After hitting new record highs, domestic equity markets turned range-bound on Monday but analysts see strong actions in select stocks. Domestic brokerages including Progressive Shares, SMC Global and Ashika Stock Broking have suggested to buy shares such as Ipca Laboratories, Bank of India, ICICI Prudential Life Insurance Company, Computer Age Management Services (CAMS) and Balkrishna Industries on a technical basis for short term trading. Here's what brokerage firms said about these stocks.Ipca Laboratories | Buy | Target Price: Rs 1075-1080 | Stop Loss: Rs 830 Ipca Labs has been trading under pressure since last two years and a few weeks ago the stock market hit its 52-week low of Rs 669.80 as well in the month of May 2023. Subsequently a sharp recovery has been witnessed in prices as once again the stock has managed to catch up a fresh momentum above its 200-day exponential moving average on a weekly interval. On the broader charts, the stock has given a fresh breakout above the falling trend line of downward sloping channel, which suggests limited downside in prices, while on short term charts, breakout has been observed above the rectangle pattern after a series of consolidation phases. Therefore, one can buy the stock in the range of Rs 925-930 levels for the upside target of Rs 1075-1080 levels with stop loss below Rs 830 levels.Recommended by: SMC GlobalICICI Prudential Life Insurance Company | Buy | Target Price: Rs 700-710 | Stop Loss: Rs 525 In the recent past, the stock has given a sharp rally from Rs 380 levels and tested Rs 615 levels in a short span of time. Since then, the stock has been consolidating in a broader range of Rs 530-590 levels as the rally has taken a pause or breather after a stunner move. Technically, the stock has managed to give a fresh breakout above the Bullish Flag pattern on weekly charts, which suggests a next upswing into the prices. The rise in volumes along with rise in price also suggests a long build up into a stock. Therefore, one can buy the stock in the range of Rs 590-595 levels for the upside target of Rs 700-710 levels with SL below 525 levels.Recommended by: SMC GlobalBank of India | Buy | Target Price: Rs 134-162 | Stop Loss: Rs 70 Bank of India was under private ownership and control till July 1969 when it was nationalised along with 13 other banks. The Bank has over 5,100 branches in India spread over all states/ union territories including specialized branches. Bank of India has given a breakout from a cup and handle formation. Trend Following Indicator MACD has already given a positive crossover. Reading of 24.01 in ADX indicates the presence of a strong uptrend. Uptick in Volume confirms price activity. The PSU Banking sector has also given a breakout which has resulted in a joint breakout. We recommend a 'buy' on the stock with decline upto Rs 101 with the closing stop loss of Rs 70 for a target of Rs 134-162 with a horizon of 6–9 months.Recommended by: Progressive Shares
Balkrishna Industries | Buy | Target Price: Rs 2,850 | Upside: 12.2% The share price of Balkrishna Industries has generated a breakout above a triangular consolidation of the last 1.5 year with strong volume signaling resumption of up move, thus offering a fresh entry opportunity. The base of the recent consolidation is placed at 100 days EMA (currently placed at Rs 2,335 levels) signaling strength and a positive price structure. Among the oscillators the daily 14 periods RSI has generated a buy signal moving above its nine periods average thus supports positive bias. Hence one can expect the stock to maintain positive bias and head towards Rs 2,850 levels in the coming weeks being the 123.6 per cent of the external retracement of the last significant decline (Rs 2,723-1,690).Recommended by: Ashika Stock BrokingComputer Age Management Services | Buy | Target Price: Rs 3,000 | Upside: 16% The share price of CAMS has undergone a decent base formation and now attempting a breakout from five months of rounding pattern bullish reversal pattern Breakout is expected to be followed by acceleration in upward momentum, thus offering fresh entry opportunity. Key observation is that over the past one-month stock has formed a higher base above the 50-day average which is now rising indicating resumption of upward momentum. Hence one can expect the stock to maintain positive bias and head towards Rs 3,000 levels in the coming month, being the 61.8 per cent retracement of November 2020- September 2021 rally.Recommended by: Ashika Stock Broking
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