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Here's why Mehul Kothari is bullish on Rupa, IndusInd Bank

According to the technical analyst from Anand Rathi, IndusInd Bank has managed to break out from its four-month consolidation range, and can now rally towards Rs 1,070.

Topics
Buzzing stocks | Market technicals | Market trends

Mehul Kothari  |  Mumbai 

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

BUY

IndusInd Bank

Target: Rs 1,070

Stop Loss: Rs 970

After a consolidation of over four months, the stock has managed to breakout of its range above the Rs 1,000-mark. Despite the corrective move in the markets, the stock outperformed its peers and this indicates relative strength. Also, the stock has managed to finally close back above its 200-day moving average. Thus, traders can accumulate the stock in the range of Rs 1,020 - Rs 1,010 with a stop loss of Rs 970 for an upside target of Rs 1,070 in the coming 1 – 3 weeks.

BUY

Rupa

Target: Rs 650

Stop Loss: Rs 500

Despite the uncertain markets, the stock has managed to stay in a strong uptrend. The stock has confirmed a multi-year breakout from 2017 year high and that indicates strength. The price action was supported by the strong volume which suggests that the breakout could be genuine. Thus, we advise traders to go long in the stock in the range of Rs 565 - Rs 555 with a stop loss of Rs 500 for an upside target of Rs 650 in 1 – 3 months.

(Mehul Kothari - AVP – Technical Research, Anand Rathi Shares & Stock Brokers. Views are personal).

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First Published: Wed, May 04 2022. 07:44 IST
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