Technical analysts have recommended four stocks for investors looking for near-term trading opportunities. The list includes Eicher Motors, Poonawalla Fincorp, Carborundum Universal, Meesho and Garden Reach Shipbuilders & Engineers. Here are the suggested entry levels, stop losses and target prices.
Poonawalla Fincorp Ltd. (CMP: Rs 503.50)
Gaurav Sharma, Associate Vice-President and Head of Research at Globe Capital, has recommended buying Poonawalla Fincorp at around Rs 498.50. He has placed the stop loss at Rs 485 and expects the stock to rise to a target of Rs 540. The target indicates an upside potential of about 8% from the analyst's recommended buying price.
Eicher Motors Ltd. (CMP: Rs 8,079.50)
Ajit Mishra, SVP-Research, Religare Broking has given a buy call on Eicher Motors. He suggests buying the stock at Rs 8,100 with a target price of Rs 8,390 and stop loss of Rs 7,940.
Carborundum Universal Ltd. (CMP: Rs 1,184.00)
Sharma has also recommended buying Carborundum Universal at around Rs 1,168. The analyst has set a target price of Rs 1,220, implying a potential gain of about 4.5 per cent from the suggested entry level. Traders have been advised to maintain a stop loss at Rs 1,140 to limit downside risk.
Meesho Ltd. (CMP: Rs 193.80)
Jigar Shantilal Patel, Senior Manager for Equity Technical Research at Anand Rathi Share and Stock Brokers, has recommended buying Meesho shares in the range of Rs 193 to Rs 194. Patel expects the stock to move towards Rs 202, representing an upside of roughly 4 per cent from the upper end of the recommended buying range. He has advised traders to keep a stop loss at Rs 190.
Garden Reach Shipbuilders & Engineers Ltd. (CMP: Rs 2,632.80)
Patel has also issued a buy recommendation on Garden Reach Shipbuilders & Engineers at around Rs 2,630. The analyst has set a target of Rs 2,800, indicating an upside potential of nearly 6.5 per cent from the suggested buying price. The stop loss has been placed at Rs 2,550.
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