Bank of Baroda, Mahindra CIE, Havells India: How should you trade these stocks?

Bank of Baroda, Mahindra CIE, Havells India: How should you trade these stocks?

On the daily chart, Bank of Baroda has started trading sideways and is giving no clear trend. However, the stock is outperforming the benchmark indices.

Mahindra CIE is making a higher high formation which suggests that the trend is up. The momentum indicator viz RSI is positively poised.
Pawan Kumar Nahar
  • Jun 05, 2023,
  • Updated Jun 05, 2023, 8:10 AM IST

Domestic stock markets snapped a two-day losing streak on Friday, but the gains were capped. The 30-share pack BSE Sensex added 118.57 points, or 0.19 per cent, to settle at 62,547.11. The NSE’s Nifty gained 46.35 points, or 0.25 per cent, to 18,534.10. Select stocks including Bank of Baroda, Havells India and Mahindra CIE Automotive are likely to remain under the spotlight on Dalal Street for the session. Here is what Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets has to say on these stocks ahead of Monday's trading session:Bank of Baroda | Buy | Target Price: Rs 206-226 | Stop Loss: Rs 176 Bank of Baroda has started trading sideways on the daily chart and is suggesting no clear trend. The stock, however,  is outperforming the benchmark indices. At present, momentum indicators viz RSI and MACD are positively poised. It is evident that momentum on the upside is likely to continue. One can buy the stock at existing levels with a stop loss of Rs 176 for a target Rs 206-226 levels in the next couple of weeks.  Havells India | Buy | Target Price: Rs 1,410-1,490 | Stop Loss: Rs 1,290 For Havells India, the stock price has given four-week consolidation breakout with higher volumes on the weekly chart. The stock is outperforming the benchmark index. The momentum indicator viz MACD is gaining momentum. The positive momentum is likely to continue going ahead. One can buy the stock at current levels with a stop loss of Rs 1,290 for a target of Rs 1,410-1,490 levels in the next couple of months.  Mahindra CIE Automotive | Hold | Target Price: Rs 512-562 | Stop Loss: Rs 440 Mahindra CIE is making a higher-high formation, which suggests that the trend is positive. The momentum indicator viz RSI is positively poised. At present, the stock is showing higher relative strength and outperforming the benchmark indices. The momentum on the upside is likely to continue. One can hold the stock at Rs 464 with a stop loss of Rs 440 for a target of Rs 512-562 levels in the next couple of weeks.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today.)

 

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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