rs 200.
LIC Housing Finance Limited
The stock has managed to close above its 100 WEMA and has confirmed a double bottom formation on the weekly scale. After a stupendous rally in the realty space, the traction is expected to get shifted to housing finance space. The target price is Rs 530 and Rs 620. The stop loss is at Rs 350.
Mazagon Dock Shipbuilders Limited
Mazagon Dock Shipbuilders Limited is a shipyard situated in Mazagaon, Mumbai. It manufactures warships and submarines for the Indian Navy and offshore platforms and associated support vessels for offshore oil drilling. Technically the stock has surpassed the middle line of the weekly rising channel which indicates it is heading towards the upper end. The target price is Rs 300 and Rs 340. The stop loss at Rs 220.
Rail Vikas Nigam Limited (RVNL)
Rail Vikas Nigam Limited is under the ownership of Indian Railways, Ministry of Railways, Government of India involved in building rail infrastructure required by the railways. The weekly chart confirms a bullish flag pattern breakout which has a theoretical target of around 50. The recent price action was supported by exceptional volumes which indicates that the stock is poised for fresh upside. The target price is Rs 40 and Rs 48. The stop loss is at Rs 24.
TVS Motor Company Limited
The theoretical target for the breakout comes around the lifetime high of the stock which is near to 790. Most of the other technical parameters are positively placed which indicates a low risk buy for few months. The target price is Rs 680 and Rs 780. The stop loss is at Rs 480.