2 stocks ideas by Osho Krishan of Anand Rathi: HDFC Life, Cummins India
[ad_1]
Web Exclusive
CUMMINS INDIA is trading in a rising channel and is currently placed near the lower band of the channel signalling a near-term resurgence
Topics
Stock ideas | Market technicals | Markets
Osho Krishan |
Last Updated at October 19, 2021 08:24 IST
BUY HDFC LIFE INSURANCE COMPANY LTD | TARGET: 760 | STOP LOSS: 670
HDFC LIFE has corrected nearly 10 per cent from its all-time high and eventually retraced over 50 per cent on the Fibonacci retracement of the recent rally. In the last trading day, the stock has witnessed some buying interest near the 200 DEMA on the daily chart that historically has been a strong support zone for the counter. On the oscillator front, 14 period RSI is also placed to its historical support zone and with a reversal sign in the last session, it is indicating an increase in demand at lower levels. Hence, the early sign of reversal could be utilised by the bulls to maximize gains from the counter.
BUY CUMMINS INDIA | TARGET: 980 | STOP LOSS: 860
CUMMINS INDIA is trading in a rising channel and is currently placed near the lower band of the channel signalling a near-term resurgence. In the last trading week, the stock has formed a bullish reversal pattern post four consecutive weeks of corrections, suggesting the initial sign of reversal in the stock. Also looking at the trend, the lower Bollinger band has historically proved to be a strong demand zone and the same could be expected in the near term. Even the placement of the stock price is at lucrative levels from a risk-reward point of view and holds strong upside potential in the short term time frame.
==========================================
Discalimer: Osho Krishan is Senior Manager – Equity Research at Anand Rathi Shares & Stock Brokers. Views expressed are personal.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
First Published: Tue, October 19 2021. 08:24 IST
[ad_2]
Source link
