SAMIL, Dabur, Suven Pharma: Trading Strategies for these buzzing stocks

Domestic stock indices ended the last session of 2023 in the red, but the BSE Sensex gained about 11,400 points for the calendar. Nifty gained about 20 per cent during the same period.

As we enter the first trading session of 2024, a few stocks namely Samvardhana Motherson International Ltd and Dabur India Ltd, Suven Pharmaceuticals Ltd are likely to be in focus. Here is what Rupak De, Senior Technical Analyst at LKP securities has to say on these stocks ahead of Monday's trading session:

Dabur India | Buy | Target Price: Rs 590 | Stop Loss: Rs 540
Dabur India has experienced a consolidation breakout on the daily chart, signaling increased optimism among traders. The stock price has crossed above a crucial moving average, indicating a potential shift in trend. The daily RSI showed a bullish crossover, further supporting the upward momentum. With the price nearing Rs 590 on the upside and support at Rs 540 on the downside, both targets and support levels are clearly delineated.

Suven Pharmaceuticals | Buy | Target Price: Rs 800 | Stop Loss: Rs 700
Suven Pharma recently experienced a breakout from a pennant pattern on the daily chart, indicating an increase in market optimism. Additionally, the stock price has been consistently maintaining levels above a crucial moving average, signifying a potential shift in the trend direction. The daily RSI exhibits a bullish crossover, further supporting the positive sentiment. With the price approaching Rs 800 on the upside and supported at Rs 700 on the downside, clear price targets and support levels are defined.

Samvardhana Motherson International | Buy | Target Price: Rs 110 | Stop Loss: Rs 97
Samvardhana Motherson has been in a Megaphone pattern on the daily chart. Additionally, the stock has shown an Inverted Head and Shoulder pattern, indicating a potential rally over the short term. The daily RSI is in a bullish crossover. On the higher end, the stock price has reached Rs 110, and support is positioned at Rs 97.


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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