Technical picks: Britannia, Tata Steel, HUL, Wockhardt and other stocks analysts are betting on now

SUMMARY

Indian equity benchmarks have moved further away from their record highs clocked recently as focus shifts to the US central bank’s upcoming policy meeting. Weakness on Dalal Street comes soon after the 50-scrip Nifty50 index scaled Mount 18,000 for the very first time. Is this an opportunity to take positions in stocks from a trading perspective? Analysts suggest going long on a few stocks -- including Hindustan Petroleum, Tata Steel, Britannia and Wockhardt -- to make the most of the latest dip in the market. Here are their top trading calls:

By CNBCTV18.comSept 20, 2021 10:30:19 AM IST (Updated)

Wockhardt: The stock looks positive from a near-term view: Traders may consider buying at the Rs 440 mark for a target of Rs 455 with a stop loss at Rs 435. (Analyst: Ravi Singh, DRS Advisory)

NTPC: The stock is hovering in a narrow range after a strong spurt, hinting at a further surge. Chart patterns indicate the possibility of marginal consolidation, followed by a resumption of the trend. This phase can be used to accumulate NTPC shares. Traders may initiate long positions in the range of Rs 120-121 for a target of Rs 128 with a target price of Rs 118. (Analyst: Ajit Mishra, Religare Broking)

Valiant Organics: After retracing 76.4 percent of its previous upmove on the weekly chart, the stock has broken out have a down-trending slope line. The stock has been making a higher-high-and-higher-low pattern over the past three weeks and looks ready for further upside. It has also broken its down-trending slope line on the daily timeframe. Traders may buy in the range of Rs 1,380-1,430 for a target of Rs 1,810 with a stop loss at Rs 1,250. (Analyst: Miraj Vora, IDBI Capital)

Tech Mahindra: The stock is steadily rising following the overall trend in the IT sector, and expected to find major support at Rs 1,400. Traders may buy Tech Mahindra shares Rs 1,450 and Rs 1,425 for a target price of Rs 1,550/1,575 with a stop loss at Rs 1,390. (Analyst: Shrikant Chouhan, Kotak Securities)

Hindustan Unilever: The stock appears to be in the last leg of a corrective pattern and expected to bounce back between Rs 2,700 and Rs 2,650 levels. Traders may buy HUL shares between Rs 2,700 and Rs 2,680 levels for a target of Rs 2,800/2,850 with a stop loss at Rs 2,650.

Hindustan Petroleum: The stock has formed an inverse head-and-shoulder pattern and expected to continue its momentum. HPCL shares have taken support at their 200-day moving average line. Buying is recommended above Rs 283 for a target of Rs 315 with a stop loss at Rs 24. (Analyst: Ashish Biswas, CapitalVia Global Research)

Tata Steel: The stock is an attractive bet from a near-term perspective. Traders can look at buying Tata Steel shares at the Rs 1,385 level for a target price of Rs 1,425 with a stop loss at Rs 1,360. (Analyst: Kapil Goenka, Eternity Financial Services)

Manali Petrochemical: Traders can go long on the stock now for near-term returns. Manali Petrochemical shares can be bought at Rs 105.5 for a target price of Rs 118 with a stop loss at Rs 98.5. (Analyst: Manoj Dalmia, Proficient Equities)

Britannia: After clocking an all-time high, the stock has gained momentum with indicators MACD and RSI looking positive. Buying is recommended for a target of Rs 4,350 with a stop loss at Rs 3,790. (Analyst: Ashish Biswas, CapitalVia Global Research)

Can Fin Homes: The stock has reversed from support at its 200-day moving average and showing a shift in momentum. Technical indicators MACD and RSI are suggesting that the momentum may continue going forward. Can Fin Homes recently gave a breakout of the sideways channel. Buying is recommended for a target of Rs 680 with a stop loss at Rs 485. (Analyst: Ashish Biswas, CapitalVia Global Research)