1) The document recommends buying shares of India Nippon Electricals between the current market price (CMP) of Rs. 467.55 and Rs. 435, with targets of Rs. 550 and Rs. 630 over the next 1-3 months.
2) Technical analysis of the stock's weekly chart shows that it has broken out of a 22-month consolidation period on higher volumes and closed above its Bollinger band, indicating upcoming momentum. Oscillators like MACD and DMI have also turned bullish.
3) The stock has a primary bullish trend on its monthly chart with higher highs and bottoms, and is poised to set its highest weekly close with relatively higher volumes.
1) The document recommends buying shares of India Nippon Electricals between the current market price (CMP) of Rs. 467.55 and Rs. 435, with targets of Rs. 550 and Rs. 630 over the next 1-3 months.
2) Technical analysis of the stock's weekly chart shows that it has broken out of a 22-month consolidation period on higher volumes and closed above its Bollinger band, indicating upcoming momentum. Oscillators like MACD and DMI have also turned bullish.
3) The stock has a primary bullish trend on its monthly chart with higher highs and bottoms, and is poised to set its highest weekly close with relatively higher volumes.
1) The document recommends buying shares of India Nippon Electricals between the current market price (CMP) of Rs. 467.55 and Rs. 435, with targets of Rs. 550 and Rs. 630 over the next 1-3 months.
2) Technical analysis of the stock's weekly chart shows that it has broken out of a 22-month consolidation period on higher volumes and closed above its Bollinger band, indicating upcoming momentum. Oscillators like MACD and DMI have also turned bullish.
3) The stock has a primary bullish trend on its monthly chart with higher highs and bottoms, and is poised to set its highest weekly close with relatively higher volumes.
1) The document recommends buying shares of India Nippon Electricals between the current market price (CMP) of Rs. 467.55 and Rs. 435, with targets of Rs. 550 and Rs. 630 over the next 1-3 months.
2) Technical analysis of the stock's weekly chart shows that it has broken out of a 22-month consolidation period on higher volumes and closed above its Bollinger band, indicating upcoming momentum. Oscillators like MACD and DMI have also turned bullish.
3) The stock has a primary bullish trend on its monthly chart with higher highs and bottoms, and is poised to set its highest weekly close with relatively higher volumes.
Technical Stock Idea A near term trading stock pick
Stock India Nippon Electricals
CMP 467.55
Recommended Action Buy between CMP & Rs. 435
Targets Rs. 550, 630
SL*
Time Horizon
Rs. 420
1-3-Months
Note: * Place stoploss as per daily closing basis. Recommended to stagger buying/selling. If first target achieved, then revise stoploss to buying/selling price.
INDIA NIPPON ELECTRICAL Weekly Chart
Breakout
Rising Volumes
Bullish MACD
Bullish DMI
Observations:
Primary trend of the stock has been bullish with higher ops and higher bottoms on the monthly chart.
Stock has recently broken out from the consolidation that held for last 22 Months.
Stock is on the verge of giving highest weekly close with the relatively higher volumes
Stock price has closed above the Bollinger upper band, indicating upcoming momentum buying in the stock
Oscillators like MACD and DMI have turned bullish on the weekly and monthly charts
Considering the technical evidences discussed above, we recommend buying the stock between CMP and 435, for the targets of 550 and 630, keeping stop loss at 420 on closing basis.
PRIVATE CLIENT GROUP
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PRIVATE CLIENT GROUP
Technical Research Analyst: Vinay Rajani (vinay.rajani@hdfcsec.com) HDFC securities Limited, I Think Techno Campus, Building - B, "Alpha", Office Floor 8, Near Kanjurmarg Station, Opp. Crompton Greaves, Kanjurmarg (East), Mumbai 400 042 HDFC securities Limited, 4th Floor, Above HDFC Bank, Astral Tower, Nr. Mithakadi 6 Road, Navrangpura, Ahmedabad-380009, Gujarat. Phone: (079) 66090040, Website: www.hdfcsec.com Email: pcg.advisory@hdfcsec.com "HDFC Securities Ltd. is a SEBI Registered Research Analyst having registration no. INH000002475." Disclosure: I, Vinay Rajani, M.B.A., authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. 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