3 stocks with up to 35% upside potential to buy this Ganesh Chaturthi: Stoxbox

While the index has surged over 70% this year, the momentum is still expected to continue in the forthcoming months. The “Ascending Triangle” breakout in July of this year has again pushed the stock into bullish territory. Subsequently, the stock scaled over Rs 5,200, its immediate hurdle, further prompting fresh advance.

The overall trend is headed to the Rs 8,000 mark, as per the technical layout on the weekly and monthly charts. The support falls at Rs 4,800 to Rs 4,700 levels. We advise taking a positive strategy on the stock.

Post striking a new all-time high at Rs 5,333 level, the stock managed to hold ground near Rs 4,800 in the recent weakness, which is the breakout mark of the bullish rally. The stock succeeded to reverse around this corner, representing robust support and an accumulating posture that continues to embrace the positive trend.

The stock is heading in the direction of Rs 6,300 and Rs 7,500, with a price stop loss remaining at 3,450. We advocate accumulating around Rs 5,100 and on a dip towards 4,600.

The broader outlook clearly validates the support of 200-SMA, presently set at Rs 145-mark. The consolidation breakout from the range of Rs 200 to Rs 155 in early August has elicited a bullish outlook for the coming months.

Also, the positive crossover of 100-SMA with 50-SMA further negates any major drawdown, shows the daily chart. We recommend to buy at the CMP of 228 with a target price of Rs 285-level.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)