Amid the rising volatility 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- Indian Energy Exchange Ltd (IEX), Piramal Pharma Ltd and Godawari Power and Ispat Ltd- from a trading point of view. The analyst has suggested to long the three counters. Here's what the analyst has to say about these counters:
Indian Energy Exchange | Buy near Rs 195 | Target price: Rs 206-209 | Stop Loss: 190
IEX has closed above its swing high on the daily chart and is sustaining above its short-term 14-day EMA, indicating a strong trend. The RSI is in a bullish crossover. Based on these signals, one can buy the stock at the current price, closing near Rs 195, with a stop-loss at Rs 190 and targets of Rs 206 and Rs 209.
Piramal Pharma | Buy near Rs 180 | Target price: Rs 190-200 | Stop Loss: 169
Piramal Pharma given a consolidation breakout on the daily chart. Additionally, the stock found support at the 21 EMA prior to the current rally. The RSI is in a bullish crossover and rising. On the higher end, the stock might move towards Rs 200 in the near term, with support placed at Rs 169.
Godawari Power and Ispat | Buy | Target price: Rs 1,200-1,230 | Stop Loss: 1,100
Godawari Power has given a consolidation breakout on the daily chart. Additionally, the stock found support around the 50 EMA prior to the current rally. The RSI is in a bullish crossover and rising. On the higher end, the stock might move towards Rs 1,230 in the near term, with support placed at Rs 1,100.
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