Stock recommendations from HDFC Sec: Buy Alkem Labs, CreditAccess Grameen

Technical calls from Vinay Rajani, Technical & Derivatives Analyst, HDFC securities.

GO LONG IN NIFTY WITH 11,900 STOPLOSS; TGT 12,200

On Tuesday, Nifty recovered more than 100 points from the bottom of 11,908 in the second half of the trade. This move has resulted in a bullish “Hammer” candlestick pattern on the daily charts. Nifty has retraced 50 per cent of the entire rally seen from 11,614 (3rd Feb 2020) to 12,246 (14th Feb 2020). Considering the primary bullish trend, we recommend initiating longs in Nifty for the upside target of 12,200, keeping stop loss at 11,900.

BUY ALKEM LAB (CMP: Rs 2,620) | Target: Rs 2,800 | Stop-loss: Rs 2,500
 

Stock price has been consolidating for last 5 sessions. Primary trend of the stock is bullish with higher tops and higher bottoms on the weekly charts. Short term moving averages are trading above long term moving averages, indicating bullish trend for short to medium term.

BUY CREDITACCESS GRAMEEN (CMP: Rs 890.5) | Target: Rs 865| Stop-loss: Rs 950
 

Stock price has registered new all time high with jump in volumes. Stock price has resumed its momentum buying after two months of consolidation. Stock is placed above all important moving averages. Indicator and Oscillator setup is bullish on daily and weekly charts.

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Disclaimer: The analyst may have positions in one or all of the above mentioned stocks. Views expressed are personal.