Kolkata: Amid the volatility in the stock market, some stocks are showing signs of a rally. Based on technical analysis, Choice Broking’s technical expert, Sachin Gupta, has recommended buying three stocks: Adani Energy Solutions (ADANIENSOL), Uno Minda (UNOMINDA), and Neogen Chemicals (NEOGEN).
The expert has also provided entry prices, stop losses, and target prices for these three stocks. Let’s explore the strategy for these stocks.
Adani Energy Solutions
Thursday’s closing price: Rs 1,613.10
Choice Broking has a Buy recommendation for Adani Energy Solutions shares around Rs 1,617. He has set a target price of Rs 1,770 for this stock and recommends a stop loss of Rs 1,525. On the technical charts, the stock is consistently making higher highs and higher lows, indicating a strong bullish momentum.
Adani Energy Solutions stock recently found strong support near the 50-day EMA and has rebounded well from there. This indicates continued buying interest. The RSI has also recovered from its mid-level low after declining and is moving higher. The stock’s position above key EMAs further strengthens the bullish outlook.
Uno Minda
Thursday’s closing price: Rs 1,269.20
Sachin Gupta has also issued a Buy call for Uno Minda. He recommends buying the stock around Rs 1,280, with a target price of Rs 1,380 and a stop-loss of Rs 1,225. The stock has formed a golden crossover after sustained buying from lower levels, which is considered a signal of a reversal in the bullish trend.
Uno Minda recently found support near the 20-day EMA and gained momentum from there. The stock is trading above all major EMAs, indicating a strong bullish trend. Its RSI is at 65.50 and is consistently above the mid-level. According to Sachin Gupta, the current technical setup is favorable for buying around Rs 1,280.
Neogen Chemicals
Thursday’s closing price: Rs 2,226.90
Sachin Gupta also has a buy recommendation on Neogen Chemicals. He recommends buying the stock around Rs 2,230. He has a target price of Rs 2,450 and a stop-loss of Rs 2,110. The stock is forming a strong pattern of higher highs and higher lows, which indicates a bullish trend.
The 50-day EMA of Neogen Chemicals continues to provide support at higher levels. This indicates strong buying momentum in the stock. The stock’s price action remains positive, suggesting further upside potential. The RSI has also found support near the mid-level, reinforcing the positive momentum.