Coforge, ICICI Bank, KPR Mill: 3 technical ideas by Choice Equity

Sachin Gupta of Choice Equity Broking has recommended 3 stocks that could rally in the near term -- Coforge, ICICI Bank, and KPR Mill.

Disclaimer: Views and outlook in this report belong to the brokerages and analysts cited. They do not reflect the views of Business Standard. Readers are advised to exercise discretion.

 

Stocks to buy today  

Sachin Gupta , VP – Rresearch, Choice Equity Broking

 

Buy Coforge in cash above ₹2,045

 

Stop loss ₹1,935

 

Target ₹2,250

 

Coforge is showing a positive technical structure on the daily chart and is currently consolidating near its crucial resistance zone of ₹2,000–2,045. The stock has witnessed a strong recovery from its recent lows and is sustaining above its key moving averages, indicating improving momentum. 

 

The Ichimoku Cloud setup also remains supportive, while the RSI is hovering around 67, suggesting healthy bullish momentum without entering the extreme overbought zone. 

 

 

A decisive breakout above ₹2,045, supported by strong volumes, could trigger the next leg of the rally towards higher levels. On the downside, ₹1,935–1,890 is an important near-term support zone, and holding above this area would keep the positive outlook intact.

 

Buy ICICI Bank in cash above ₹1,410

 

Stop loss ₹1,365

 

Target ₹1,450/1,480 

 

ICICI Bank is showing signs of recovery on the daily chart and is currently trading at ₹1,398, above its 50-day EMA of ₹1,375.90 and 200-day EMA of ₹1,365.60, indicating an improvement in the overall price structure. 

 

The stock has formed a bullish Pole & Flag pattern on the daily chart, which indicates underlying strength and the possibility of further upside. A sustained move above the ₹1,410 resistance zone, supported by strong volumes, could confirm the pattern breakout and open the door for an upside move towards ₹1,450–1,480 in the near to medium term. 

 

On the downside, the ₹1,375–1,365 zone, which coincides with the 50-day and 200-day EMAs, is likely to act as an important support area. 

 

Hence, traders can consider fresh buying in ICICI Bank for the short- to medium-term perspective, preferably on a sustained move above ₹1,410, with a strict stop-loss at ₹1,365.

 

Buy KPR Mill in cash ₹1,115

 

Stop loss ₹1,070

 

Target ₹1,200

 

KPR Mill has witnessed a strong breakout from a Falling Channel pattern on the daily chart, supported by a noticeable rise in trading volumes. The stock has been showing signs of recovery after a corrective phase, and the recent breakout indicates improving buying interest. 

 

Additionally, the price has managed to sustain above its 100-day EMA, suggesting a gradual improvement in the medium-term trend and strengthening the overall technical setup.

 

Further adding to the positive outlook, the MACD indicator has given a bullish crossover, indicating an improvement in upward momentum. 

 

The combination of a pattern breakout, higher volumes and positive momentum indicators suggests that the stock is gaining strength. Going ahead, sustained buying interest could support further upside in the coming sessions. Hence, traders are advised to buy KPR Mill at current levels for the upside target of ₹1,200.