Domestic brokerage firm Anand Rathi Shares & Stock Brokers has suggested as many as seven stocks based on technical parameters that may deliver a strong upside of up to 52 per cent to the investors in next one year. The brokerage firm has picked BEML, Tata Technologies, IFCI, Jupiter Wagons, Hindustan Zinc, IRB Infrastructure Developers (IRB Infra) and Garden Reach Shipbuilders & Engineers (GRSE) to bet this Diwali. Here's what the brokerage firm has said on these counters.
IFCI | Buy Range: Rs 61-56 | Target Price: Rs 80-88 | Stop Loss: Rs 44
After experiencing a significant 36 per cent correction, IFCI has stabilized near the daily S4 camarilla pivot, aligning with the 200 days EMA. On the daily chart, it has formed a bullish divergence, making it appear attractive for potential upside. Thus, investors and/or traders can accumulate the stock with a time frame of around one year.
IRB Infrastructure Developers | Buy Range: Rs 60-55 | Target Price: Rs 79-86 | Stop Loss: Rs 43
IRB Infra has been forming a base just above the weekly Ichimoku Cloud for several months, making the current levels appear attractive. The stock has corrected by approximately 30 per cent from its peak of 78. Currently, it is showing signs of a rebound from its 200-day exponential moving average (DEMA). From an indicator perspective, the weekly RSI has formed an impulsive structure just shying away from 30 levels, while the monthly RSI remains between 70-65, both of which are positive indicators for the stock's momentum. Thus, investors and/or traders can accumulate the stock with a time frame of around one year.
Jupiter Wagons | Buy Range: Rs 525-495 | Target Price: Rs 700-760 | Stop Loss: Rs 390
Since many months, most of the railway related stocks have been trading in a corrective mode. If we talk about Jupiter Wagon, then the stock has eroded around 40 per cent of its price from the top of Rs 746. At this juncture, we are witnessing that the stock is turning from its 200 DEMA. In addition, there is a breakout from the falling trend line on the daily chart and the stock is very much near its previous demand zone. investors and/or traders can accumulate the stock with a time frame of around one year.
Hindustan Zinc | Buy Range: Rs 520-480 | Target Price: Rs 680-750 | Stop Loss: Rs 380
Since many months, Hindustan Zinc has been trading in a down trend after making a peak around Rs 780 mark. The stock then found support at the placement of its 200 DEMA near Rs 470 level and has been consolidating there since many weeks. We are witnessing multiple support near Rs 470 mark and right now the stock is on the verge of fresh breakout which would resume the uptrend. Investors and/or traders can accumulate the stock with a time frame of around 1 year.
Tata Technologies | Buy Range: Rs 1,080-1,040 | Target Price: Rs 1,360-1,450 | Stop Loss: Rs 865
Tata Tech has been the largest IPO with biggest listing gains during the year 2023. After its listing, the stock peaked out near Rs 1,400 mark. The correction, forced the stock to sneak below 1000 mark and then after the stock started consolidating. Later, we witnessed a fresh breakout in the stock along with confirmation of a trend reversal. The stock has potential to retest its life high. investors and/or traders can accumulate the stock with a time frame of around one year.
Garden Reach Shipbuilders & Engineers | Buy Range: Rs 1,780-1,700| Target Price: Rs 2,425-2,650 | Stop Loss: Rs 1,300
GRSE surged over 300 points from the low of Rs 700 between March 2024 to July 2024. After that, for many months, most of the shipping related stocks have been trading in a corrective mode. If we talk about GRSE then the stock has eroded around 45 per cent of its price from the top. At this juncture, we are witnessing that the stock is turning from its 200 DEMA and 61.8 per cent retracement level. In addition, the stock is about to confirm a change of trend by making higher top and higher bottom formation. Investors and/or traders can accumulate the stock with a time frame of around one year.
BEML | Buy Range: Rs 3,900-3,700 | Target Price: Rs 4,800-5,400 | Stop Loss: Rs 2,975
Since many months, most of the defence related stocks have been trading in a corrective mode. If we talk about BEML, then the stock has eroded around 35 per cent of its price from the top of Rs 5,466. At this juncture, we are witnessing that the stock is turning from its 50 WEMA and 200 DEMA. In addition, there is a breakout from the falling trend line on the daily chart and the stock is very much near its previous demand zone. Investors and traders can accumulate the stock with a time frame of around one year.