Raymond, ONGC, IOB: 5 stocks which should not be ignored today

Shares of Raymond Ltd and IOB are showing extreme bullish outlook on the charts

Raymond Ltd (RAYMOND)
Likely target: Rs 700
Upside potential: 14%

The shares of Raymond Ltd have conquered the 200-weekly moving average (WMA) placed at Rs 579 after a gap of almost two years, with volumes showing an aggressive rise. This move occurred when the Relative Strength Index (RSI) entered the overbought condition with share price showing extreme bullish bias, according to the weekly chart. The momentum and direction are expected to stay upward with the rally heading towards Rs 700 levels from a short to medium-term outlook. The support for the stock can be expected at Rs 560 and Rs 540 levels. CLICK HERE FOR THE CHART

Indian Overseas Bank (IOB)
Likely target: Rs 25.50
Upside potential: 10%

The sharp reversal near the support of the 200-day moving average (DMA) placed at Rs 19.50 may induce a positive momentum in the coming sessions. Furthermore, the gap up on Wednesday may hint a rally in the direction of Rs 25.50, which is the next obstacle for the stock, as per the daily chart. The support stays at Rs 20 and Rs 18.50 levels. CLICK HERE FOR THE CHART

Affle (India) Ltd (AFFLE)
Likely target: Rs 1,300 and Rs 1,350
Upside potential: 6% to 10%

This stock has a formation of “Golden Cross”, which signals a firm bullish rally, as shown in daily chart. The breakout mark remains at Rs 1,225 levels, which the counter is attempting to conquer. When that happens, the rally may see a strong momentum towards a new historic high of Rs 1,300 and Rs 1,350 levels. The immediate support comes at Rs 1,180 levels. CLICK HERE FOR THE CHART

Oil & Natural Gas Corporation Ltd (ONGC)
Likely target: Rs 170 (after crossing Rs 155)
Upside potential: 9%

One can see a horizontal closing basis resistance at Rs 155 levels for the shares of Oil & Natural Gas Corporation Ltd, according to the daily chart. Once this hurdle is cleared, the upside breakout may see a rally towards Rs 170 levels. The immediate support comes at Rs 145 and 140 levels. The overall trend suggests a possible upward breakout of the sideways movement.  CLICK HERE FOR THE CHART

Indoco Remedies Ltd (INDOCO)
Likely target: Rs 440
Upside potential: 7%

The overall chart structure reflects a negative bias for the stock, however as long as the support of 200-DMA, placed at Rs 392 is defended; the momentum may regain an upward rally. And this move may pass through the resistance of Rs 445 levels. The RSI has risen above the oversold zone; this may add strength to the upward bias, according to the daily chart.  CLICK HERE FOR THE CHART