COMPANIES

No Data Found

NEWS

No Data Found
Advertisement
Mphasis Dalmia Bharat, Granules India, HFCL: 4 stocks that may deliver strong returns in short term

Mphasis Dalmia Bharat, Granules India, HFCL: 4 stocks that may deliver strong returns in short term

Mphasis was consolidating in a broader range of Rs 1,800-2,050 levels during the months of April to June. Thereafter the stock witnessed a breakout on the daily chart.

Pawan Kumar Nahar
Pawan Kumar Nahar
  • Updated Aug 28, 2023 11:41 AM IST
Mphasis Dalmia Bharat, Granules India, HFCL: 4 stocks that may deliver strong returns in short termAfter testing its 52-week high of Rs 2,288.80 in the month of June 2022, Dalmia Bharat witnessed a correction phase over the months and dragged back to Rs 1,900 levels.
SUMMARY
  • Select domestic brokerages are positive for a few stocks in the short term.
  • SMC Global has suggested to buy Dalmia Bharat & Mphasis.
  • Ashika Stock Broking is positive on HFCL and Granules India.

Domestic brokerage firms, including Ashika Stock Broking and SMC Global are positive on the select stocks, namely- Dalmia Bharat, Mphasis, Granules India and HFCL amid the rising 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 sound technical setup. Here what the brokerage firms have to say about these counters:

Advertisement

Dalmia Bharat | Buy | Target Price: Rs 2,280-2,300 | Stop Loss: Rs 1,850

After testing its 52-week high of Rs 2,288.80 in the month of June 2022, Dalmia Bharat witnessed a correction phase over the months and dragged back to Rs 1,900 levels. However, the stock managed to take support around Rs 1,900 levels twice in the last few weeks and formed double bottom pattern formation. Currently, the stock is trading above 200-exponential moving averages. The stock has failed to break down twice on the daily chart. On short term charts, prices can be seen trend line breakout as well as there is a positive diversion in RSI. Therefore, one can buy the stock in the range of Rs 2,020-2,040 levels for the upside target of Rs 2,280-2,300 levels with stop loss below Rs 1,850 levels.

Advertisement

Recommended by: SMC Global

Mphasis | Buy | Target Price: Rs 2,280-2,300 | Stop Loss: Rs 1,850

Mphasis was consolidating in a broader range of Rs 1,800-2,050 levels during the months of April to June. Thereafter the stock witnessed a breakout on the daily chart. Currently the stock is trading above its 200-exponential moving average and trading at 52-week high. Despite the correction in the market, the stock is outperforming the market. A substantial surge in buying activity was observed within the range of Rs 2,300-2,150 levels, followed by the emergence of a new momentum trend on the chart. Currently, the oscillator is suggesting some pause. A fresh breakout can be expected above 2400 level. Therefore, one can buy the stock in the range of Rs 2,400-2,420 levels for the upside target of Rs 2,680-2,700 levels with stop loss below Rs 2,260 levels.

Advertisement

Also read: Hot stocks on August 28, 2023: Texmaco Rail, Zomato, Jio Financial, Suzlon Energy and more
 

Recommended by: SMC Global

HFCL | Buy | Target Price: Rs 82 | Upside Potential: 16%

The share price of HFCL has generated a breakout above the last two months range 63-70 and in the process also closed above the 100-day EMA signaling resumption of the up move and offers fresh entry opportunity. On the longer term chart the stock is in the formation stage of breaking past the long term supply line joining highs of CY-22 and signaling reversal of the corrective trend. The recent price rise is supported by strong volume highlighting larger participation at the breakout area. Among the oscillators the daily MACD is in up trend and is seen sustaining above its nine periods average thus validating positive bias. Thus, one can expect the stock to head higher towards Rs 82 in coming weeks.

Recommended by: Ashika Stock Broking

Granules India | Buy | Target Price: Rs 330 | Upside Potential: 13%

The share price of Granules has witnessed a trading action amidst the falling channel containing within 2 years but recently prices has rebounded taking support at Rs 270 levels signaling resumption of the up move and is on the verge of breaking past the said bullish pattern, thus offers fresh entry opportunity with a favorable risk reward set up. Among the oscillators the weekly RSI has generated bullish crossover signaling strength and validates positive bias. Hence one expects the stock to maintain positive bias and head towards Rs 143 levels in the coming weeks being the previous swing high.

Advertisement

Recommended by: Ashika Stock Broking

 

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

Also read: RIL AGM: Jio Financial shares snap 4-day losing streak, climb 4%

Also read: Brightcom Group shares news on CMD, CFO resignations; stock in focus after ED raids

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.
Published on: Aug 28, 2023 11:09 AM IST
Post a comment0