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Stock tips by Nilesh Jain of Anand Rathi: Buy Muthoot Finance, Bandhan Bank

The momentum indicators and oscillators are in the buy mode on the daily scale for Muthoot Finance

Topics
Markets | Market technicals | Muthoot Finance

Nilesh Jain  |  Mumbai 

Markets, Buy, Sell, Stocks
Photo: Shutterstock.com

BUY MUTHOOTFIN | TARGET: Rs 1,210 | STOP LOSS: Rs 1,120

The stock has provided a breakout from a falling wedge pattern on the daily chart. It is also trading well above its short-term and long-term moving averages. The momentum indicators and oscillators are in the buy mode on the daily scale which hints at further momentum in the counter. Based on the aforementioned rationale, we can expect conservative target of 1,210.

BUY | TARGET: Rs 300 | STOP LOSS: Rs 277

The stock has provided a breakout from a multi-month falling trend line on the daily chart. The volumes were also higher than average which supports the breakout. The momentum indicator RSI has also breached the falling trend line and MACD provided a fresh buy crossover on the daily chart which hints of further positive momentum in the counter.

BUY | TARGET: Rs 1,520 | STOP LOSS: Rs 1,430

The stock has found the support of its falling trend line and has reversed from the same. It also formed a double bottom formation on the daily chart. The overall setup hints at a strong pullback towards its previous swing high which is placed at 1,520 levels. It is also trading well above its short-term and long-term moving averages. The momentum indicators and oscillators are in the buy mode on the weekly scales which hints of strong momentum on the higher side.


Disclaimer: Nilesh Jain is Technical and Derivatives Research Analyst at Anand Rathi Shares and Stock Brokers. He may have positions in one or all of the above mentioned stocks. Views are personal.

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First Published: Mon, October 05 2020. 08:08 IST
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