HDFC AMC, Anand Rathi Wealth, Angel One: Trading strategies for these buzzing stocks

Dalal Street gained on Wednesday amid optimism over a dovish Fed commentary amid ease in crude oil prices. The BSE Sensex gained 377.89 points, or 0.60 per cent, to end at 66,473.05. The NSE Nifty added 121.50 points, or 0.62 per cent, to close at 19,811.35.

A few results-bound stocks namely Angel One, HDFC Asset Management and Anand Rathi Wealth are likely to remain under the spotlight today. Here is what Laxmikant Shukla, Technical Research Analyst at YES Securities to say on these stocks ahead of Thursday's trading session:

Angel One | Buy | Target Price: Rs 2,440 | Stop Loss: Rs 1,930
Angel One has seen a decent run in the current financial year. However, in the last few sessions, the stock has started consolidating near its upper band. The stock has found a base near its 20-day moving average. It formed a bullish candle on the weekly chart, suggesting inherent strength. On technical parameters, major indicators have seen a positive crossover, adding to the bullish quotient on the counter. Based on the above evidence, one can buy the stock for a target of Rs 2,440. The stop loss can be placed at Rs 1,930 level.

HDFC Asset Management Company | Buy | Target Price: Rs 3,130 | Stop Loss: Rs 2,560
A flag breakout on the weekly timeframe recently suggests a continuation of the upward trend on HDFC AMC. The daily RSI has been making higher top-bottom, indicating increasing momentum in the stock's price. Furthermore, the bullish crossover of 50- and 100-DMA is implying strength. Looking at these factors, it can be inferred that the stock can move higher from here on. The stock may climb towards Rs 3,130 level. It is recommended to set a stop-loss at Rs 2,560 based on a closing prices to effectively manage potential downside risks.

Anand Rathi Wealth | Range-bound | Target Price: Rs 1,972 | Stop Loss: Rs 1,760
Anand Rathi Wealth has a robust technical structure of higher high-low on all time frames. The daily and weekly MACD is supporting the current strength while the momentum indicator RSI is also positively poised. The structure is looking impressive, as the stock is trading above its key moving averages. On the upside, the recent swing high of Rs 1,972 could act as an immediate hurdle. Surpassing the same could help the stock extend the rally towards the Rs 2,380 level. On the downside, the Rs 1,760 level may act as a strong demand zone.


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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