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ICICI Bank:
For the private banking major, HDFC Securities has given a target of Rs. 806 with an investment horizon of up to 3 months. The suggested stop loss is Rs. 680. Further the buying range suggested for the stock is Rs. 700-711.5. Last, the scrip closed at Rs. 713.45 per share.
Technical observations on ICICI Bank stock:
ICICI Bank has corrected from a high of 757 touched in early June 2022.
The stock recently found support at the 670 levels where it made a double bottom and has strongly
bounced back from these levels in the last few sessions.
On Friday, the stock broke out of the 680-708 range on the back of healthy volumes, indicating the
stock is set to continue its short term uptrend.
Daily momentum readings like the 14-day RSI are in rising mode, which is encouraging.
With the intermediate technical setup too looking positive, we believe the stock has the potential to
move higher in the coming weeks and therefore recommend a buy.
Minda Industries:
On the mid-cap auto ancillaries firm, the brokerage has placed a target of Rs. 1025 to be likely realised in 3 months. The stop loss to be maintained is Rs. 865. From the last traded price of Rs. 917, the stock offers an opportunity to make around 12% in the short term.
The company is a supplier of automotive solutions to original equipment manufacturers (OEMs). The Company offers a range of products across various verticals of auto components, such as switching systems, acoustic systems and alloy wheels among others.
Observations on the stock:
Stock has surpassed its 50 days EMA Resistance
Stock has broken out from downward sloping trend line on the daily chart
Breakout is accompanied with rising volumes
+DI has crossed -DI on the upside on daily charts, which indicates short term trend reversal
Daily RSI has been rising and has reached above benchmark level of 50
Daily MACD has reached above its signal and equilibrium line
Auto Sector has been outperforming for last couple of months
Disclaimer:
The above stock recommendations are taken from the brokerage report of HDFC Securities. Investments in market linked securities such as equity, mutual funds etc. poses risk of financial loss. The readers should not construe the report as an investment advice and should indulge into their own due diligence before any such investments.
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