Here’s why Mehul Kothari recommends Buy Balrampur Chini, PNB | Popgen Tech
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BUY
Balrampur Chini
Buy Near: Rs 392
Target: Rs 435
Stop Loss: Rs 370
Since April 2022, this counter has observed a free fall from Rs 526 to Rs 331. It has now stabilized near its historical support of Rs 325.
From the perspective of the candlestick pattern, during October, this counter showed a Doji, followed by a bullish harami with increasing volume that is hinting at an upside.
From the indicator’s perspective, the daily RSI (relative strength index) made an impulsive structure near the oversold zone, further confirming the upside of the counter.
The upside target is expected up to Rs 435 and with a stop loss of Rs 370.
BUY
GNP
Buy Near: Rs 55
Target: Rs 68
Stop Loss: Rs 49
From June 2022 to date, PNB has given a huge return of almost 130 percent. At the current moment, it is sustaining above its historical resistance of Rs 55 which is adding strength to the counter.
On the indicator front, the weekly DMIs have made a super bullish structure along with increasing volume with the price which is a positive indication for more upside in the bank.
(Mehul Kothari – AVP – Technical Research, Anand Rathi Shares & Stock Brokers. Views are personal).
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