Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman for 19 September
SPLPETRO (current price: ₹822.80)
Buy above ₹825 and on dips to ₹810, stop ₹795, target ₹900- 925
Why it’s recommended: This counter has been trading quite resolutely and has been attempting to sustain at higher levels. The dips into the cloud support region managed to arrest the recent profit booking. The strong surge seen on Wednesday backed with volumes suggesting more possibility to the upside.
Key metrics:
P/E: 44.31
52-week high: ₹905.85
Volume: 43.38K
Technical analysis: Support at ₹725, resistance at ₹980
Risk factors: Market conditions, company performance, and news
Buy:Above ₹825 and on dips to ₹810
Target price: ₹900-925 in one month
Stop loss: ₹795
ETERNAL (current price: ₹337.85)
Buy above ₹338 and on dips to ₹325, stop ₹320, target ₹368-380
Why it’s recommended: Eternal stock price has been holding on and every dip into the TS bands have attracted some attention. The strong push seen on Thursday along with a combination of factors, can now trigger some potential upside in the coming days. The recent increase in volume clearly highlights the steady participation that is prompting more upside potential in this counter.
Key metrics:
P/E: 155.87
52-week high: ₹334.40
Volume: 36.58M
Technical analysis: Support at ₹287, resistance at ₹330
Risk factors: Market fluctuations, regulatory changes, and sector-specific challenges in the financial sector
Buy: above ₹338 and dips to 325
Target price: ₹368-380 in one month
Stop loss: ₹320
DODLA (current price: ₹1,459.50)
Buy above ₹1,460 and on dips to ₹1,420, stop ₹1,398, target ₹1,600-1,630
Why it’s recommended: The consumption stocks have been waxing and waning but there are certain names that are maintaining a steady higher top higher bottom indicating that the trends are very much in favour of an upside. With the prices stepping out of the shadows of the recent consolidation we can expect the trends to show some upside potential.
Key metrics:
P/E: 34.52
52-week high: ₹1522.85
Volume: 56.5K
Technical analysis: Support at ₹1,335, resistance at ₹1,690
Risk factors: Challenging macroeconomic environment, margin pressure and client attrition
Buy: above ₹1,460 and dips to ₹1,420
Target price: ₹1,600-1,630 in one month
Stop loss: ₹1,398
How the stock market performed on Thursday
Despite a strong opening, mid-session profit-booking trimmed early gains, but a late surge in buying helped indices recover. The BSE Midcap index edged up 0.3%, whereas the Smallcap index remained flat.
Sectoral performance was mixed. IT stocks gained 0.8%, pharma led with a 1.5% rise, metals added 0.3%, and private banks rose 0.4%. Conversely, energy, media, and capital goods sectors declined by 0.3% each.
The session reflected cautious optimism, with selective buying in defensives and tech, while broader participation remained subdued.
Outlook for trading
The continued resistance at higher levels is now slowly giving up that the trends are pressured at higher levels as steady supplies are emerging. As we have been mentioning the trends have been curtailed due to geopolitical trends that have kept the enthusiasm on leash.
Hence , from a trading perspective we can note that on the hourly charts the cloud resistance area around 25000 was an important level to watch out for. Now , with these levels exceeded we can now look at some upward potential develop at every pullback for the next few days.
With a steady upward gap, we now have witnessed a large body candle and a Kumo twist clearly hinting at some bullish bias that is unfolding yet again. Further , the way the trends have progressed its clear the steady participation seen now is hinting at a steady rise above 60 is signalling some strong momentum. With the scenario getting set for some rise one should look to be careful with their positions.
With the momentum continuing to showcase participation a move above 25500 on an EOD basis will lead to a challenge of the all-time highs. Momentums on all timeframes are indicating that the prices are heading higher. However, the recent rise is now nearing some resistance zones and is hinting at the onset of some profit booking that can emerge. With eager bullish participants joining in , we need to now start adopting some buying candidates into our trading basket.
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As we head into the last day of expiry, we find that the lower levels are being defended as mentioned yesterday. The strong surge that we are witnessing can generate more momentum as Max Pain point has now shifted to 25350. The readings from the Option Data suggests that PCR is still subdued at 1.09, highlighting that the trends continue to face some pressure at higher levels. With Put writing shifting to 25400 levels that could now be a new level to watch out for once we witness a 30-minute range breakout today as we near the end of a steadily rising week.
Raja Venkatraman is co-founder, NeoTrader. His Sebi-registered research analyst registration no. is INH000016223.
Investments in securities are subject to market risks. Read all the related documents carefully before investing. Registration granted by Sebi and certification from NISM in no way guarantees performance of the intermediary or provide any assurance of returns to investors.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
