Three stocks that are flashing bullish signs in a weak market
BUY HEMISPHERE PROPERTIES INDIA | TARGET: Rs 170 | STOP LOSS: Rs 148
There has been a gradual increase in trading volumes in the stock over the past couple of trading sessions. The stock recently witnessed a ‘sloping trend-line’ breakout, affirming inherent strength. The 14 period RSI has seen positive crossover is headed northwards. Further, recent chart structure on the Bollinger bsuggests near term outburst in the channel, confrming bullish stance in the counter.
BUY PRISM JOHNSON | TARGET: Rs 152 | STOP LOSS: Rs 127
Prism Johnson has been consolidating since the last few sessions. Although, it has been able to sustain above the mean of the Bollinger band, suggesting strength in the counter. On the daily time frame, the stock is situated well above all its major exponential moving averages, even the leading indicator, Parabolic SAR is situated below the stock price, affirming bullishness in near future.
BUY KEI INDUSTRIES | TARGET: Rs 750 | STOP LOSS: Rs 684
KEI is placed at the crucial support of the mean in Bollinger b(20, 2) previous swing high that coincides with the 21 DEMA, suggesting it to be a strong support for the counter. Also, the secular uptrend in the stock has proved all minor corrections to be good accumulation points for the bulls. The same could be expected at a given point in time as gradual increase in volumes could be seen as the stock tests the mean.
Disclaimer: Osho Krishan is a senior manager – equity research at AnRathi Shares & Stock Brokers. Views expressed are personal