Shrikant Chouhan, an analyst at Kotak Securities, has identified a couple of stocks from the NSE 500 that are currently showing promising signs. These stocks have been crossing their previous highs, indicating the potential for further growth and profitability.

Share Market Live

NSE

One stock that stands out is Poonawalla Fincorp, which is currently trading around the range of Rs 350-355.

Chouhan notes that the stock has formed an ascending triangle formation, which is a bullish continuation pattern. After a significant period of time, the stock has successfully broken the level of Rs 350-345 and is now comfortably sustaining above it. This breakthrough suggests that the stock has the potential to move to the next levels of Rs 390-400.

Read Here | BPCL among top Nifty 50 gainers after analysts expect strong margin performance to continue

Given these observations, Chouhan recommends buying Poonawalla Fincorp at the current level, with a stop loss set around Rs 330. Share of Poonawalla Fincorp have gained more than 11 percent in last one month.

Another stock that has caught Chouhan's attention is Delta Corp. He observes that the stock has confirmed a higher bottom or double bottom formation. It is currently approaching its resistance level of Rs 240.

However, considering the overall delivery-based volume and averages, Chouhan predicts that Delta Corp will surpass the Rs 240 level. The next levels to watch out for would be Rs 265 or 270.

Chouhan recommends purchasing Delta Corp at its current levels and advises setting a stop loss around Rs 215. The stock has recorded a gain of over 18 percent in the past month.

Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.

Catch all the latest updates from the stock market here

First Published:May 23, 2023 2:24 PM IST