In today's dynamic and ever-changing stock market, investors are always on the lookout for potential opportunities to maximize their returns. Amidst the numerous stocks available for investment, there are two stocks that have caught the attention of experts and are displaying remarkable strength in today's session. Sacchitanand Uttekar of Tradebulls has identified these two stocks and believes they could be potential game-changers for investors. Let's take a closer look at these stock ideas.
NSE
Maruti Suzuki, a prominent player in the automobile industry, is the first stock that has hit the radar. One of the key indicators of its strength is the formation of a solid base around Rs 9,600 levels. Such a stable foundation often indicates the potential for an upward trend.
In today's trading session, Maruti Suzuki showcased an engulfing bullish formation. This pattern suggests a significant reversal of the prevailing bearish trend, signalling a potential rise in the stock's value. Moreover, when analysing the weekly chart, we can observe a classic rising three formation, further adding to the stock's positive outlook. The stock's current position above the five-week exponential moving average reinforces its robustness.
Experts predict that Maruti Suzuki's upward movement is likely to continue, with a price target of around Rs 10,130. From a trading perspective, a quick swing toward Rs 9,960 is anticipated. Consequently, building long positions in the stock is recommended, with a stop loss set close to around Rs 9,680 to mitigate potential risks. Shares have gained more than 3 percent in the past month.
The second stock on the radar is Mahanagar Gas, which exhibits a trading setup similar to that of Maruti Suzuki. Like its counterpart, Mahanagar Gas has also displayed a bullish engulfing formation in today's trading session, indicating a strong potential for a positive trend reversal.
In today's session, there has been a notable long buildup, further strengthening the stock's outlook. Moreover, the weekly structure shows a rising three formation, reinforcing the idea of a sustained upward trend.
The current decline in Mahanagar Gas presents an attractive opportunity for investors to accumulate this stock in their portfolios. Experts have set a price target of Rs 1,100, with the position target at Rs 1,160, making it an enticing prospect for potential gains. To ensure prudent risk management, experts recommend building long positions in Mahanagar Gas and setting a stop loss at Rs 1,060. The stock is up more than 5 percent in the last month.
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