YES Bank, BEML, Timken India, Vedanta & Graphite India: Here’re short-term targets for these 5 stocks

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Yes Bank, BEML, Vedanta, Graphite India and Timken India are some of the stocks which have recently breakout and are looking good on the technical charts. Some technical experts have given their views on resistance and support levels, buy limits, stop losses and price targets for the five stocks.

Yes Bank | Target Rs 21

In the longer time frame, Yes Bank counter has seen a breakout of an inverted head and shoulders formation pattern with a long consolidation. It retested its previous breakout level and witnessed a V-shaped recovery. It is trading above all its important moving averages. On the higher side, Rs 18-19 levels are immediate resistance zones. Above this, the stock can be expected to move towards Rs 21 level in the near term. On the lower side, Rs 16 is a strong support during any downside.

Pravesh Gaur, Senior Technical Analyst, Swastika Investmart

BEML India | Target Rs 1,630-1,650

BEML has seen a huge jump in price on the back of strong volumes and has risen above its sacred support area indicating a strong technical formation in the counter. On the oscillators front, the 14-period RSI has seen a positive crossover from the oversold region, adding bullish quotient to the counter. As far as the levels are concerned, the stock has moved strongly towards its immediate higher levels of odd-even zone of Rs 1,630-1,650 and is likely to reclaim it in the near term. Moreover, on the other hand, the support base has shifted towards Rs 1,500 level and considering the recent vertical rally, any cool-off in the counter should bode well for market participants to re-enter the rally.

Osho Krishna, Senior Analyst – Technical & Derivatives Research, Angel One

Timken India | Target Rs 4,070 (3 months)

The capital goods sector has been the dominant outperformer in 2022 and the impact companies stand out with their relative outperformance within this space. Timken India continues to be in a strong uptrend and remains ICICIDirect’s Top Pick. The stock has recently completed a week of bullish retracement from September-October declines, indicating continuation of a structural uptrend coupled with a sharp increase in volumes, further confirming the bullish view. Since its major decline in 2020, each decline attracted higher buying demand near the 100-day EMA, and the same rhythm continued in October, with signs of a positive structure. ICICI expects the share price to move towards Rs 4,070 in the coming few months as it implies an estimated range breakout (3,400-2,730 = Rs 670) points from the breakout level. The weekly MACD has generated a fresh crossover above its 9-period average, indicating continuation of positive momentum in the medium term. ICICIdirect suggests traders to buy the stock in the range of Rs 3,520-3,575 with a stop loss at Rs 3,280.

ICICI Direct

Vedanta | target Rs 380

Technically, Vedanta is in an ascending triangle pattern with an up-sloping channel formation, where 50-DMA is acting as an immediate and strong support, but a 50 per cent retracement of the previous decline at Rs 325 will act as a key hurdle. working as. It needs to clear Rs 325 level to post any meaningful strength. If it manages to clear Rs 325 levels, there are chances of an increase towards Rs 380 levels. On the downside, the 50-DMA which was at Rs 290 is an immediate and important support level.

Pravesh Gaur, Senior Technical Analyst, Swastika Investmart

Graphite India | target 444 | duration (14 days)

Metal shares have been in limelight in the last few sessions amid prospects of China relaxing its Covid-zero stance and dollar weakening against major currencies. Within the pack, ICICIdirect expects graphite players to catch up with metal majors in terms of price performance and make a smart recovery from oversold readings. Graphite India share price has sustained its June lows on several occasions and resolved with short term rounding bottom formation. In the last week, the stock crossed its hurdle of Rs 390 and saw an increase in volumes in both the sessions along with buying in Monday’s session. ICICIdirect expects its share price to rise towards Rs 450, which was its August high, in the short term.

ICICI Direct

Read also: Why Shares of Indigo, Ahluwalia Contracts, Gravita India and Dreamfolks Are Soaring Today?



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