Nifty at 20,000: Religare lists 3 technical stock picks including BHEL
BSE market cap climbing to the $4 trillion mark. The surge comes after Fed Governor Christopher Waller flagged a possible rate cut in the months ahead. Also, FPI turning back buyers of Indian equities, recent upgrades by multiple global brokerages, decent earnings for the second quarter, and a fall in crude oil aided the gains.
Amid this bullish market environment, domestic brokerage house Religare Broking has come out with 3 technical picks. Let's take a look: Hindalco Industries: Buy in the range of ₹513-518 for a target price of ₹585 and a stop loss of ₹490. “Hindalco has registered a breakout from the corrective phase which continued for almost more than one and a half years.
The breakout has been accompanied with noticeable volumes. The recent recovery in price has resulted in a breakout from the bullish Cup and Handle price pattern as well, which coincides with the 61.8 percent retracement level of its prior decline from 636 to 309. The price pattern coupled with the upbeat trend of the metal index suggests a bullish tone to continue.
We thus recommend accumulating in the mentioned range," said the brokerage The stock has risen almost 20 percent in the last 1 year and 9 percent in 2023 YTD. Just in November, it has advanced 12.5 percent following an almost 7 percent fall in October. The stock hit its 52-week high of ₹523.40, gaining 1.5 percent in intra-day deals today, November 29.
It has now advanced over 37 percent from its 52-week low of ₹381, hit on March 20, 2023. BHEL: Buy in the range of ₹154-156 for a target price of ₹175 and a stop loss of ₹144. “BHEL has been trading in a steady uptrend after the consolidation breakout in July 2023.
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