Reliance Industries, Engineers India; MRPL: SMIFS see up to 55% upside in these 3 stocks

Amid the volatility in the Indian stock markets, domestic brokerage firm SMIFS has suggested three stocks- Reliance Industries (RIL), Engineers India (EIL) and Mangalore Refinery and Petrochemicals (MRPL)- to bet amid the scarce opportunities to make money. The brokerage has picked these stocks on the basis of their strong technical charts for a period of 1-3 months and with an upside potential of up to 55 per cent. Here's what the brokerage has to say about these counters:

 

Reliance Industries | Buy | Stop Loss: Rs 1,000 | Target Price: Rs 1,600

RIL is likely to achieve a 14-15 per cent EPS CAGR over the next 3-5 years. Jio’s ARPU is expected to grow at an 11-12 per cent CAGR from FY25 to FY28, supported by industry-wide tariff adjustments, rising 5G adoption, and structural pricing improvements in the telecom market. The Retail segment is expected to sustain strong growth, with Ebitda projected to increase by 15-20 per cent.

 

Technically, after sustained decline from its all-time highs, the stock is seen taking support along the 50-EMA placed around Rs 1,170 levels. Stochastic oscillator already into oversold zone while the RSI is seen turning around from previous bottoms suggesting the possibility of a pullback towards recent all-time highs around Rs 1,600 levels. Based on the aforementioned explanations, we recommend buying RIL on dips in the price range of Rs 1,250-1,200 for the target of Rs 1,600.

 

Engineers India | Buy | Stop Loss: Rs 110 | Target Price: Rs 200

Engineers India is seen taking support around the 50-EMA placed around Rs 145 levels, after sustained decline from its all-time highs around Rs 290 levels. Oversold stochastic while the RSI is seen turning around form the midterm ascending trend line suggesting the possibility of pullback towards previous double top placed around 200 levels. Based on the aforementioned explanations, we recommend buying Engineers India on dips in the price range Rs 145-140 for the target of Rs 200.

 

Mangalore Refinery and Petrochemicals | Buy | Stop Loss: Rs 80 | Target Price: Rs 200

Mangalore Refinery and Petrochemicals is seen taking support around 50-SMA placed around Rs 100 levels, after sustained decline from its all-time highs around Rs 290 levels. Oversold stochastic while the declining RSI is seen turning around from the previous bottom suggesting the possibility of a pullback towards the lower edge of the previous consolidation breakdown around 200 levels. Based on the aforementioned explanations, we recommend buying MRPL on dips in the price range of Rs 125-120 for the target of Rs 200.