These are top picks by Jigar S Patel of Anand Rathi for August 8
At the current juncture, ICICI Bank has found support within its previous breakout range and has maintained this level for the past three sessions.
 "These are top picks by Jigar S Patel of Anand Rathi for August 8")
Lodha
After reaching a peak near Rs 1,595, Lodha has experienced a significant decline, dropping nearly 450 points, which translates to a 28 per cent decrease in its price. Currently, the stock has found support at its 200-day Exponential Moving Average (DEMA). Interestingly, a bullish bat pattern has emerged precisely at this 200 DEMA support level of Rs 1,218. Given these technical indicators, we recommend taking a long position in the stock within the price range of Rs 1,200-1,220. The potential upside target is set at Rs 1,350, while a stop-loss should be placed at Rs 1,140 on a daily closing basis to mitigate risk.
ICICI Bank
At the current juncture, ICICI Bank has found support within its previous breakout range and has maintained this level for the past three sessions. Additionally, an Alternate Bullish BAT pattern has formed on the daily chart precisely within this support zone of Rs 1,165-1,175, making the stock an attractive buy at these levels. This technical setup suggests a strong potential for upward movement. Therefore, we recommend buying ICICI Bank in the price range of Rs 1,165-1,175. The potential upside target is set at Rs 1,220, while a stop-loss should be placed near Rs 1,145 on a daily closing basis to manage risk effectively.
Bajaj Finance
After reaching a peak near Rs 7,392, BajFinance has seen a notable decline, shedding approximately 880 points, which equates to a 12 per cent decrease in its price. The stock has now found support at its historical level of Rs 6,500. Significantly, the Relative Strength Index (RSI) on the hourly chart has formed a bullish divergence near this support zone, indicating a potential reversal and making the current price levels appear attractive.
Considering these technical indicators, we recommend taking a long position in the stock within the price range of 6590-6650. The potential upside target is set at 7000, while a stop-loss should be placed at 6430 on a daily closing basis to manage risk effectively.
Considering these technical indicators, we recommend taking a long position in the stock within the price range of 6590-6650. The potential upside target is set at 7000, while a stop-loss should be placed at 6430 on a daily closing basis to manage risk effectively.
(Jigar S Patel is a senior manager of equity research at Anand Rathi. Views expressed are his own.)