Indian stock market indices, Sensex and Nifty 50 succumbed to profit booking and traded lower on Thursday. The benchmark Nifty 50 fell below 22,300 level dragged by selling in realty, financials and pharma stocks.
Brokerage firm Anand Rathi has suggested two stocks to buy in this market movement. According to the broking house, the current technical setup of these two stocks show a decent upside potential.
These two stocks to buy are Raymond and Gateway Distriparks. Anand Rathi has recommended to buy Raymond shares and Gateway Distriparks shares based on the technical outlook. These two stocks are Anand Rathi’s stock picks of the month.
Raymond | Buy | TP: ₹2,000 | SL: ₹1,800
Raymond share price hit upper circuit of 5% from its discovered price on Thursday as the stock trades ex-lifestyle business. After a one-sided rally for many months, Raymond shares finally underwent a demerger.
“Although the charts are not adjusted, but after demerger the stock retested the zone of ₹1,800 from where the rally started. As of now Raymond stock seems to be in a demand zone. Thus we advise traders to buy the stock in the range of ₹2,000 – 1,960 with a stop loss of ₹1,800 for upside target of ₹2,400,” Anand Rathi said in a note. Raymond share price target implies an upside of more than 17% from current market price.
Raymond had set July 11 as the record date for the demerger of its lifestyle business venture into Raymond Lifestyle. Raymond share price traded ex-lifestyle business today. The stock opened at ₹1,950 on the BSE, following a special pre-open price discovery session between 09:45 and 10 AM today. Raymond stock touched an intraday high of ₹2,047.45 apiece, jumping 5% from its discovered price.
Gateway Distriparks | Buy | TP: ₹122 | SL: ₹103
Gateway Distriparks share price jumped 8.88% to ₹115.80 apiece on Thursday. For many weeks, Gateway Distriparks stock price was consolidating in a range and was struggling to clear ₹110 mark.
“Finally, there is a price breakout above ₹110 with volumes and also there is a trend line breakout. The pattern resembles a bullish inverse Head and Shoulder. Thus we advise traders to buy the stock in the range of ₹110 – 108 with a stop loss of ₹103 for upside target of ₹122,” Anand Rathi said.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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