Amid the rising trend in the Indian stock markets in the last few sessions, Rupak De, Senior Technical Analyst at LKP Securities, a domestic brokerage firm has shared three stocks- Chennai Petroleum Corporation Ltd, Zydus Lifesciences Ltd and Alkem Laboratories Ltd- from a trading point of view. The analyst has suggested to long all the three counters. Here's what the analyst has to say about these counters:
Chennai Petroleum Corporation | Buy | Target Price: Rs 950-970 | Stop Loss: Rs 900
Chennai Petro has found support from a rising trendline on the daily chart, and as long as it stays above that line, the trend should remain strong. The RSI is showing a bullish signal and is climbing. The stock has also regained its 200-DMA. On the upside, it could move towards Rs 950-970, while on the downside, it has support at Rs 900.
Zydus Lifesciences | Buy | Target Price: Rs 1,095-1,120 | Stop Loss: Rs 1,029
After a prolonged correction, Zydus Life has formed a hammer pattern on the daily chart, indicating increasing optimism. The RSI is close to being oversold, and the stock has found support at a previous price level. On the upside, it may move towards Rs 1,095-1,120, while on the downside, the stock has support at Rs 1,029.
Alkem Laboratories | Buy | Target Price: Rs 6,360-6470 | Stop Loss: Rs 6,069
Alkem Labs has risen after forming a bullish harami pattern on the daily chart. It recently regained its 21-day exponential moving average, and the RSI is showing a bullish signal. On the upside, it may move towards Rs 6,360-6,470, while on the downside, the stock has support at Rs 6,069.