Leading brokerage Axis Direct has identified Mphasis, Engineers India, and Caplin Point Laboratories as prime candidates for traders, citing strong technical formations and increased market participation. Analysts have provided specific target prices and stop-loss levels, indicating bullish sentiment across these equities.
Caplin Point Laboratories: Strong Uptrend Continues
Caplin Point Laboratories has demonstrated significant gains, decisively breaking through a multi-month resistance zone of Rs 2,690 with substantial trading volumes. The stock also recorded an all-time high of Rs 2,750, underscoring its positive momentum. Positioned above its 20, 50, 100, and 200-day Simple Moving Averages (SMAs), which are all trending upwards, the stock reconfirms a strong bullish trajectory. A daily 'Bollinger Band' buy signal further indicates heightened momentum. Investors are advised to consider buying, holding, and accumulating this stock.
- Target Price: Rs 2,820-2,920
- Stop Loss: Rs 2,640
- Downside Support Zone: Rs 2,670-2,610
Engineers India: Sustained Bullish Momentum
Engineers India Ltd is currently exhibiting a robust uptrend across all timeframes, characterized by a consistent pattern of higher tops and bottoms. The stock has successfully breached its significant resistance zone of Rs 267 on a closing basis, supported by substantial trading volumes that signal increased investor interest. It maintains a strong position above its key SMAs (20, 50, 100, and 200-day), all of which are rising in tandem with the price, reinforcing the bullish outlook. Both daily and weekly 'Bollinger Band' buy signals point to accelerating momentum. The recommendation is to buy, hold, and accumulate this stock.
- Target Price: Rs 300-330
- Stop Loss: Rs 267
- Downside Support Zone: Rs 270-265
Mphasis: Reversal Signals Positive Bias
Mphasis Ltd has shown a clear trend reversal, now forming higher tops and bottoms on its daily charts, indicating a positive bias. The past three trading sessions have seen rising volumes, reflecting increased market participation. Similar to the other recommended stocks, Mphasis is trading comfortably above its 20, 50, 100, and 200-day SMAs, which are also inching up, confirming the bullish trend. The daily, weekly, and monthly Relative Strength Index (RSI) are all in favorable territory, suggesting increasing strength across multiple timeframes. Investors are encouraged to consider buying, holding, and accumulating this stock.
- Target Price: Rs 2,580-2,660
- Stop Loss: Rs 2,440
- Downside Support Zone: Rs 2,460-2,420
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.