Religare Broking has included shares of Jubilant Foodworks Ltd, Lupin Ltd and Coromandel International Ltd as its top three technical 'Buy' calls for this holiday-truncated week. Domestic benchmarks were closed on Wednesday to mark Christmas 2024. The equity indices will resume action on Thursday.
The indices settled slightly lower in the previous session as metals, IT, PSU banks and financials dragged. The 30-share BSE Sensex pack fell 67 points or 0.09 per cent to settle at 78,473, while the broader NSE Nifty index moved 26 points or 0.11 per cent down to close at 23,728. Broader markets (mid- and small-cap shares) finished on a mixed note, with the Nifty Midcap 100 slipping 0.06 per cent and Nifty Smallcap 100 rising 0.24 per cent. India VIX, fear index, shed 2.53 per cent to 13.18-level.
That said, domestic brokerage Religare suggested that Jubilant Foodworks, Lupin and Coromandel Int'l can stay under the spotlight of traders this week. Here's what the broking firm has to say about these three stocks:
1) Jubilant Foodworks | LTP: Rs 704.15 | Target: Rs 745 | Stop loss: Rs 685
The stock experienced a V-shaped recovery after testing the neckline of its previous breakout zone. To digest some gains, it witnessed a minor price and timewise correction, resulting in the formation of a 'cup and handle' pattern. The recent price action supported by strong volumes indicates a breakout soon from the mentioned pattern, which may lead to a strong upmove from current levels. One can consider taking near-term positions in the stock.
2) Lupin Limited | LTP: Rs 2,169.45 | Target: Rs 2,270 | Stop loss: Rs 2,110
The pharma sector is showing resilience during its market corrective phase and Lupin too is holding strong above the confluence of its short- to medium-term moving averages. The stock has established a strong base while consolidating in a broader range for over a month. It is now gradually inching higher after a breakout from the same, which provides a good opportunity for participants to accumulate the stock.
3) Coromandel International Limited | LTP: Rs 1,855.35 | Target: Rs 1,990 | Stop loss: Rs 1,790
Coromandel has broken out of its consolidation phase after establishing a robust base around its 20-day exponential moving average (DEMA). Additionally, the stock has reclaimed its all-time high after nearly four months of consolidation. The chart pattern, supported by confirmation from technical indicators, suggests a steady upward trajectory in the near term.
Nifty outlook: "Market appears to be consolidating after the recent decline and is currently hovering around the support zone of its long-term moving average (200 DEMA). Among the sectoral indices, pharma and FMCG are showing resilience while we are seeing pressure across the board. Signs point to a potential further drop. So, traders should exercise caution and remain selective," Religare said.