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Technical picks: Intellect Design, NIIT, Birlasoft and other stocks analysts recommend now

Technical picks: Intellect Design, NIIT, Birlasoft and other stocks analysts recommend now

Technical picks: Intellect Design, NIIT, Birlasoft and other stocks analysts recommend now
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By Sandeep Singh  Dec 31, 2021 4:26:18 PM IST (Updated)

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SUMMARY

Equity benchmark Nifty50 clocked a return of 24 percent in 2021. That when it is about seven percent below an all-time high, touched in October this year. Has the recent sell-off created any short-term opportunities for traders on Dalal Street? Analysts have handpicked a few stocks to make the most of the current juncture in the market. On their playbook now are ICICI Bank, Mahindra & Mahindra, Intellect Design, NIIT and Phillips Carbon, and other stocks.

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Buy Intellect Design | Target price: Rs 790 | Stop loss: Rs 680 | After recent consolidation, the stock has formed a diamond pattern on the daily chart. It has given a breakout from the resistance end of the pattern in a positive sign with high volume. An upmove can be expected in the short term. One can initiate longs in the range of Rs 720-715. (Analyst: Ruchit Jain, 5paisa.com)

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Buy ICICI Bank | Target price: Rs 800/830 | Stop loss: Rs 697 | The stock has formed a hammer candlestick pattern on the daily chart with support at the 23.6 percent retracement level of its previous rally, suggesting strength for potential upside. On the weekly chart, it gave a breakout of the rising wedge formation to make a high of Rs 867 levels, but succumbed to profit-booking and made a low at Rs 69. ICICI Bank shares have been trading with support at Rs 700 and giving signals of upside ahead. It has taken support from the lower Bollinger bands. (Analyst: Sumeet Bagadia, Choice Broking)

power-electricity
3 / 7

Buy CG Power & Industries | Target price: Rs 250 | Stop loss: Rs 160 | The stock has reversed from the lower band of an ascending channel, and appears to be following an uptrend. Momentum indicators MACD and RSI are giving positive signals for the stock. One can initiate longs in CG Power & Industries shares above Rs 194. (Analyst: Vijay Dhanotiya, CapitalVia Global Research)

apollo tyres, onkar s kanwar
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Buy Phillips Carbon Black | Target price: Rs 254-256 | Stop loss: Rs 223 | The stock has formed an inverted head and shoulders pattern after consolidating in a range for a couple of months, in a sign of trend reversal. An uptrend is probable in the near term. The stock has given a breakout from the neckline of the pattern with high volume. Momentum indicator RSI is giving positive signals. Once can initiate buys in the range of Rs 235-236. (Analyst: Ruchit Jain, 5paisa.com)

NIIT
5 / 7

Buy NIIT | Target price Rs 650 | Stop loss: Rs 375 | The stock has been following an uptrend after giving a breakout of an ascending channel. Momentum indicators MACD and RSI are giving positive signals. One can initiate longs above Rs 485 in the NIIT stock. (Analyst: Vijay Dhanotiya, CapitalVia Global Research)

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Buy Mahindra & Mahindra (M&M) | Target price: Rs 900/925 | Stop loss: Rs 788 | The stock is looking positive on the daily chart, with support near a 61.8 percent retracement level of its prior rally from Rs 724.65 to Rs 979 levels. It has held above support at a 200-day simple moving average, confirming a long-term bullish trend. On a weekly chart, the stock has been forming an inverted head and shoulder pattern in a sign of a bullish reversal. It may complete the right shoulder around Rs 950, which can be followed by a further breakout. (Analyst: Sumeet Bagadia, Choice Broking)

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Buy Birlasoft | Target price: Rs 640 | Stop loss: Rs 435 | The stock has given a breakout of the flag formation and expected to continue bullish momentum. One can buy the Birlasoft stock above Rs 545. (Analyst: Vijay Dhanotiya, CapitalVia Global Research)

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