Stocks to buy: Godrej Prop and Fortis Healthcare among top picks, here’s why
Indian stock market: The index has remained sideways throughout the session, reflecting a pause in the market trend following the formation of a hanging man pattern. The sentiment may continue to remain sideways due to the lack of a directional breakout or pattern formation. At the higher end, 22650 might prove to be a crucial resistance level. A fresh rally is not anticipated as long as the index remains below 22650. On the lower end, support is evident at 22300; if breached, the index might decline towards the 22000-21900 range.
Bank Nifty
Meanwhile, the Bank Nifty maintained its robust momentum following the RBI policy announcement, remaining above the crucial level of 48,000. This suggests the potential for reaching new all-time highs next week, possibly even touching the 50,000 mark. Notably, aggressive put writing has been observed at lower strikes, establishing a supportive base in the 48,200-48,000 zone, which is anticipated to serve as a cushion for bullish sentiment.
Stocks to buy
Godrej Properties: Buy at ₹2514 | Target price: ₹2700 | Stop Loss: ₹2400
The stock has broken out of consolidation on the daily chart, indicating increased optimism in the stock. Additionally, the stock price has consistently traded above the critical moving average, indicating a bullish setup. The momentum indicator is showing a bullish crossover. On the higher end, it might move towards 2750, while support is positioned at 2400.
Fortis Healthcare: Buy at ₹437.50 | Target price: ₹480 | Stop Loss: ₹424
The stock has given breakout from recent consolidation pattern on the daily chart, indicating an increased bullishness. Moreover, it has maintained a consistent trading position above the crucial moving average, suggesting a bullish trend. The momentum indicator exhibits a bullish crossover. Potential upward movement could target 480, with support established at 424.
Granules India: Buy at ₹453.50 | Target price: ₹486 | Stop Loss: ₹434
The stock has been trending higher over the past few days, indicating a sustained uptrend. It has consistently traded above the critical moving average, implying a bullish trajectory. The momentum indicator shows a bullish crossover. Potential upward movement could aim for 2750, with support firmly established at 2400.
The author Rupak De is Senior Technical Analyst at LKP Securities.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 07 Apr 2024, 05:02 PM IST
