Amid recent market volatility, prominent domestic brokerage firms, SMC Global Securities and Canara Bank Securities, have issued 'buy' recommendations for several stocks, projecting short-term gains. Their analyses are based on robust technical parameters and strong chart patterns, suggesting potential uptrends for these selected equities.
India Cements Ltd: Bullish Breakout Signaled
SMC Global Securities recommends a 'buy' for India Cements, setting a target price range of Rs 448-452 with a stop loss at Rs 375. The stock has demonstrated a bullish rectangle breakout on its daily chart, emerging from a consolidation phase between Rs 368-405. This decisive move above its previous range, coupled with reclaiming its long-term moving average, suggests renewed buying interest.
Technical indicators like an improving Relative Strength Index (RSI) and a positive Moving Average Convergence Divergence (MACD) crossover further reinforce strengthening momentum. The Rs 405-410 level is expected to serve as immediate support, while Rs 368-370 remains a strong base. Sustaining above Rs 410 could pave the way for further upside.
Glaxosmithkline Pharmaceuticals: Long-Term Bullish Trend
Canara Bank Securities advises buying Glaxosmithkline Pharmaceuticals, targeting Rs 2,687-2,812 with a stop loss at Rs 2,351. The stock's chart indicates a long-term bullish trendline breakout, with prices moving above all major moving averages, signifying improved momentum and a stronger trend structure.
The stock is currently holding above the key Rs 2,525 breakout zone. If this level is maintained on a closing basis, the next major resistance is anticipated around Rs 2,687, aligning with previous swing highs. RSI near the bullish zone (around 57) reflects strong momentum, supported by volume expansion during the breakout phase. Sustaining above Rs 2,687 could propel it towards Rs 2,812.
Tech Mahindra: Resuming Broader Uptrend
Tech Mahindra receives a 'buy' recommendation from SMC Global Securities, with targets between Rs 1,735-1,755 and a stop loss at Rs 1,390. The stock has shown a strong bullish breakout on its daily chart after consolidating for several months within the Rs 1,300-1,560 range.
This decisive move above the upper boundary signals that buyers have regained control, likely resuming the broader uptrend. The breakout is backed by improving momentum, with RSI trending higher and MACD maintaining a positive crossover. The Rs 1,550-1,560 zone, previously resistance, is now expected to provide immediate support.
Uno Minda Ltd: Sustained Bullish Momentum
Canara Bank Securities recommends a 'buy' for Uno Minda, setting a target price range of Rs 1,240-1,304 and a stop loss at Rs 1,080. The stock's chart reveals a long-term bullish trendline breakout, with its price trading above all major moving averages, indicating robust momentum and a solid trend structure.
Uno Minda is sustaining above the crucial Rs 1,172 breakout zone. If this level holds, the next significant resistance is expected near Rs 1,240, coinciding with prior swing highs. The RSI, around 49, reflects strong momentum. Volume expansion during the breakout phase adds credibility to the upward movement. Sustaining above Rs 1,240 could maintain momentum towards Rs 1,304.
Disclaimer: This article provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.