Rajesh Bhosale of Angel One recommends buying these 3 stocks on March 24

The stock price of Cholamandalam Financial Holdings has been range-bound, but a bullish breakout is now underway, with prices surpassing multiple highs

Stock recommendations 

NSE Scrip – CHOLAHLDNG

View -   Bullish

Last Close – Rs 1,692.30

The stock price has been range-bound, but a bullish breakout is now underway, with prices surpassing multiple highs. This breakout is backed by strong volume and a bullish candlestick pattern. Volume analysis reveals lower volumes during downturns compared to strong volumes on the upside, signalling accumulation by strong hands. Based on these factors, we hold a strong bullish outlook on this counter.

 

Hence, we recommend to 'Buy' CHOLAHLDNG around Rs 1,692 - 1,685 | Stop loss: Rs 1,610 | Target: Rs 1,890.

 

NSE Scrip – MAZDOCK

 

View -   Bullish

Last Close – Rs 2,591.40

On the weekly chart, prices have been consolidating since July after reaching highs near Rs 2,900. However, after establishing a base around Rs 2,000, a bullish breakout from a Descending Triangle pattern has emerged. The RSI, having stabilized around Rs 50, has now crossed above Rs 60, signalling a bullish crossover and a momentum shift in favour of the bulls. Additionally, prices remain well above key moving averages, reinforcing the strength of the uptrend.

 

Hence, we recommend to 'Buy' MAZDOCK around Rs 2,591 - Rs 2,580 | Stop loss: Rs 2,400 | Target: Rs 3,000

 

NSE Scrip – QUESS

View -   Bullish

Last Close – Rs 683

On the daily chart, a bullish reversal breakout from a Cup and Handle pattern is underway. This breakout is reinforced by prices surpassing the 200-day SMA, which previously acted as resistance, signalling a change in polarity. Additionally, the smoothened RSI has crossed above the 60 zone, confirming bullish momentum. As a result, prices are likely to witness an upward trend in the near term.

 

Hence, we recommend to 'Buy' QUESS around Rs 683 - Rs 680 | Stop loss: Rs 659 | Target: Rs 735.  (Disclaimer: Rajesh Bhosale is an equity technical analyst at Angel One Ltd. Views expressed are his own.)