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Here's why Osho Krishan recommends buying Hindustan Unilever, LIC Housing

According to the technical analyst from Anand Rathi, after Monday's movement ICICI Bank also looks good on chart for an upside target of Rs 840

Buzzing stocks | Market Outlook | stocks technical analysis

Osho Krishan  |  Mumbai 

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

TARGET: Rs 2,600
STOP LOSS: Rs 2,250

The stock is placed in an upward trending channel on the weekly time frame in which it is currently placed near the lower band that historically has acted as a strong support zone. Even on the daily time frame, the stock is hovering at the placement of 200-DEMA and 200-DSMA that are expected to act as demand zone. In addition, the lower band of the Bollinger along with 14-period RSI tends to signal oversold and a strong resurgence is expected in the counter.

TARGET: Rs 840

ICICIBANK has formed a bullish reversal pattern in the last trading session of the previous week which is being accompanied by a follow-up buying in Monday's trade suggesting a short-term reversal in the counter. On the oscillator front, MACD is placed well above the signal line with a post positive crossover indicating strength in the overall trend. Even from a risk-reward point of view, the stock is placed at a lucrative zone and is expected to outperform the respective index in the coming future.

TARGET: Rs 445

The stock has corrected nearly 14 percent from its recent high and is consolidating near its 200-DEMA on the daily chart, that being accompanied by the 38.20 percent of Fibonacci retracement of the 2020 rally. On the oscillator front, 14-period RSI signals to bottom out as it turned northwards to intersect its signal line. From the point of risk and reward in the volatile market condition the stock is placed at a lucrative zone and could see outperformance in near future.

Osho Krishan is senior manager – Equity Research at Anand Rathi Shares & Stock Brokers. Views are personal.

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First Published: Tue, November 02 2021. 07:56 IST