HDFC Securities picks two stocks with bullish breakout patterns; Check here

The stock of Bank of Baroda is on the verge of breaking out from the symmetrical triangle

Nifty View

The Nifty index rose for the seventh consecutive session on April 11, helped by positive global cues. At close, Nifty was up 0.56 per cent or 98.3 points at 17,722.3. The Smallcap index marginally outperformed the Nifty even as the advance decline ratio was up at 1.76:1.

Nifty overcame the hesitation seen on the previous day, and marched ahead. It could now stay in the 17,639-17,800 band in the near-term.

Stock picks:
 

Buy Bank of Baroda (CMP: Rs 170.85) | Target: Rs 183 | Stop-loss: Rs 153

The stock price is trading within the big symmetrical triangle, which adjoins major swing highs and lows since Dec 2022. The stock is on the verge of breaking out from the symmetrical triangle. The chances of bullish breakout is higher as the stock has been forming higher tops and higher bottoms on daily chart. Primary trend of the PSU bank Index is bullish, as it has been holding above its 200 days EMA. Indicators and oscillators like RSI, MACD, and DMI have turned bullish on daily charts.
 

Buy The Ugar Sugar (CMP: Rs 100.75) | Target: Rs. 112, 124 | Stop-loss: Rs 89

The Downward sloping trend line breakout is seen on the daily charts. Price breakout is accompanied with rising volumes. Primary trend of the stock has been bullish, as the stock is holding above long-term moving averages. Indicators and oscillators have turned bullish on the daily and weekly charts. Sugar Sector has started performing well after healthy correction.

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Disclaimer: Vinay Rajani is a senior technical and derivative research analyst at HDFC Securities. Views expressed are personal.