Bajaj Auto
From a technical analysis perspective, the Daily RSI has reversed from 50 levels, further signalling a positive outlook for the stock. Based on these indicators, it is advisable to consider adding long positions within the Rs 9,650-Rs 9,675 range, targeting an upside potential of Rs 10,000. To manage risk, a stop-loss should be set at Rs 9,488 on a daily closing basis.
Asian Paints
From a technical analysis standpoint, the Daily MACD has formed a bullish crossover just above the zero line, indicating a positive trend, suggesting renewed strength, and making the current price levels especially appealing for investors.
Based on these factors, it is advisable to consider purchasing shares within the Rs 2,950-Rs 2,960 range, targeting an upside potential of Rs 3,150. To manage risk prudently, a stop-loss should be implemented near the Rs 2,855 level on a daily closing basis.
Varun Beverages Limited (VBL)
However, in previous trading session, VBL demonstrated resilience by avoiding further drops and instead reversed around 21DEMA. Notably, in the prior trading session, there was notable buying activity observed at lower price levels, suggesting investor interest in purchasing the stock at these levels.
From a technical perspective, the daily RSI indicator has given reversed from 50 levels, indicating a potential shift in momentum, and presenting an attractive buying opportunity.
Consequently, traders are advised to consider buying VBL within the range of Rs 1,615-Rs 1,630, with an anticipated upside target of Rs 1,690, with a stop-loss placed at Rs 1,590 based on a daily closing price.
(Jigar S Patel is a senior manager of equity research at Anand Rathi. Views expressed are his own.)
First Published: Jul 16 2024 | 6:34 AM IST
