These are top picks by Osho Krishan of Angel One for August 05 | News on Markets
These are top picks by Osho Krishan of Angel One for August 05 | News on Markets
Stock Recommendations
NSE Scrip – IEX
View – Bullish
Last Close – 195.32
IEX witnessed a substantial increase in price in the last couple of trading sessions from the 21 DEMA on the daily chart. Additionally, the counter witnessed a run-away gap, followed by a V-shaped recovery on the daily time frame, construing a positive development. From a technical standpoint, the counter has gained significant traction in terms of volumes lately, which is likely to augur well from a short to medium-term outlook. On the oscillator front, the MACD signals a continuation
move, suggesting a potential upside journey in a comparable period.
Hence, we recommend to BUY IEX around Rs 192-190 | SL: Rs 178 | Target: Rs 215-220
NSE Scrip – M&M Fin
View – Bullish
Last Close – Rs 305.45
M&M Fin witnessed a decisive multi-week breakout on a closing basis, soaring nearly 4 percent. The counter has witnessed very strong traction in the last couple of trading weeks and seems poised to continue its northward move in the comparable period. Additionally, the counter witnessed a sloping trendline breakout, adding a bullish quotient to its undertone. On the oscillator front, the 14-period RSI had showcased a positive crossover, and MACD signals a continuation move, suggesting a potential upside journey for the counter.
Hence, we recommend to BUY M&M Fin around Rs 302-300 | SL: Rs 282 | Target: Rs 345
(Osho Krishan is a senior analyst of technical & derivatives at Angel One Ltd. Views expressed are his own.)
First Published: Aug 05 2024 | 6:36 AM IST
