Top Stock Picks
The benchmark indices saw some profit-taking after a day of small rally, with the Nifty 50 ending with a loss of one-third of a percent on October 15. The breadth was negative, with 1,312 shares declining against 1,192 shares advancing on the NSE. The index is likely to remain rangebound until it decisively surpasses short-term moving averages. Below are some trading ideas for the near term:
Ashish Kyal, CMT, Founder and CEO of Waves Strategy Advisors
Jubilant Pharmova | CMP: Rs 1,222
On the daily chart, Jubilant Pharmova gained more than 6 percent in one trading day, reflecting increasing buying pressure. In the previous week, prices found support at the Supertrend indicator at the Rs 1,045 level and bounced upward. Currently, prices are trading near their previous swing-high levels at Rs 1,247. A decisive close above this level can trigger positive momentum. Additionally, the ADX (Average Directional Index) is trading at 27, supporting the overall positive momentum. In summary, the current trend for Jubilant Pharmova is positive. A break above the Rs 1,250 level could lift prices higher towards Rs 1,310, followed by Rs 1,360, as long as Rs 1,190 holds on the downside.
Strategy: Buy
Target: Rs 1,310, Rs 1,360
Stop-Loss: Rs 1,190
FDC | CMP: Rs 564.9
In the previous session, FDC showed a sharp rise, surging 5.76 percent. The stock has not closed below its previous day’s low since October 8, indicating strength in the ongoing trend. In the previous session, prices closed above the midbands, suggesting that the rise may continue towards the upper end of the Bollinger Bands. The RSI (Relative Strength Index) is trading at 57, providing the space for further upward movement. In summary, the current trend for FDC is bullish. Use dips towards Rs 550-555 as a buying opportunity, targeting Rs 585, followed by Rs 615, as long as Rs 540 holds on the downside.
Strategy: Buy
Target: Rs 585, Rs 615
Stop-Loss: Rs 540
SIL Investments | CMP: Rs 656.75
SIL Investments experienced a sharp rally of 11.64 percent in the previous session. The stock has been moving in a rectangular range over the last few days, indicating accumulation. The price closed above Rs 630, confirming a breakout of this pattern. On the daily chart, the MACD (Moving Average Convergence Divergence) is above 0, and the MACD line crosses above the MACD signal line, indicating increased bullish momentum that may continue in the coming sessions. In summary, the current trend for SIL Investments is positive. Use dips towards Rs 640-650 as a buying opportunity for a move towards Rs 700-710, as long as Rs 620 holds on the downside.
Strategy: Buy
Target: Rs 700, Rs 710
Stop-Loss: Rs 620
Om Mehra, Technical Analyst at Samco Securities
Prestige Estates Projects | CMP: Rs 1,902.4
Prestige Estates Projects has shown strong momentum, closing above the previous resistance of Rs 1,900. The stock is trading above both the 20 and 50 DMAs (Daily Moving Averages), reflecting sustained bullish momentum. The weekly trend also remains positive. A breakout above Rs 1,920 could extend the rally further. Additionally, the stock is holding above the 61.8 percent Fibonacci retracement level, which adds to the bullish outlook. Based on the above technical structure, one can initiate a long position at CMP.
Strategy: Buy
Target: Rs 2,130
Stop-Loss: Rs 1,810
Bikaji Foods International | CMP: Rs 882.35
Bikaji Foods International continues to maintain its bullish trend, characterized by a series of higher highs and higher lows. After a healthy correction, the stock has regained upward momentum and is now holding above its 20 DMA. The daily RSI has also rebounded from lower levels and is now hovering near the 50 mark. Additionally, the formation of a double-bottom pattern further strengthens the bullish outlook. Based on the above technical structure, one can initiate a long position at CMP.
Strategy: Buy
Target: Rs 990
Stop-Loss: Rs 840
Deepak Nitrite | CMP: Rs 2,932.6
After decent consolidation, Deepak Nitrite is on the verge of a breakout from a bullish flag pattern on the daily chart. The daily RSI stands at 57, indicating healthy momentum. Deepak Nitrite is trading above the 20-day moving average, suggesting a sustained uptrend. Moreover, the elevated delivery volumes in the past two sessions highlight increased investor interest and possible accumulation at current levels, strengthening a positive outlook. Based on the above technical structure, one can initiate a long position at CMP.
Strategy: Buy
Target: Rs 3,230
Stop-Loss: Rs 2,810
Riyank Arora, Technical Analyst at Mehta Equities
Five-Star Business Finance | CMP: Rs 895
Five-Star Business Finance has given a strong breakout above its all-time high resistance mark of Rs 876.55 and has managed to hold well above this level. The momentum looks strong with the overall trend being positive and the RSI (14) on the daily timeframe being around 73.61, showing a good uptick from lower levels.
Strategy: Buy
Target: Rs 1,000 and above
Stop-Loss: Rs 870
Gandhar Oil Refinery (India) | CMP: Rs 243.85
Gandhar Oil Refinery has given a good breakout above its recent swing high resistance mark of Rs 239 and is managing to hold well above this level. With the RSI (14) witnessing a good uptick from lower levels and trading at around 73.32, the momentum appears strong, and the stock seems poised for potential upside targets of Rs 262.50 and above. A strict stop-loss should be maintained at the Rs 235 mark to manage risk effectively.
Strategy: Buy
Target: Rs 262.50
Stop-Loss: Rs 235
Power Mech Projects | CMP: Rs 3,298.4
Power Mech Projects has given a strong breakout above its trendline resistance mark of Rs 3,270 and is trading well above this level. With volumes surging and the RSI (14) showing strong signs of momentum and a bullish uptick from lower levels, the stock seems poised for an upside towards Rs 3,650 and above. To manage risk effectively on the trade, a strict stop-loss should be placed at the Rs 3,225 mark.
Strategy: Buy
Target: Rs 3,650
Stop-Loss: Rs 3,225
Garden Reach Shipbuilders & Engineers | CMP: Rs 1,773.85
Garden Reach Shipbuilders witnessed a strong breakout above its trendline resistance mark of Rs 1,725 and successfully closed well above this level. With volumes spiking and the outlook strongly positive for shipbuilding companies, we expect the stock to surge towards potential targets of Rs 2,000 and above.
Strategy: Buy
Target: Rs 2,000
Stop-Loss: Rs 1,680
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