Ipca Lab, Pidilite Industries: Two stocks HDFC Securities is bullish on

The primary trend of Ipca Lab's stock has been bullish with higher tops and higher bottoms on the weekly and monthly charts

Short Term Trend would turn bullish above 8,660 in Nifty

Nifty is forming a bullish inverse head and shoulder formation on the daily line charts. However bullish confirmation would only come if Nifty sustains above 8,660. Above 8,660, Nifty could extend the rally towards 9,900 levels. The low of 8,244, formed on March 30, has become strong support for Nifty. Below 8,244 in Nifty, longs should be squared off.

Stock ideas

BUY Ipca Labs (Rs 1,384): | Target: Rs 1,550 | Stop-loss: Rs 1,330
 

The stock price has formed multiple bottoms at 1250 odd levels in the month of March 2020. The primary trend of the stock has been bullish with higher tops and higher bottoms on the weekly and monthly charts. Pharma Sector has been outperforming for last couple of weeks.

BUY Pidilite Ind (Rs 1,355): | Target: Rs 1,470 | Stop-loss: Rs 1,280

The FMCG sector has been showing a resilient move in last one month of the market weakness. After healthy correction from the all-time high levels, the stock found support around 1,250 levels. It has now closed above its 5 and 10-day EMA with fair volumes. Considering the short term trend reversal and strength on the long term charts, the stock is expected to do well in the coming days.
Disclaimer: The author is a Technical Analyst at HDFC Securities and may have positions in one or all of the above mentioned stocks. Views expressed are personal.