 "Here's why Mehul Kothari recommends to Buy Balrampur Chini, PNB")
BUY
Balrampur Chini
Buy Near: Rs 392
Target: Rs 435
Stop Loss: Rs 370
From April 2022, this counter has observed a free fall from Rs 526 to Rs 331. It has now stabilized near its historical support of Rs 325.
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From the candlesticks pattern perspective, during October, this counter displayed a Doji, followed by a bullish harami with volume steadily increasing which is hinting towards an upside.
From the indicator perspective, the daily RSI (relative strength index) has made an impulsive structure near the oversold zone, further confirming the counter's upside.
The upside target is expected till Rs 435 and with a stop loss of Rs 370.
BUY
PNB
Buy Near: Rs 55
Target: Rs 68
Stop Loss: Rs 49
From June 2022 to date, PNB has given a whopping return of nearly 130 per cent. At the current juncture, it is sustaining above its historical resistance of Rs 55 which is adding strength to the counter.
On the indicator front, weekly DMIs have made a super bullish structure alongside rising volume with the price which is a positive indication for further upside in the counter.
(Mehul Kothari - AVP – Technical Research, Anand Rathi Shares & Stock Brokers. Views are personal).
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