3 weeks ago

Anand Rathi's Jigar Patel recommends 3 stocks for short-term gains

Anand Rathi's Jigar Patel recommends 3 stocks for short-term gains
Stocks to buy for short term: Bharat Forge among 3 shares Anand Rathi's Jigar Patel recommends for the next 1-2 weeks · livemint.com

Stock markets are places where people buy and sell small pieces of companies, hoping the prices go up.

When lots of people buy, prices often rise, and when they sell, prices fall.

An expert named Jigar Patel studies charts and numbers to guess which stocks might go up.

He recommends three Indian companies to buy: Bharat Forge, EID Parry and GMDC.

He thinks their prices will rise over the next week or two.

He also tells investors exactly when to sell if things go wrong, which is called a stop loss.

Last week the Indian stock market went up a little, helped by cheaper oil and positive talk from the country's central bank.

New reports about the prices of daily goods will come out this week and might move the market.

Mr. Patel says it is safer to buy when prices dip a little instead of chasing high prices.

Key facts

Author of recommendations
Jigar S. Patel, Senior Manager, Equity Technical Research, Anand Rathi Share and Stock Brokers
Market performance (week ended 7 August)
Nifty 50 up ~0.77%; Sensex up ~0.52%
Bharat Forge
Previous close ₹2,265.20; Target ₹2,400; Stop loss ₹2,175
EID Parry
Previous close ₹805.10; Target ₹850; Stop loss ₹780
GMDC
Previous close ₹582.80; Target ₹635; Stop loss ₹560
Nifty levels
Support 24,400–24,100; sustained move above 24,750 could trigger rally towards 25,000
Bank Nifty levels
Support 57,700–57,500; resistance 58,000–58,250; breakout above 58,250 could open way to 58,730–59,000
Recommended strategy
Buy on dips for 1-2 weeks; avoid aggressive buying at higher levels

Quotes

Jigar S. Patel

Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers

“"RSI at 68.38 indicates strong buying interest, although the stock is approaching the overbought zone. The stock can be considered for fresh buying with a stop loss at ₹2,175 and an upside target of ₹2,400," said Patel.”
livemint.com

Sources

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