ITC, Bajaj Finance, AB Capital among 5 stocks brokerages prefer for near-term trade

Domestic brokerage firms including Prabhudas Lilladher, StoxBox by BP Equities and SMC Global Securities are positive on the select stocks, namely- Aditya Birla Capital Ltd, ITC Ltd, Bajaj Finance Ltd, Gland Pharma Ltd and Jindal Saw Ltd - amid the volatility in the broader markets. The brokerage firms believe that these stocks are headed for a strong upside in the near-term on the basis of their technical setup. Here what the analysts said about them:

ITC | Buy | Target Price: Rs 509 | Stop Loss:R s 457
The pattern analysis of ITC shows that the price action has taken a brief breather amidst a strong primary trend on the upside. This formation of a rounding bottom pattern is potentially an indication of garnering bullish strength to fuel further upside. The price action managed to pierce through the narrow range of consolidation on highest volume recorded during the quarter. This potentially indicates strength in the price action and that the buyers are gradually recouping their strength. The 50 period volatility trades at lower levels and hence the probability of any sharp declines is less likely. We recommend to 'buy' ITC at Rs 477 for the target of Rs 509 with a stop loss of Rs Rs 457 in the short term.
Recommended by: StoxBox by BP Equities

Aditya Birla Capital | Buy | Target Price: Rs 205-210 | Stop Loss: Rs 155
AB Capital witnessed a healthy profit booking and once again retraced back below its 200 days exponential moving average on daily time frame after hitting its 52 week high of Rs 199.30 in July 2023. Recently the stock has given a 'V-shaped' recovery from its lows and seen getting a fresh momentum above its 200 DEMA on daily time frame once again. Technically, the stock has also given a fresh move above its long term downward sloping channel with sudden spike in volumes. The price's volume action suggests a next upside into the stock. Therefore, one can buy the stock in the range of Rs 172-175 levels for the upside target of Rs 205-210 levels with stop loss below Rs 155 levels.
Recommended by: SMC Global Securities

Jindal Saw | Buy | Target Price: Rs 517 | Stop Loss: Rs 429
Jindal Saw after peaking out near Rs 515 levels has witnessed a decent correction to take support near Rs 404 zone recently and with a pullback witnessed has moved past the significant 50-EMA level of Rs 428 zone and indicating a falling channel breakout at around Rs 430 levels, has improved the bias anticipating for further rise in the coming days. The RSI after the gradual slide has flattened out and is well placed indicating a trend reversal to signal a buy and with much upside potential visible, technically has made the chart look attractive. We suggest buying and accumulate the stock for an upside target of Rs 517 keeping the stop loss near Rs 429 levels.
Recommended by: Shiju Koothupalakkalm Technical Research Analyst, Prabhudas Lilladher

Bajaj Finance | Buy | Target Price: Rs 8,500-8,600 | Stop Loss: Rs 7,200
Bajaj Finance retraced back towards its 200-days exponential moving average on daily charts and seen consolidating in broader range of Rs 7,000-7,700 since then, after marking its 52-week high of Rs 8,192 in October 2023. Last week, the stock managed to give a fresh breakout above its key resistance level of Rs 7,700 with rise in volumes as well. The breakout has been observed after a series of consolidation of more than two months. Technically stock has also formed a Double Bottom pattern around Rs 7,000 levels on broader charts which should act as strong support for the scrip moving forward. Therefore, one can buy the stock in the range of Rs 7,700-7,710 levels for the upside target of Rs 8,500-8,600 levels with stop loss below Rs 7,200 levels.
Recommended by: SMC Global Securities
 

Gland Pharma | Buy | Target Price: Rs 509 | Stop Loss: Rs 457

The price action of Gland Pharma has been trending relatively stronger with higher high and higher low structure following the Q2 result. The price action has constantly been taking support at its shorter term 10-DMA which further indicates a relatively stronger intermediate trend. The price action has also seen a follow-through to the breakout it witnessed two weeks ago. The stock has fair price strength and high buyers’ demand along with RSI on their daily and higher timeframe trading well above their medians. We recommend to 'buy' Gland Pharma for the target of Rs 2,203 with a stop loss of Rs 1,929 in the short term.
Recommended by: StoxBox by BP Equities

 

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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