Kolkata: Who doesn’t like considering quick gains in a fluctuating market? Amid the current volatility in the stock market, Choice Equity Broking has issued Buy call on three stocks. According to Hitesh Taylor, technical research specialist at the brokerage, these are Procter & Gamble Health, Jubilant Ingrevia and Gravita India. All three are showing strong technical setups. They have broken out from important levels on the daily chart and the possibility of further growth is visible in them. Investors can keep an eye on these for the next week. The brokerage believes that the higher high-higher low pattern in these stocks, trading above major exponential moving averages and strong volume support are bullish signs. In this case, investors can consider buying these stocks with a fixed stop loss.
Market price (on July 9): Rs 6,599.50, up 5.38%, or Rs 337.00
Choice Equity Broking has recommended buy on Procter & Gamble Health around Rs 6,612. A stop loss level of Rs 6,200 and a target price of Rs 7,400 have been assigned for this stock. According to the brokerage, the stock is forming a consistent higher high-higher low pattern on the daily chart, which indicates a strong uptrend. It remains above all major exponential moving averages, indicating a strong buy sentiment. Also, the stock has recently given a strong breakout from a consolidation zone. With this breakout, there has been an improvement in the trading volume, which confirms the bullishness. At the same time, RSI is also above the midpoint and is continuously strengthening, which indicates that the positive momentum remains intact.
Market price (on July 9): Rs 715.00, up 5.02%, or Rs 34.20
The brokerage has issued a Buy recommendation on Jubilant Ingrevia at Rs 715. A stop loss level of Rs 680 and a target price of Rs 790 have been assigned for this stock. According to the report, the stock has recently broken out of the short-term consolidation phase. It is currently trading above all major exponential moving averages, indicating a strong trend and new buys. Volume has also improved with the breakout, which reinforces the bullishness. At the same time RSI is also continuously moving upwards and indicating positive momentum. In such a case, the stock may see more growth in the coming time.
Market price (on July 9): Rs 1,810.00, up 4.75%, or Rs 82.10
Choice Equity Broking has recommended Buy on Gravita India around Rs 1,810. A stop loss level of Rs 1,700 and a target price of Rs 2,000 have been issued for this stock. According to the brokerage, the company has recently given a strong breakout above its consolidation range. The stock remains above all major exponential moving averages, indicating a strong trend and persistent buying. This breakout has also been supported by better trading volumes, which shows the growing confidence of investors in the market. At the same time, the RSI has also remained strong above the midpoint, due to which there is a possibility of further growth in the stock.
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Avijit Ghosal has been writing on topics of business, industry and investment for the past three decades. He also writes on the broad economy, infrastructure and issues in banking. He has worked for economic dailies such as the Business Standard, The Economic Times, business magazines such as Business Today, English broadsheet the Hindustan Times and Bengali daily Anandabazar Patrika before joining TV9 Network.