Amid the rising volatility in the Indian stock markets in the last few sessions, Rupak De, Senior Technical Analyst at LKP Securities, a domestic brokerage firm has shared three stocks- Gujarat Mineral Development Corporation Ltd (GMDC), KPIT Technologies Ltd and Hindustan Unilever Ltd (HUL) – from a trading point of view. The analyst has suggested to long all the three counters. Here’s what the analyst has to say about these counters:
Gujarat Mineral Development Corporation | Buy | Target Price: Rs 360-380 | Stop Loss: Rs 319
GMDC has recently bounced back from several key reversal points on the weekly chart. Additionally, it found support at the 100-week EMA just before the recent rally. A bullish harami reversal pattern is also evident on the daily chart. The RSI shows a bullish crossover on the daily timeframe. With this technical setup, we can infer a positive outlook, potentially reaching Rs 360-380 in the short term. Support is established at Rs 320, and a break below this level would indicate weakness.
KPIT Technologies | Buy | Target Price: Rs 1,920 | Stop Loss: Rs 1,734
KPIT Tech has moved back into a bullish zone by breaking through the rising trendline on the daily timeframe. The recent rally occurred after it held above the critical 100-day EMA. Additionally, the RSI has broken out of a falling trendline. With this technical setup, we can infer a positive outlook, potentially reaching Rs 1,920 in the short term. Support is established at Rs 1,734, and a break below this level would signal weakness
Hindustan Unilever | Buy | Target Price: Rs 3,050 | Stop Loss: Rs 2,665
HUL has recently reversed from several key points on the daily chart. Additionally, it found support just above the 100-day EMA before the recent rally. A strong hidden bullish divergence is visible on the daily timeframe. With this technical setup, we can infer a positive outlook, potentially reaching Rs 3, 050 in the short to medium term. Support is placed at Rs 2,664 on a closing basis, and a break below this level would signal weakness
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