Jigar S Patel of Anand Rathi suggests buying these three stocks on Nov. 18

HAVELLS:

Havells has corrected 25 per cent in the past month, dropping 516 points from its peak of Rs 2,106. It has formed a double-bottom pattern near the Rs 1,600- Rs 1,580 zone, aligning with the 0.50 per cent-0.618 per cent Fibonacci retracement levels of its previous uptrend. Bullish divergence on the daily chart further supports a potential reversal. A buying opportunity is identified in the Rs 1,590- Rs 1,610 range, with a target of Rs 1,760 and a stop loss at Rs 1,520 on a daily closing basis.

 

CIEINDIA:

CIEINDIA has declined 26 per cent over the past 3-4 months, dropping 164 points from its peak of Rs 622. It has formed a bullish crab pattern near the 460-470 zone, aligning with the 0.707 per cent-0.618 per cent Fibonacci retracement levels of its previous uptrend. Bullish divergence on the daily chart indicates a potential reversal. A buying opportunity is suggested in the Rs 460- Rs 470 range, with a target of Rs 518 and a stop loss at Rs 438 on a daily closing basis.

 

TITAN:

Titan has been trading in a broad range of Rs 3,050- Rs 3,870 over the past year and is currently near Rs 3,180 after hitting a recent low of 3,106 on November 8, 2024. The stock has consistently held the 3100-support level, showing resilience. A bullish engulfing candlestick pattern and an impulsive RSI structure on the daily chart indicate a potential reversal. A buying opportunity is suggested in the Rs 3,100-Rs 3,200 range, with a target of Rs 3,500 and a stop loss at Rs 2,975 on a daily closing basis.  (This article is by Jigar S. Patel, sr. manager - equity research at Anand Rathi. Views expressed are his own.)