Prabhudas Lilladher’s technical picks: Infosys among 3 stocks to buy

Prabhudas Lilladher’s technical picks: Infosys among 3 stocks to buy

Market


Based on the technical factors, domestic brokerage and research firm Prabhudas Lilladher’s Vaishali Parekh, Vice President – Technical Research, has suggested three stocks that investors can look to buy. The three stock picks are Bank of Baroda, Infosys and Housing and Urban Development Corporation Limited (Hudco).

Prabhudas Lilladher’s top technical picks

BUY BANK OF BARODA:

“The stock is in a strong upward trend and after the short correction recently has taken support near the significant 50EMA level of 165 and indicated a trend reversal with a decent pullback improving the overall bias on the daily chart. The RSI has shown a trend reversal with potential visible on the upside to indicate strength and can carry on the momentum still further. We suggest to buy this stock for an upside target of 200 keeping the stop loss of 172.”

Medium Term Tech Pick –  

BUY INFOSYS

“The stock after the short correction has consolidated and taken support near the 1500 levels which is almost the 50% retracement of the recent rally and indicating some improvement in the bias with the RSI also flattening out near the oversold after the correction has indicated signs of reversal with upside potential visible. With a decisive move past the significant 50EMA and 200DMA levels of 1550 would further strengthen the trend to anticipate for further upward targets. With the chart looking good, we recommend a positional buy in this stock for an upside target of 1,660 keeping a stop loss of 1,440.”

BUY HUDCO

“The stock after forming the double top formation has slipped with a short correction witnessed and has taken support near 45 zone to indicate a pullback. The bias has improved with sustained upward move and with the RSI also showing a trend reversal has immense upside potential visible. With the risk reward ratio favorable and chart looking good, we recommend a positional buy in this stock for an upside target of 63 keeping a stop loss of 45.”

The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.


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