HUL, Asian Paints: 5 stocks withstood recent sell-off; Will they rise more?

Among individual stocks, Asian Paints, EIH and Alkem Laboratories can rally up to 18 per cent each. Hindustan Unilever and Metro Brands too are poised to log smart gains, indicate charts.

Bears pounced on the opportunity to take control of the proceedings, after the US Federal Reserve announced its third 75 basis points rate hike last week. Markets across the globe tanked, with the US indices registering new 52-week lows, as the US dollar strengthened. 

Earlier back home, the key benchmark indices had rallied 19 per cent from their respective 52-week lows, registered in June 2022. With the recent sell-off, both the BSE Sensex and the NSE Nifty 50 have shed 6 per cent each from their recent peaks, and dropped below the August trough (low).

Despite the overall weakness, select stocks managed to defy the selling spree in the broader markets.  On Tuesday, shares of Metro Brands recorded a new historic peak, while Hindustan Unilever,  Alkem Laboratories and Asian Paints surged 6 per cent, 2.4 per cent and 2.1 per cent, respectively, week and have scaled a new weekly highs so far in the week.
 

Here’s the outlook that sheds some light on the likely next move for these stocks:-

Metro Brands Ltd (METROBAND)

Likely target: Rs 1,000

Upside potential: 12.50%

While there is divergence on the daily chart of Metro Brands, the price action of the stock is not letting any selling pressure to retreat from the upward bias. Thus far, the Rs 850 mark has remained as the cushion for the stock, which now also continues to aid the positive sentiment. The overall chart structure points at an upside to Rs 1,000-mark. CLICK HERE FOR THE CHART

Hindustan Unilever Ltd (HINDUNILVR)

Likely target: Rs 3,000

Upside potential: 11%

The subsidiary of Unilever, Hindustan Unilever is robustly trading at the higher end of the trend and 4.5 per cent shy from the all-time high mark. The firm daily chart structure has a breakout of a “Golden Cross”, which market participants prefer to bet vigorously. This formation allows bulls to rein-in the trend as per their strength. The immediate support comes near Rs 2,500 mark, the level that has seen accumulation lately. The optimistic outlook inheriting the “Golden Cross” support signals a positive rise to Rs 3,000-mark. CLICK HERE FOR THE CHART

Alkem Laboratories Ltd (ALKEM)

Likely target: Rs 3,800

Upside potential: 15%

Whenever the stock clinges to a particular level or a moving average, technically the trend is eyeing a bigger shift. And this is the case with the Alkem Laboratories stock. The stock massively holds the support of Rs 3,255-level, which is its 200-day moving average (DMA). As and when the stock thrives to sustain over the same, the breakout rally could trigger a move towards Rs 3,800 level, its next imminent barrier, shows the daily chart. CLICK HERE FOR THE CHART

EIH Ltd (EIHOTEL)

Likely target: Rs 225

Upside potential: 18%

Having claimed a new 52-week high in early September, the stock recently displayed a sideway - consolidation scenario. The stock trades with a resilient momentum with efforts to take out selling pressure. The immediate support comes at Rs 180, which needs to be respected on a closing basis. The bull run can exhibit a thrilling rally to a new all-time high of Rs 225. CLICK HERE FOR THE CHART

Asian Paints Ltd (ASIANPAINT) 

Likely target: Rs 4,000

Upside potential: 15%

The “Golden Cross” breakout indicates a bullish rally ahead, as per the daily chart. The trend could only change if the support of Rs 3,345 level is wrecked with strong volumes. The counter seems headed towards a new high of Rs 4,000-mark. CLICK HERE FOR THE CHART