All eyes will be on reaction to the Q1 earnings from Infosys, Dr. Reddy’s Labs and Tata Consumer Products, with stock-specific swings set to steal the spotlight. Traders will juggle momentum-driven gains and selective profit-taking as they position ahead of key macro data later this week.
Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman:
Southern Petrochemicals Industries Corp. Ltd (Cmp 88.36)
Buy CMP and dips to ₹85 | Stop ₹82 | Target ₹98-102
Why it’s recommended: India’s fertilizer companies are performing well. The company has shown good profit growth of 19.24% over the past three years and 47.5% CAGR over the last five years. This counter has simultaneously been showing some improvement after the strong decline into cloud support and generated a buy opportunity yesterday. After a push above the clouds, we can see that the stock is set for a turnaround. Go long.
Key metrics: P/E: 13.78 | 52-week high: ₹96.50 | Volume: 1.64M.
Technical analysis: Support at ₹80, resistance at ₹110.
Risk factors: Delays in government subsidy receipts and market collections. Disruptions to interactions with farmers.
Buy at: CMP and dips to ₹85.
Target price: ₹98-102 in 1 month.
Stop loss: ₹82.
Olectra Greentech Ltd (Cmp 1327.30)
Buy CMP and dips to ₹1,280 | Stop ₹1,265 | Target ₹1,450-1,480
Why it’s recommended: OLECTRA has shown a V-shaped recovery, indicating that the trends in this counter look strong for some positive traction ahead. The prices have been moving in oscillation, forming a V-shaped recovery, and the recent move out of the consolidation augurs well for the prices. You can look to go long.
Key metrics: P/E: 78.08 | 52-week high: ₹1,786.65 | Volume: 1.75M.
Technical analysis: Support at ₹1,170, resistance at ₹1,600.
Risk factors: Order cancellations and delays, and debt servicing capacity due to increased borrowings.
Buy at: CMP and dips to ₹1280.
Target price: ₹1,450-1,480 in 1 month.
Stop loss: ₹1,265.
Mahindra Holidays and Resorts India Ltd (Cmp 367.25)
Buy CMP and dips to ₹352 | Stop ₹345 | Target ₹400-420
Why it’s recommended: The counter has been undergoing some consolidation and has formed a rounding pattern after facing intense selling pressure for more than eight weeks. The prices hit a consolidation zone at cloud support, indicating that a positive turnaround is emerging. After the recent test of the TS & KS Bands, with a strong closing on Wednesday post results, we can look at some positive vibes emerging.
Key metrics: P/E: 36.96 | 52-week high: ₹494.95 | Volume: 1.32M.
Technical analysis: Support at ₹330, resistance at ₹450.
Risk factors: Supplier retention and potential customer preferences, regulatory challenges.
Buy at: CMP and dips to ₹352.
Target price: ₹400-420 in 1 month.
Stop loss: ₹345.
Best stocks to buy today, recommended by Ankush Bajaj
- Why it’s recommended: Kalyan Jewellers has closed above the 50% Fibonacci retracement level from the recent high and low on the daily chart, indicating that the ongoing recovery could extend further. The daily RSI is at 69 and MACD at 14, both pointing to strong bullish momentum. This setup suggests the rally may continue toward the 61.80% retracement zone, which aligns with the ₹645 level.
- Key metrics: Breakout zone: Closed above 50% Fibonacci retracement on daily chart
- Pattern: Retracement continuation pattern with bullish momentum
- MACD: Positive at 14, showing rising strength
- RSI: Daily RSI at 69, indicating solid momentum
- Technical analysis: With price reclaiming key retracement levels and momentum building, the stock shows potential to rally toward the ₹645 mark in the near term Risk factors: A close below ₹594 will invalidate the current bullish setup and may signal short-term weakness. A disciplined stop-loss at ₹594 is recommended
- Buy at: ₹611.80
- Target price: ₹645
- Stop loss: ₹594.00
Buy: DIXON TECHNOLOGIES (INDIA) LTD — Current Price: ₹16,556.00
- Why it’s recommended: Dixon is showing strong momentum on the daily chart, with the RSI at 69 and MACD at 386, confirming sustained bullish strength. The price is holding above key support levels, and indicators suggest that the current uptrend could extend toward ₹17,525 in the short term.
- Key metrics: Breakout zone: Momentum continuation on daily chart
- Pattern: Bullish continuation with strong indicator confirmation
- MACD: Strong positive reading at 386
- RSI: Daily RSI at 69, highlighting upside strength
- Technical analysis: With strong MACD and RSI readings, the stock has potential to continue its rally toward the ₹17,525 zone.
- Risk factors: A close below ₹16,060 will weaken the setup and could trigger short-term downside. A strict stop-loss at ₹16,060 is advised
- Buy at: ₹16,556.00
- Target price: ₹17,525
- Stop loss: ₹16,060.00
- Why it’s recommended: National Aluminium Co has broken out of a bullish pennant pattern on the lower timeframe, supported by positive signals on momentum indicators. The daily RSI stands at 64 and MACD at 2, both pointing to improving bullish sentiment. The breakout is technically sound and suggests a near-term upside toward ₹205.
- Key metrics: Breakout zone: Bullish pennant breakout on lower timeframe
- Pattern: Short-term breakout with momentum confirmation
- MACD: Positive at 2, reflecting rising interest
- RSI: Daily RSI at 64, showing building momentum
- Technical analysis: With a breakout confirmed and momentum supporting the move, the stock is poised to test the ₹205 level in the coming sessions
- Risk factors: A close below ₹194.50 would invalidate the breakout and signal caution. A stop-loss at ₹194.50 is recommended
- Buy at: ₹198.10
- Target price: ₹205
- Stop loss: ₹194.50
Two stock recommendations for today by MarketSmith India
Manorama Industries Ltd.(current price: ₹1,585)
- Why it’s recommended: Leadership in a niche market with strong global demand, aggressive capacity expansion and operational scale, strong ESG focus, robust financials, and R&D.
- Key metrics: P/E: 126.20, 52-week high: ₹ 1,012.00, volume: ₹ 75.52 crore
- Technical analysis: Breakout out of a flat base pattern
- Risk factors: Raw material dependency and seasonality risk, regulatory and compliance risk, and execution risk from aggressive expansion
- Buy: ₹1,585
- Target price: ₹1,840 in two to three months
- Stop loss: ₹ 1,490
K.P.R. Mill Limited (current price: ₹1,230)
- Why it’s recommended: Export opportunities and global clientele, integrated business model, garmenting business expansion
- Key metrics: P/E: 50.38, 52-week high: ₹ 3,389, volume: ₹57.06 crore
- Technical analysis: Tight range breakout
- Risk factors: Dependence on export incentives, geopolitical, and global trade risks
- Buy at: ₹ 1,230
- Target price: ₹ 1,380 in two to three months
- Stop loss: ₹ 1,160
Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441.
Raja Venkatraman is the co-founder of NeoTrader. His Sebi-registered research analyst registration no. is INH000016223.
MarketSmith India is a stock research platform and advisory service focused on the Indian stock market. Its trade name is William O’Neil India Pvt. Ltd, and its Sebi registration number is INH000015543.
Investments in securities are subject to market risks. Read all the related documents carefully before investing.
Registration granted by Sebi and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
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