PVR, Tata Motors, AGI Green, Exide, Tata Elxsi & SBI: Analysts prefer these stocks as short-term bets

Select stocks including State Bank of India (SBI), Tata Motors, PVR, Tata Elxsi, AGI Greenpac and Exide Industries are likely to deliver handsome returns in the near term on a positional basis, believes the brokerage firm. A host of domestic brokerage firms including Prabhudas Lilladher, HDFC Securities, Religare Broking and Anand Rathi are positive on these counters. Here's what the analysts said about these stocks:

Tata Elxsi | Buy | Target Price: Rs 7,000-7,400 | Stop Loss: Rs 5,800
Tata Elxsi has underperformed in the last 6 months and almost corrected 50 per cent from all-time highs of Rs 10,800 levels to Rs 5,700 in this period. After a long correction, the stock has taken support near Rs 5,700, making a double bottom formation on the daily chart, and has strongly recovered from thereon near the 50-day moving average, which is around the Rs 6,350 level. A decisive close above Rs 6,800 levels will see a stock move toward the 200 DMA, which is at Rs 7,400 levels. The RSI indicator has also recovered from its oversold zone and reversed its trend recently to signal a positive bias. We suggest buying and accumulating this stock for an upside target of Rs 7,000–7,400, keeping the stop loss near the Rs 5,800 level.
Recommended By: Prabhudas Lilladher

PVR | Buy | Target Price: Rs 1,784 | Stop Loss: Rs 400
PVR has been under pressure for quite some time but at this juncture it is trading near its crucial support. Previously the stock turned from this level and we saw a rally toward Rs 2,200. On the daily charts, there is solid base formation along with bullish regular divergence which is looking lucrative. Thus we advise traders to go long in the stock with a stop loss of Rs 1,455 and a target price of Rs 1,784 in a month.
Recommended by: Anand Rathi Investment Services

Exide Industries | Buy | Target Price: Rs 208 | Stop Loss: Rs 175
Exide has had an exceptional run from 2001 to 2018 as it moved from a single-digit mark to a record high of Rs 287.75, with phases of intermediate consolidation in between. After such a strong spell of an uptrend, it witnessed a correction to a support zone of Rs 120 level in March 2020. It formed a reversal pattern afterward and witnessed a breakout from the same in November 2021. The dip to the neckline area of that pattern, followed by consolidation for a couple of months has resulted in the formation of a fresh buying pivot for a target price of Rs 208 in a month and a stop loss at Rs 175.
Recommended by: Religare Broking

AGI Greenpac | Buy | Target Price: Rs 415-4620 | Stop Loss: Rs 323

AGI Greenpac has recently found support at Rs 283 which also roughly coincides with the previous intermediate supports and the 50-week SMA, thereby indicating that it is a strong support area. The stock has since then rallied higher and made higher tops and higher bottoms over the last few weeks. The counter has also broken out of a trading range last Thursday on the back of above-average volumes. The stock, therefore, looks set to continue its uptrend. Technical indicators are giving positive signals as the stock is trading above the 20- and 50-day SMA. We believe the stock has the potential to move higher in the coming weeks and therefore recommend a buy with a target price of Rs 415-462 in the next 1-2 months.
Recommended by: HDFC Securities

State Bank of India | Buy | Target Price: Rs 590 | Stop Loss: Rs 510
State Bank of India (SBI) has made a double bottom formation-like pattern in the daily chart and has recovered substantially from thereon and is on the rise. We anticipate further momentum in this stock to scale still higher targets and with also the RSI indicator reversing its trend signaling a buy, it has maintained a positive bias. We recommend this stock for a buy for an upside target of Rs 590 of keeping a stop loss of Rs 510.
Recommended By: Prabhudas Lilladher

Tata Motors | Buy | Target Price: Rs 560-600 | Stop Loss: Rs 400
On a larger degree chart, Tata Motors has confirmed a range breakout from the previous swing high of Rs 460. The stock also managed to breakout from the major falling trend line. Thus, we advise traders to go long in the stock in the range of Rs 470-460 with a stop loss of Rs 400 for the upside target of Rs 560 and Rs 600 in 3-6 months.
Recommended by: Anand Rathi Investment Services


(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today)

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