Analysts at Master Capital Services have identified three prominent Indian stocks—Multi Commodity Exchange of India (MCX), Persistent Systems Ltd, and Supreme Industries Ltd—as top picks for traders, citing strong technical indicators and bullish momentum. Vishnu Kant Upadhyay, AVP of Research at Master Capital Services, provided detailed insights into these recommendations, including target prices and stop loss levels.
Persistent Systems: Bullish Reversal Confirmed
Persistent Systems Ltd has shown a significant positive shift in its short-term trend, breaking out from a complex inverse head and shoulders reversal pattern. The stock has maintained a robust recovery from the Rs 4,400 support zone, consistently forming higher highs and higher lows.
- Recommendation: Buy
- Target Price: Rs 6,040-6,150
- Stop Loss: Rs 5,370
Further reinforcing the bullish outlook, the 21-day Exponential Moving Average (EMA) has crossed above the 200-day EMA, signaling a positive momentum shift. The stock is currently trading comfortably above all key moving averages, indicating a strong underlying structure. Momentum indicators, including an RSI at 65, suggest sustained buying strength and potential for further upside.
MCX: Consolidation Breakout Signals Strength
Multi Commodity Exchange of India (MCX) has notably strengthened its short-term technical setup. The stock delivered a decisive consolidation breakout above Rs 3,030 on a closing basis, establishing a positive price structure with a clear sequence of higher highs and higher lows.
- Recommendation: Buy
- Target Price: Rs 3,380-3,460
- Stop Loss: Rs 2,890
MCX found strong support around the Rs 2,600 horizontal zone and has since sustained a steady upward trajectory. The broader trend remains robust, with the stock now trading above all its key moving averages, reinforcing continued bullish momentum and a favorable setup for further gains.
Supreme Industries: Inverse Head and Shoulders Breakout
Supreme Industries Ltd has also witnessed a positive short-term trend reversal, following a breakout from an inverse head and shoulders pattern. This breakout was accompanied by the stock reclaiming all key moving averages, indicating renewed strength.
- Recommendation: Buy
- Target Price: Rs 3,925-4,050
- Stop Loss: Rs 3,450
Earlier, the stock breached a declining trend line above Rs 3,470, which signaled a positive shift in momentum. After forming a double bottom near the strong horizontal support of Rs 3,150, Supreme Industries has sustained a steady upward move. The overall chart structure remains constructive, characterized by a clear sequence of higher highs and higher lows, supporting a continuation of the prevailing bullish momentum.
Disclaimer: This information is for educational purposes only and not investment advice. Consult a financial advisor before making investment decisions.