NMDC, PI Industries, BEL among analysts' 5 short-term stock bets

Domestic brokerage firms including LKP Securities and SMC Global are positive on stocks such as NMDC Ltd, Lemon Tree Hotels Ltd, Bharat Electronics Ltd, PI Industries Ltd and Chambal Fertilisers and Chemicals Ltd amid the rising volatility in the domestic market. 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 these counters:

NMDC | Buy | Target Price: Rs 180 | Stop Loss: Rs 160
NMDC stock is exhibiting a strong uptrend, forming higher high-low on the daily chart. At present, the stock is trading above key moving averages and the relative strength index (RSI) shows a bullish crossover. With a suggested entry range of Rs 165-167, a long position is recommended on the stock with a target of Rs 180 on the upside. One can maintain a stop loss at Rs 160 to mitigate downside risks.

Recommended by: Rupak De, Senior Technical analyst at LKP Securities

Chambal Fertilisers and Chemicals | Buy | Target Price: Rs 355-360 | Stop Loss: Rs 270
Chambal Fertilisers has been trading under pressure and can be seen drifting with formations of lower high patterns on daily and weekly charts for almost one year now. That has the stock has recently formed a Double Bottom pattern on the weekly interval at around Rs 245 level. It bounced back to regain momentum above 200-day exponential moving average on the weekly interval. At the current juncture, the stock has managed to give a fresh breakout above its long term downward sloping channel along with positive divergences on secondary oscillators. One can buy the stock in the range of Rs 305-308 levels for the upside target of Rs 355-360 levels with a stop loss below Rs 270 level.

Recommended by: SMC Global

Bharat Electronics | Buy | Target Price: Rs 167-183 | Stop Loss: Rs 117
Bharat Electronics (BEL) has been consistently rising, forming higher high-low on the weekly timeframe, indicating a long-term bullish setup. The trend is expected to continue as long as it adheres to this pattern. During the recent correction, the stock dipped to the 21-day Exponential Moving Average (EMA) and quickly rebounded, highlighting a robust demand at lower levels. In the short term, the stock is likely to advance towards the Rs 183 mark. On the downside, there is strong support at Rs 117.

Recommended by: Rupak De, Senior Technical analyst at LKP Securities

PI Industries | Buy | Target Price: Rs 4,220-4,250 | Stop Loss: Rs 3,400
PI Industries has been trading in a downward sloping channel with a formation of lower low-high pattern on the weekly chart, as traders are seen booking profits at higher levels following the stock’s 52 week high of Rs 1,102.05 in June. That said, the stock has shown some bounce of late, taking a support from its rising channel trend line on the weekly interval. Technically, the stock has given a breakout above the downward sloping channel on the short term chart while the long term bullish trend is intact on the broader chart. Therefore, one can buy the stock in the range of Rs 3,680-3,700 levels for the upside target of Rs 4,220-4,250 levels with stop loss below Rs 3,400 levels.

Recommended by: SMC Global

Lemon Tree Hotels | Target Price: Rs 135-145 | Stop Loss: Rs 99
Lemon Tree Hotels recently found support at the previous consolidation high, before the recent rally. Furthermore, the stock price has consistently remained above a crucial moving average. On a shorter timeframe, the stock has broken out of a consolidation pattern. It could potentially reach Rs 145 on the upside, with strong support at Rs 99 on the downside.
Recommended by: Rupak De, Senior Technical analyst at LKP Securities

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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