Marico, Bharat Forge, IGL: How should you trade these buzzing stocks

Benchmark stock indices fell on Thursday as the US Federal Reserve monetary policy increased the interest rate to a 22-year high and left doors open for another rate hike going ahead.. The monthly and expiry of July derivative contracts also weighed, as the BSE Sesenx dropped 440.38 points, 0.66 per cent, to settle at 66,266.82. The NSE Nifty tanked 118.40 points, or 0.6 per cent, to 19,659.90.

Select results-bound stocks such as Marico, Bharat Forge and Indraprastha Gas (IGL) are likely to be in the limelight today. Here is what Riches Vanara, Technical and Derivatives Analyst at Stoxbox has to say on these stocks ahead of Friday's trading session:

Marico | Buy | Target Price: Rs 580-605 | Stop Loss: Rs 543-531
Marico has broken out of its ascending triangle pattern on the weekly chart, with above average volumes. The stock has shown positive follow through to a Doji candle of the prior week. The short-term moving averages are working beautifully as supports. All this calls for a ‘buy’ rating on the stock with targets of Rs 580 and Rs 605, respectively. Supports for the stock stand at Rs 543 and Rs 531 levels, respectively.

Bharat Forge | Buy | Target Price: Rs 930-960 | Stop Loss: Rs 885-870
Since the start of April 2023, Bharat Forge is trading in a higher high and higher low pattern. Which is the base of dow theory and it's very famous in technical analysis. Yet again stock has broken out after making a higher low to the prior low and entering in its all time high zone. All other technical indicators such Volume, MACD, Relative strength against Nifty50 are in favour of breakout. Hence, recommend buying the stock for targets of Rs 930 and Rs 960 with immediate support at Rs 885 and Rs 870 levels.

Indraprastha Gas | Sell | Target Price: Rs 445-425 | Stop Loss: Rs 468
The chart suggests that Indraprastha Gas has made a double top-like pattern on the weekly chart. We have seen a fair bit of selling pressure on the counter during the week, with volumes. The stock has also breached its short-term moving averages. These averages once acted as a strong support for the stock on every pullback. This is a clear sign of bigger hands getting out of the stock and one must ‘sell’ the stock for targets of Rs 445 and Rs 425, respectively. Immediate supply zone stands at Rs 468 and Rs 475 levels, respectively.


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