Comments
Kotak Mahindra Bank (₹1,744.9)
At a range bottom
Kotak Mahindra Bank’s stock has largely been oscillating between ₹1,650 and ₹2,000 since early 2021. Since the stock is currently hovering near the range bottom, the probability of a rally is high. Traders can split the entries into three parts. Buy for one-third of the planned amount now at ₹1,745. When the price moderates to ₹1,710, add positions for another one-third.
If the stock price declines to ₹1,670, deploy the remaining one-third of the money. The average buy price would, thus, be ₹1,708. Keep initial stop-loss at ₹1,590. When the stock touches ₹1,830, alter the stop-loss to ₹1,750. When the price hits ₹1,900, exit half of the longs and modify the stop-loss to ₹1,840. Exit the remaining positions at ₹1,950.
Raymond (₹1,889.3)
Bulls gain back control
Raymond’s stock has potentially ended the corrective fall after finding the 200-day moving average support at ₹1,625 two weeks ago. The stock bounced off that level and surpassed a key hurdle at ₹1,840 a fortnight ago. This denotes that the bulls have regained control and this increases the odds of a further rally. We expect the stock to appreciate to ₹2,150 in the near term.
So, traders can go long on the stock of Raymond now at ₹1,890 and buy more if the price softens to ₹1,840. Keep the stop-loss at ₹1,760. Raise this to ₹1,900 when the stock reaches ₹2,000. Lift the stop-loss further up to ₹1,980, when the price hits ₹2,050. Liquidate all the longs at ₹2,120.
Zydus Lifesciences (₹619.9)
Uptrend resumes
Zydus Lifesciences’ stock saw a strong rebound over the past couple of weeks. It found support at ₹570 and then rallied. Since the overall trend is bullish, the recent bounce in price indicates that the corrective decline has come to an end. The probability of further rally is high. In the short term, the share price of Zydus Lifesciences is most likely to touch ₹660.
But there could be a minor dip in price, possibly to ₹600, before heading to ₹660. So, investors can buy this stock now at around ₹620 and accumulate more shares, in case the price dips to ₹605. Keep initial stop-loss at ₹585. When the stock goes above ₹640, modify the stop-loss to ₹625. Book profits at ₹660.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.