Amid the rising volatility in the Indian stock markets lately, Rupak De, Senior Technical Analyst at LKP Securities, a domestic brokerage firm has shared three stocks- Indian Energy Exchange Ltd (IEX), Biocon Ltd and Bharti Airtel 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:
Indian Energy Exchange | Buy | Target Price: Rs 230 | Stop Loss: Rs 199
IEX is consolidating following a breakout on the daily timeframe and is sustaining above a critical moving average. Additionally, the RSI indicates a bullish crossover. In the near term, the stock is likely to remain strong, with the potential to reach Rs 230. On the lower end, support is placed at Rs 200.
Bharti Airtel | Buy | Target Price: Rs 1,620 | Stop Loss: Rs 1,529
Bharti Airtel has formed a hammer pattern following a brief correction on the daily timeframe. Besides, the stock has been sustaining above the critical moving average on the daily chart, indicating a prevailing bullish trend. In the near term, the stock is likely to remain strong, with the potential to reach Rs 1,620. On the lower end, support is placed at Rs 1,529.
Biocon | Buy | Target Price: Rs 410 | Stop Loss: Rs 359
Biocon has given a consolidation breakout on the daily timeframe. Besides, the stock has been sustaining above the critical moving average on the daily chart, indicating a prevailing bullish trend. In the near term, the stock is likely to remain strong, with the potential to reach Rs 410. On the lower end, support is placed at Rs 359.