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Here's why Ajit Mishra is bullish on Petronet, Motherson, Muthoot Finance

The technical analyst from Religare Broking recommends to buy and accumulate these stocks in the mentioned range

Buzzing stocks | Market technicals | Petronet LNG

Ajit Mishra  |  Mumbai 

Markets, bulls, bears, stocks, trading, technicals, market technical, technical analysis

Systems Limited
Recommendation: Buy
Last Close: Rs 238.65

Initiation range: Rs 235-237
Target: Rs 250
Stop loss: Rs 230

We are seeing noticeable traction in the auto & ancillary space and also looks set to resume the trend. The stock seems to be gradually rebounding after forming a strong base around Rs 220 levels and is likely to retest the previous swing high soon. We recommend creating fresh longs in the mentioned zone.

Recommendation: Buy
Last Close: Rs 1,629.05
Initiation range: Rs 1,610-1,620
Target: Rs 1,700
Stop loss: Rs 1,580

has witnessed a fresh breakout from a consolidation range of Rs 1,450-1,580 and made a new record high as well. The chart pattern is pointing towards a strong up move. Traders shouldn’t miss this opportunity and accumulate the stock in the given range.

Recommendation: Buy
Last Close: Rs 235.60
Initiation range: Rs 232-234
Target: Rs 244
Stop loss: Rs 229

has been consolidating within Rs 210-260 levels for over a year and currently trading in the middle of the band. The stock has formed a strong base around Rs 230 levels which also coincides with the support zone of long-term moving average (200-EMA) on the daily chart. Indications are in the favor of a steady up move from hereon. We thus recommend creating fresh longs in the mentioned zone.

Disclaimer: Ajit Mishra is VP - Research at Religare Broking.

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First Published: Wed, November 10 2021. 08:11 IST