Dalal Street benchmarks still have some distance to cover to revisit their all-time highs. The Nifty50 is now around 7 percent below its lifetime high, touched in October 2021. As the gradual recovery resumes in the market, are there any trading opportunities out there now? Analysts have handpicked six stocks to make use of the current juncture in the market in the short term. On their playbook now are stocks like CCL Products, JK Lakshmi Cement, Dr Lal Pathlabs and Bombay Dyeing.
Buy Bombay Dyeing shares | Target price: Rs 127-130 | Stop loss: Rs 103.5 | Usually known as a high-beta stock, Bombay Dyeing has consolidated within a broad range after underperforming the midcap space for months. Some buying interest has emerged in the stock with good volume. Technical indicator RSI is giving positive signals on the daily and weekly charts. Traders can look to buy Bombay Dyeing shares in the range of Rs 113-110. (Analyst: Ruchit Jain, 5paisa.com)
Buy Dr Lal Pathlabs | Target price: Rs 4,300 | Stop loss: Rs 3,200 | The stock has reversed from key support on the daily chart. Dr Lal shares are expected to continue its momentum with support at Rs 3,300. They have also taken support at its 200-day exponential moving average line. One can enter the stock above Rs 3,580 (Analyst: Vijay Dhanotiya, CapitalVia Global Research)
Buy Coforge | Target price: Rs 6,100 | Stop loss: Rs 5,358 | The stock is a preferred pick within the midcap IT space. Coforge shares appear to be at the cusp of breaking above the triangular consolidation in the past two months with a base at the 100-day exponential moving average. The stock is expected to extend its upmove going forward. Technical indicator MACD has given a 'buy' signal moving above its nine-period average, validating the positive bias. One can buy Coforge shares in the range of Rs 5,520-5,590. (Analyst: Pankaj Pandey, ICICI Securities)
Buy CCL Products | Target price: Rs 470 | Stop loss: Rs 398 | The stock has given a breakout after some time-wise correction near key support on the daily chart. CCL Products shares look set to resume a broader uptrend, creating a good buying opportunity for the short term. Traders can initiate long positions in the range of 425-420. (Analyst: Ruchit Jain, 5paisa.com)
Buy UPL shares | Target price: Rs 880 | Stop loss: Rs 670 | The stock has taken support at its 200-day exponential moving average line, having given a breakout from the Rs 700 mark. A reversal can be expected from important support at Rs 680. Technical indicators MACD and RSI are looking positive for UPL. One can buy the stock above Rs 765. (Analyst: Vijay Dhanotiya, CapitalVia Global Research)
Buy JK Lakshmi Cement | Target price: Rs 700 | Stop loss: Rs 470 | The stock has reversed from the lower band of an ascending channel, and appears to be following an uptrend. Technical indicators MACD and RSI are giving positive signals in JK Lakshmi Cement. One can initiate a long in the stock above Rs 575. (Analyst: Vijay Dhanotiya, CapitalVia Global Research)