 "Breakout stocks: Analyst recommends IMFA, LTIMindtree, Coforge; check TP")
Stock to buy recommended by Kunal Kamble of Bonanza
Indian Metals and Ferro Alloys Ltd
IMFA has broken out of its consolidation zone on the daily chart with volumes significantly higher than the 20-day average, signaling strong bullish interest. The stock closed the session with a robust bullish candlestick, indicating firm accumulation. It continues to trade well above its 20, 50, 100, and 200-day EMAs, reaffirming the strength of the prevailing uptrend. With the RSI at 62.19 and trending higher, bullish momentum remains intact, suggesting strong potential for further upside in the near term.
- Buy at ₹1,402
- Stop-loss: ₹1,300
- Target: ₹1,600
LTIMindtree
LTIM has broken out above a key resistance level on the daily chart with volumes significantly exceeding the 20-day average, signaling strong bullish interest. The stock closed with a powerful bullish candlestick, reflecting robust accumulation. It is trading decisively above the 20, 50, 100, and 200-day EMAs, reaffirming the strength of the prevailing uptrend. With the RSI at 71.87 and trending higher, momentum remains firmly positive, suggesting strong potential for further upside in the near term.
- Buy at ₹6,266
- Stop-loss: ₹5,881
- Target: ₹6,900
Coforge
COFORGE has broken out of a rounding bottom pattern on the daily chart, supported by volumes significantly higher than the 20-day average, signaling strong bullish interest. The stock closed with a powerful bullish candlestick, reflecting robust accumulation. It remains firmly positioned above the 20, 50, 100, and 200-day EMAs, underscoring the strength of the ongoing uptrend. With the RSI at 71.30 and trending higher, momentum is clearly positive, suggesting strong potential for further upside in the near term.
- Buy at ₹1,966
- Stop-loss: ₹1,850
- Target: ₹2,200
(Disclaimer: This article is by Kunal Kamble, sr. technical research analyst, Bonanza. Views expressed are his own.)