1 week ago
Anand Rathi Names Three Stocks for Short-Term Buying
Anand Rathi analyst Jigar S. Patel has suggested three stocks for people looking at the next one to two weeks.
The stocks are Axis Bank, Meesho and Happiest Minds Technologies.
He believes Axis Bank may improve because its price pattern suggests buyers are returning.
He says Meesho and Happiest Minds have broken above important technical resistance levels.
These signals may indicate stronger buying interest.
Patel also gave a target price and a stop loss for each stock.
The wider Indian market has remained under pressure for two weeks.
Higher oil prices and the US-Iran stalemate are helping keep the market in a narrow range.
Patel says the Nifty 50 needs to hold important support levels for the positive trend to continue.
Jigar S. Patel of Anand Rathi recommends Axis Bank, Meesho and Happiest Minds Technologies for the next one to two weeks.
Axis Bank is recommended at ₹1,250–₹1,235, with a target of ₹1,335 and a stop loss of ₹1,200.
Meesho is recommended at ₹205–₹200, with a target of ₹225 and a stop loss of ₹190.
Happiest Minds Technologies is recommended at ₹446–₹433, with a target of ₹500 and a stop loss of ₹410.
The Nifty 50 and Sensex have fallen for two straight weeks amid oil prices above $90 and a continuing US-Iran stalemate.
- Who
- Jigar S. Patel, Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers, made the recommendations.
- What
- He recommended three stocks—Axis Bank, Meesho and Happiest Minds Technologies—for short-term trading.
- Where
- The recommendations concern the Indian stock market, including the Nifty 50 and Nifty Bank.
- When
- The recommendations cover the next one to two weeks; the market update refers to Monday and the week ending 21 August.
- Why
- Patel based the recommendations on technical patterns, breakouts and momentum indicators, while the broader market remained range-bound because of oil prices and the US-Iran stalemate.
Key facts
- Recommended stocks
- Axis Bank, Meesho and Happiest Minds Technologies
- Time horizon
- One to two weeks
- Nifty support
- Immediate support at 24,000–24,100; broader trend remains positive while 23,600 holds on a closing basis
- Nifty resistance
- 24,300 initially; a sustained move above 24,500–24,750 could open a path toward 25,000
- Nifty Bank levels
- A breakout above 58,200 could support gains, while 57,000 is crucial support
- Market performance
- The Sensex fell 0.60% and the Nifty 50 declined 0.50% during the week ending 21 August
- Market pressure
- Oil prices remained above $90 per barrel amid a continuing US-Iran stalemate
Quotes
Jigar S. Patel
Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers
“This divergence indicates that while price has tested or remained near the lower levels, momentum has started improving, which can signal an early shift in trend.”
livemint.com
“The combination of price breakout and indicator confirmation increases the probability of further upside if the stock sustains above the breakout zone.”
livemint.com
Sources
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