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Updated on June 27, 2022 1:18 am

stock recommendations: Big Movers on D-St: What should investors do with Home First, Bank of Baroda and EID Parry?

Indian markets closed in the green on Thursday following positive global cues. The S&P BSE Sensex rallied more than 500 points while the Nifty50 closed above 17,650 levels.

Sectorally, buying was seen in banks, IT, finance, consumer, and realty while selling was seen in FMCG, metals, and telecom stocks.

Stocks in focus included

Company which rose over 8 per cent, which gained nearly 4 per cent, and EID-Parry which added over 4 per cent on Thursday.

Here’s what Amol Athawale, Deputy Vice President – Technical Research, Kotak Securities Ltd recommends investors should do with these stocks when the market resumes trading today:

Home First: Buy

The texture of the pattern suggests positive momentum will continue in the near term if the stock succeeds to trade above Rs 860-855 level.

For the swing traders, Rs 860 would be the trend decider level, above which it could rally to Rs 925-935. On the flip side, below Rs 855, traders may prefer to exit from trading long positions.

Bank of Baroda: Watch out for Rs 116.50 in the short term

In this quarter so far, the stock rallied over 25 per cent. After a promising short-term uptrend rally, the stock hit a fresh 52-week high of Rs 124.35 on Thursday.

On the daily charts, the stock has formed a higher bottom series formation which indicates the continuation of the uptrend in the near term.

For positional traders, Rs 116.50 would be the key level to watch out for. If the stock manages to trade above the same, then we can expect an uptrend continuation wave up to Rs 130-135.

EID Parry: Buy

On the short-term time frame, the stock is consistently forming higher high and higher low series formation. On Thursday, the stock rallied nearly 5 per cent and hit a fresh all-time high of Rs 591.30.

It also formed long bullish candles on daily and weekly charts which is broadly positive. We are of the view that as long as the stock is trading above 20-Day SMA (Simple Moving Average) or Rs 560, the uptrend formation is likely to continue. Above which, it could move up to Rs 600-625.

On the flip side, below 20-day SMA or Rs 560, the uptrend would be vulnerable.

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)


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