Top stock picks for July 01 by Angel One; check key levels here

Posted by Admin July 1, 2024 Bussiness

2 min read Last Updated : Jul 01 2024 | 6:34 AM IST

NSE Scrip – Mahindra Logistics

View – Bullish

Last Close – Rs 520

On the weekly chart, stock prices have confirmed a bullish reversal pattern breakout known as the Cup and Handle. This breakout occurred after a strong consolidation period of more than 18 months and is supported by a significant surge in volumes. Prices have also broken above the 200-week moving average, which previously acted as strong resistance. Although the indicators have now entered the overbought zone, this suggests inherent strength in the stock.

Hence, we recommend to BUY Mahindra Logistics around Rs 515 – Rs 520 | Stop loss: Rs 488 | Target: Rs 577

NSE Scrip – Patanjali

View – Bullish

Last Close – Rs 1,590

In recent weeks, the stock prices have been forming a strong base around the 50 EMA on the weekly chart. This week, a surge from this support level has led to a symmetrical triangle breakout, supported by a significant increase in volume. Additionally, we are observing a fresh buy crossover in the RSI smoothed indicator with its moving average, further supporting our view. Based on this evidence, we expect strong outperformance by this stock.

Hence, we recommend to BUY Patanjali around Rs 1,580 – 1,590 | Stop loss: Rs 1,510 | Target: Rs 1,740

(Rajesh Bhosale is an equity technical analyst at Angel One Ltd. Views expressed are his own.)

First Published: Jul 01 2024 | 6:34 AM IST