Brokerage firm Anand Rathi has released a list of some stocks, which the brokerage has called its Diwali picks for the coming year. Many more shares including PSU companies are included in this list. Let us know what are the new targets of the company?
Hindustan Zinc
Hindustan Zinc Limited shares have been trading in a downtrend for several months now, trading around 500 levels after making their high at around 807 levels. After this, the stock took support at its 200-day Double Exponential Moving Average (DEMA) near the level of 470 and has been under pressure for several weeks since then. The brokerage said that it is finding multiple supports near 470 levels and currently the stock is on the verge of a fresh breakout, which would resume the uptrend. Anand Rathi has advised investors to buy the stock for about 1 year.
IRB Infrastructure Developers
After making his level high of 78, about 30 percent has been corrected. It is currently showing signs of recovering from its 200-day Exponential Moving Average (DEMA). On an indicator basis, the Weekly RSI has formed an impulsive structure (V-shape) just shy of 30 levels, while the Monthly RSI remains between 70-65, indicating positive for the momentum of both the stocks. Hence, the brokerage advised investors to accumulate the stock.
Tata Technologies
The IPO of the Tata Group company came in the year 2023 and it has been one of the biggest IPOs, which also had the biggest listing gains. After its listing the stock made its all-time high at around Rs 1,400 level. The correction has pushed the stock below the 1,000 level and then consolidation is being seen in the stock. But now the brokerage believes that a new breakout may be seen in the stock, and a trend reversal has also been confirmed. The brokerage advises investors to invest in stocks with a time frame of 1 year.
Garden Reach Shipbuilders & Engineers
The stock has risen more than 300 points from a low of 700 points between March and July 2024. After this, improving trends have been seen in most of the shipping-related stocks for several months. GRSE has corrected almost 45% from its peak. The brokerage has said that at this juncture we see the stock bouncing from its 200 DEMA and 61.8% retracement level, hence investors are advised to invest in the stock with a time frame of around 1 year.
Jupiter Wagons
Correction mode has been going on in most of the railway stocks for several months. Jupiter Wagons stock has lost nearly 40 percent of its value from a top of $746. The brokerage believes that at this juncture we are seeing the stock bouncing back from its 200 DEMA. Apart from this, there is a breakout from the falling trend line on the daily chart and the stock is very close to its previous demand zone. Investors have been advised to buy the stock.
BEML
Most of the defense related stocks have been trading in corrective mode for some time. BEML has lost about 35% value from the top of 5466. At this juncture, the brokerage believes that the stock is bouncing back from its 50 WEMA and 200 DEMA. Investors have been advised to invest in the stock for one year.