Stocks to buy: Here's why Indian Hotels, GAIL and Jamna Auto are a buy for short term
Also read: IPOs This Week: RK Swamy IPO among 7 other issues to open; check details These are the stock recommendations from Rupak De, Senior Technical Analyst at LKP securities: The stock has experienced a breakout from a flag pattern on the daily chart, indicating a notable increase in investor optimism. Furthermore, the stock has consistently traded above the crucial moving average. In the upward direction, there is a potential move towards 640, with support established at 570.
The stock is exhibiting a consistent uptrend pattern with higher highs and higher lows intact on the daily chart. Currently, it is finding support at its 21-day simple moving average (SMA) situated at 180, serving as a cushion for the bulls. Additionally, the momentum indicator RSI has provided a positive crossover and is poised for a breakout from a falling trendline on the daily chart.
The stock has surpassed its previous swing high on the monthly chart, indicating heightened buying interest among investors. It is currently forming higher highs and higher lows on the long-term chart, signaling a bullish trend. Additionally, the stock is trading above its long-term moving average.
In the medium term, there is a potential move towards 160/179, with support established at 117. The author, Rupak De is Senior Technical Analyst at LKP Securities Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.Milestone Alert!
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