Amid the wild swings of volatility in the Indian stock markets, Vishnu Kant Upadhyay, AVP - Research and Advisory at Master Capital Services has shared three stocks- ICICI Bank Ltd, Bajaj Finserv Ltd and InterGlobe Aviation Ltd (IndiGo) - from a trading point of view. The analyst has suggested to 'buy' all the three counters. Here's what the analyst has to say about these counters:
ICICI Bank | Buy | Target Price: Rs 1324-1,340 | Stop Loss: Rs 1,182
ICICI Bank has displayed a strong bullish reversal pattern on the daily chart after bouncing off the critical support near Rs 1,210, which coincides with the 200-day EMA. This level has acted as a robust support zone in recent months. The stock has gained momentum, reclaiming above 200-day EMA with increased volume, indicating renewed buying interest. The RSI has turned upward from the 50-level, suggesting improving strength, while the MACD histogram shows a reduction in bearish momentum with a potential bullish crossover on the horizon. Prices also breached a falling trendline resistance, indicating continuation in ongoing bullish move.
Bajaj Finserv | Buy | Target Price: Rs 1,900-1,920 | Stop Loss: Rs 1,664
Prices of Bajaj Finserv have decisively reclaimed its 200-day EMA, currently placed near Rs 1,670, indicating a shift in momentum. The stock is supported by above-average volumes, reflecting robust buying interest. The RSI has risen above the 60 mark, signaling strengthening bullish momentum, while the MACD line has crossed above the signal line, confirming a positive trend. Prices briefly crossed above horizontal resistance on the daily, indicating ongoing strength in the counter which can take prices further higher towards Rs 1,900-1,920.
InterGlobe Aviation | Buy | Target Price: Rs 4,565 | Stop Loss: Rs 4,050
IndiGo has begun to form a higher bottom formation on the daily chart, signaling a positive shift in trend. Prices have reclaimed the 200-day EMA, which previously served as a significant resistance level, further reinforcing the bullish outlook. The recent price gains have been accompanied by a notable increase in volumes, reflecting strong buying interest from fresh participants. The current price structure resembles a 'W' pattern, a bullish formation; however, a decisive breakout above the Rs 4,740 level is required to confirm this pattern. The MACD line has crossed above the signal line, with the histogram printing green bars, while the RSI has moved above the critical 50 mark, adding to the overall bullish sentiment.