Technical picks: Bajaj Auto, Rain Industries, Balaji Amines, Asian Paints and more

SUMMARY

The Nifty50 kicked off 2022 with a bang, after rising 24 percent in 2021 -- its biggest annual gain since 2017. Analysts see several trading opportunities on Dalal Street now. They recommend stocks such as Asian Paints, Titan, Affle India, Bajaj Auto, Balaji Amines and Rain Industries from a technical perspective to traders to make the most of the market in the short term. Here are 10 stocks one can buy now:

By Sandeep Singh Jan 4, 2022 8:45:13 AM IST (Published)

Buy Titan shares | Target price: Rs 2,680/2,730 | Stop loss: Rs 2,480 | The stock has been rising on the weekly chart, and trading above the breakout point of a bullish flag pattern, suggesting bullish strength for the long term. It is giving signs of a bullish bias for the near term as well. Titan is also hovering above the Ichimoku pattern, which points to a long bullish trend. (Analyst: Sumeet Bagadia, Choice Broking)

Buy Rain Industries shares on dips | Target price: Rs 350 | Stop loss: Rs 198 | The stock has given a range breakout above an eight-week high to touch Rs 244.7 with strong volume. Rain Industries appears to be in an uptrend. One can initiate longs in the range of Rs 204-215-231.(Analyst: Bharat Gala, Ventura Securities)

Buy Bajaj Auto shares | Target price: Rs 3,580 | Stop loss: Rs 3,000 | The stock has formed a butterfly bullish harminic pattern on the daily chart. Longs can be initiated above Rs 3,250. (Analyst: Ajay Kedia, Kedia Advisory)

Buy Quess Corp shares | Target price: Rs 1,050 | Stop loss: Rs 775 | The stock is near the lower band of an ascending channel. It has taken support at its 200-day exponential moving average line. Momentum indicators MACD and RSI suggest more upside in the stock ahead. Longs can be initiated above Rs 865. (Analyst: Vijay Dhanotiya, CapitalVia Global Research)

Buy Rashtriya Chemicals & Fertilizers shares | Target price: Rs 85-90 | Stop loss: Rs 73 | The RCF stock has moved back up after taking support at around Rs 68.8 on the weekly chart. It has been trading above its 100-week simple moving average, suggesting bullish strength for the medium term. From a near-term view, the stock has held above the Ichimoku pattern and its 50-day exponential moving average with high volume. (Analyst: Sumeet Bagadia, Choice Broking)

Buy Balaji Amines shares on dips | Target price: Rs 4,500 | Stop loss: Rs 2,950 | After surging between June and September 2021, the stock entered technical correction and hit a low of Rs 2,880 in November. It has taken support at a 200-day moving average, and made higher bottoms. The stock is expected to assume higher levels after the recent breakout which was accompanied by high volume. One can initiate longs in the range of Rs 3,070-3,165-3,300 for targets of Rs 3,775, Rs 4,050, Rs 4,325 and Rs 4,500. (Analyst: Bharat Gala, Ventura Securities)

Buy JK Lakshmi Cement shares | Target price: Rs 700 | Stop loss: Rs 470 | The stock has been following an uptrend, having reversed from the lower band of an ascending channel. Momentum indicators MACD and RSI are giving positive signals on JK Lakshmi Cement shares. One can buy the stock above Rs 590. (Analyst: Vijay Dhanotiya, CapitalVia Global Research)

Buy Affle India shares | Target price: Rs 1,340 | Stop loss: Rs 1,080 | The stock has formed a cup and handle patten on the daily chart. Longs can be initiated above Rs 1,180. (Analyst: Ajay Kedia, Kedia Advisory)

Buy Apollo Hospitals shares | Target price: Rs 6,200 | Stop loss: Rs 4,350 | The stock has reversed from support at the lower band of an ascending channel. It has taken support at its 100-day exponential moving average. A ‘buy’ can be initiative above Rs 5,070. (Analyst: Vijay Dhanotiya, CapitalVia Global Research)

Buy Asian Paints shares on dips | Target price: Rs 3,700-4,400 | Stop loss: Rs 3,015 | The stock has continuously taken support at key averages and consolidated from September to December. It recently gave a breakout to make a high of Rs 3404, crossing an 11-week high. One can initiate longs in the range of Rs 3,140-3,210-3,310. (Analyst: Bharat Gala, Ventura Securities)

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