Amid the rising volatility in the Indian equity markets, a couple of domestic brokerage firms have suggested three stocks- Mangalore Refinery and Petrochemicals Ltd (MRPL), NTPC Ltd and Bharat Petroleum Corporation Ltd (BPCL) - to bet amid the scarce opportunities to make money. The brokerage firms have picked these stocks based on their strong technical charts. Here's what the brokerage has to say about these counters:
NTPC | Buy | Target Price: Rs 378 | Upside Potential: 14.3%
NTPC has recently found support at the 38.2 per cent retracement level of its entire rally from March 2020, indicating a potential bottoming out around the Rs 300 mark. This level, coupled with signs from oscillators suggesting a reversal, points to the possibility of the stock stabilizing. Over the past five months, the stock has been in a correction phase, moving within a downward-sloping channel. The current consolidation phase is approaching a critical juncture, with the stock poised to break above the upper boundary of the channel around the Rs 340 level. A sustained close above this level would mark a significant shift in the trend, turning the outlook positive for an upside target of Rs 380 in the near term.
Recommended by: Ashika Stock Broking
Mangalore Refinery and Petrochemicals | Buy | Target Price: Rs 124 | Stop Loss: Rs 110.50
After showing minor declines/sideways consolidation, the stock price of MRPL has shifted into an upside bounce. Today’s up move could be considered as an upside breakout of the narrow range movement/immediate resistance. The short-term trend seems to have turned positive. We observe a formation of positive candlestick patterns as per intraday/daily timeframe chart. The intraday/daily RSI is showing positive indication. The overall bullish chart pattern of the stock price indicates a long trading opportunity. One may look to buy as per the levels mentioned above
Recommended by: HDFC Securities
Bharat Petroleum Corporation | Buy | Target Price: Rs 310 | Upside Potential: 17.5%
BPCL has been in a corrective phase since September 2024, gradually finding support at the 50 per cent retracement level of its entire rally from October 2018, which falls between the Rs 240-245 range. This key support level marks a potential turning point, with the stock showing signs of bottoming out. Additionally, oscillator indicators point to a reversal from oversold conditions, further supporting the notion of a recovery. The current risk-reward setup appears favorable for investors looking to accumulate shares at these levels. With a favorable outlook, the stock could target an upside of Rs 310, a level that aligns with the congestion zone seen in May 2024.
Recommended by: Ashika Stock Broking