 "Top stock picks for July 28: Shyam Metalics, Torrent Pharma; check targets")
Angel One stock recommendations:
NSE Scrip – Shyam Metalics and Energy (SHYAMMETL)
View - Bullish
Last Close – ₹969
Since September last year, the Shyam Metalics and Energy stock had been facing stiff resistance around the 950 mark. However, a strong consolidation breakout is now visible on the daily chart, indicating a shift in momentum. With this move, the stock has entered uncharted territory, reflecting inherent strength despite the broader market weakness. The breakout is well-supported by robust volumes, and the RSI (smoothed) has given a fresh bullish crossover, further reinforcing the bullish view.
Hence, we recommend to 'BUY' SHYAMMETL around ₹969-₹960| Stop-loss:₹915| Target: ₹1,070
NSE Scrip – Torrent Pharma (TORNTPHARM)
View - Bullish
Last Close – ₹3,603
During the week, the Pharma sector displayed its defensive strength by outperforming amidst broader market weakness. Torrent Pharma, in particular, witnessed a remarkable upmove, with every minor dip being swiftly bought into. The stock broke above its August 2024 swing highs, entering uncharted territory and confirming a strong consolidation breakout. This breakout is marked by a strong bullish candle, and with momentum oscillators holding firm in positive territory, the uptrend is expected to continue in the near term.
Hence, we recommend to 'BUY' TORNTPHARM around ₹3,603-₹3,580| Stop-loss:₹3,500| Target: ₹3,800
(Disclaimer: This article is by Rajesh Bhosale, equity technical analyst, Angel One Ltd. Views expressed are his own.)