Kolkata: The Indian stock market traded in a narrow range throughout the day on Thursday, but a sharp sell-off suddenly took hold in the last 15 minutes of the closing session.
The Sensex fell nearly 417 points from its 3:15 pm level in the closing auction session, while the Nifty 50 also closed below the crucial 23,900 level. Despite this decline, the brokerage is positive on these stocks. Sachin Gupta, vice-president, technical research of Choice Equity Broking, has recommended buying Capri Global Capital, Phoenix Mills and Engineers India. According to experts, all three stocks have demonstrated strength above key technical levels. Based on the given target prices, CGCL has the highest upside potential of approximately 12%. Phoenix Mills and Engineers India also have upside potential of approximately 10% from current buy levels.
Capri Global Capital
Thursday’s closing price: Rs 272.10
Capri Global Capital (CGCL) stock has seen a strong breakout on the daily chart and reached a new swing high. The stock is consistently forming a pattern of higher highs and higher lows, indicating a bullish trend. The stock is trading above the 20, 50, 100, and 200 EMAs. The RSI has reached 67.93, indicating a strong buying position. Experts have given a buy call around Rs 272 and a target of Rs 305.
Phoenix Mills
Thursday’s closing price: Rs 1,958.00
Phoenix Mills shares have also seen a bullish consolidation breakout on the technical charts. The stock has gained momentum after forming a strong base near the 100 EMA. The stock is now trading above the 20, 50, 100, and 200 EMAs. The RSI is moving upwards, reaching 55.62, indicating buying interest. Experts have given a target of Rs 2100 from the buy level of Rs 1960, implying a potential upside of approximately 7%.
Engineers India
Thursday’s closing price: Rs 280.80
Engineers India stock has broken through key multi-month resistance and set new swing highs. The stock is trading above its key moving averages, indicating a strong bullish trend. The RSI is at 72.48, indicating strong buying. Volume has also increased. Experts recommend buying at the Rs 282 level with a target of Rs 310.
Technical signals of these stocks
All three stocks have one thing in common: they are trading above their key 20, 50, 100, and 200 EMAs. CGCL and Engineers India have broken out above key resistance levels, while Phoenix Mills has broken out after consolidation. The RSI is also indicating a bullish bias for all three stocks. However, investing and trading in the stock market is subject to risk, so it’s important to keep in mind the stop loss recommended by experts.
How much upside in these stocks
Based on the given Buy and target prices, CGCL has the highest potential upside of approximately 12.13%. This is followed by Engineers India with approximately 9.93% upside, and Phoenix Mills with 7.14% upside. These target prices are based on technical analysis, and the stock’s movements are subject to change depending on market conditions. Investors and traders should make decisions based on their risk appetite and investment strategy.