Stocks to buy: City Union Bank and Deepak Nitrate among top choices, here's why

Bank Nifty

Despite facing selling unit from higher levels, the BankNifty scale managed to support the important enactment astatine 48000. The bullish sentiment persists arsenic agelong arsenic it remains supra this level, wherever important unfastened involvement is concentrated connected the enactment side. Currently, the contiguous hurdle lies astatine 48600, and a decisive breakthrough supra this level could pave the mode for caller all-time highs successful the index.

Stocks to buy

Housing And Urban Development Corp Ltd: Buy astatine ₹227 | Target price: ₹250/260 | Stop Loss: ₹214

The banal has experienced a important breakout connected the regular chart, characterized by a crisp surge successful trading volumes, emerging from a sideways consolidation pattern. This breakout is further supported by a affirmative crossover observed connected the regular chart's momentum indicator, the RSI, signaling a bargain opportunity. Additionally, the banal is presently trading supra its short-term moving mean of 20DMA, reinforcing the bullish sentiment successful the market.

Deepak Nitrite Ltd: Buy astatine ₹2450 | Target price: ₹2600/2800 | Stop Loss: ₹2300

The banal is poised for a breakout from a rounding bottommost enactment observed connected the play chart, indicating a imaginable bullish inclination reversal. This sentiment is further supported by the momentum indicator RSI, which has precocious fixed a affirmative crossover and surpassed the cardinal level of 60, confirming the bullish momentum. Additionally, the banal has demonstrated a beardown reversal from its 20-day moving mean (20DMA) astatine 2300, suggesting coagulated enactment and acting arsenic a cushion for bullish traders.

City Union Bank Ltd: Buy astatine ₹160 | Target price: ₹175/185 | Stop Loss: ₹150

The banal is poised for a breakout from a rectangle pattern, suggesting accumulation astatine little levels. Trading supra some its short-term (20DMA) and medium-term (50EMA) moving averages indicates a bullish undertone. Additionally, the momentum indicator RSI has reversed from oversold territory and entered the beardown buying zone, further supporting the imaginable for an upward determination successful the stock's price.

The author, Kunal Shah is Senior Technical & Derivative Analyst astatine LKP Securities.

Disclaimer: The views and recommendations supra are those of idiosyncratic analysts, experts and broking companies, not of Mint. We counsel investors to cheque with certified experts earlier making immoderate concern decisions.

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Published: 28 Apr 2024, 04:58 PM IST