Technical stock picks for May: Nirmal Bang likes IEX, City Union Bank – here's why
Indian Energy Exchange (IEX) - BUY IEX above ₹157.40, ADD on dips at ₹150 for a target of ₹185 with a strict stop loss of ₹144. As per the brokerage, technically, the weekly chart suggests that the stock has given the breakout of a downward-sloping channel suggesting a potential upmove in the near term. It is well placed above all the important moving averages on a closing basis.
An interesting fact is that its price is rising along with decent volume indicating strength. Momentum indicator RSI is showing strength in its weekly charts, it said. The stock has lost over 7 percent in the last 1 year and over 10 percent in 2024 YTD.
The scrip has shed almost 4 percent in May so far after an over 16 percent jump in April. However, it was in the red in the first 3 months of the year, down 12 percent in January, 3.7 percent in February and 5.5 percent in March. City Union Bank (CUB) – BUY CUB above ₹160, ADD on dips at ₹154 for a target of ₹185 with a strict stop loss of ₹148.
"CUB has given a breakout of the cup and handle formation on weekly charts. The daily chart suggests that the stock has given the flag pattern breakout with volume indicating a potential upmove in the near term. Stock is well placed above all the important moving averages and a positive average crossover is seen.
Momentum Indicator such as RSI is showing a positive crossover," explained the brokerage. The stock has risen over 14 percent in the last 1 year and over 4 percent in 2024 YTD. The scrip has lost over 3 percent in May so far after a 19 percent jump in April.
Meanwhile, it was completely flat in March. However, the stock was in the red in the first 2 months of the year, down almost 3 percent in January and 6.7 percent in February. Disclaimer: The
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