Brokerage firm Anand Rathi Shares and Stock Brokers has suggested to buy three stocks namely- Latent View Analytics Ltd, Alkyl Amines Chemicals Ltd and Balaji Amines Ltd- on the basis of strong technical parameters. The brokerage sees up to 30 per cent upside in the stock in the coming days. Here's what the brokerage said about these counters:
Alkyl Amines Chemicals | Buy | Target Price: Rs 2,300 | Stop Loss: Rs 2,000
Most of the chemical stocks were into consolidation mode for quite some time. After a decent corrective move, Alkyl Amines has confirmed a double bottom formation around Rs 1,800 mark. In today’s session, the stock confirmed a breakout from a falling trend line with volumes. Thus, we advise traders to buy the stock in the range of Rs 2,110 – 2,090 with a stop loss of Rs 2,000 for upside target of Rs 2,300.
Latent View Analytics | Buy | Target Price: Rs 600 | Stop Loss: Rs 445
Latent View Provides analytics such as marketing analytics, supply-chain analytics, financial & risk analytics, HR analytics and customer analytics. We have been covering Latent View since the price of Rs 400 and it is also a part of our Diwali Technical picks 2023. After a triangular breakout the stock retested and underwent consolidation. Right now, we are witnessing a double bottom kind of structure on the daily scale. Thus, we advise traders to go long in the stock in the range of Rs 506-490 with a stop loss of Rs 445 for the upside target of Rs 600 in 6 to 9 months.
Balaji Amines | Buy | Target Price: Rs 2,930 | Stop Loss: Rs 1,955
Balaji Amines has recently exhibited two significant technical analysis signals that indicate a potential bullish shift. Firstly, there is a bullish divergence on the weekly Relative Strength Index (RSI). This divergence suggests that while the stock's price was declining, the RSI was starting to increase, indicating a possible reversal in momentum. Secondly, the stock has broken through a bearish trend line that had been in place for approximately 2.75 years. This trend line breach is a critical signal, suggesting that the long-term bearish trend may be reversing to a bullish trend. Based on these technical indicators, investors and traders are advised to 'go long' on Balaji Amines, purchasing shares within the price range of Rs 2,250-2,310. The stock is projected to have an upside target of Rs 2,930 per share, highlighting a significant profit potential. To mitigate risk, it is recommended to place a stop-loss near Rs 1955 apiece, on a daily closing basis, ensuring protection against potential adverse movements.
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