Technical analyst Sudeep Shah of SBI Securities has highlighted two stocks that he believes have significant upside potential based on their technical charts, IDFC First Bank and CCL Products.

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The first stock on Shah's radar is IDFC First Bank. According to him, the bank has recently experienced a symmetrical triangle breakout on larger timeframe charts. Over the past few days, there has been notable activity in the stock, particularly in the range of Rs 65-66.

IDFC First Bank had been consolidating within the range of Rs 63-66, but with this recent breakout, Shah is optimistic about the stock's potential for an upward movement towards the Rs 72-73 levels.

He suggested investors should consider buying this stock, setting a stop loss at Rs 65 to manage potential risks. The shares have gained more than 15 percent over the past month.

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Shah's second pick is CCL Products. He identified this stock as a quality option, especially given the current popularity of midcap stocks in the market. After analysing the daily and weekly timeframe charts, Shah believes that CCL Products is displaying a favourable technical structure.

For investors looking to enter this stock, he advised setting a stop loss at Rs 600 and anticipates an upmove towards the range of Rs 645-660. The share has gained more than 8 percent in the last month.

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First Published:May 25, 2023 12:51 PM IST