Positive on market; buy these 2 stocks now: Rajesh Bhosale
Synopsis Angel One's Rajesh Bhosale is optimistic about the market. He advises holding a positive view above 24,700. The targets are 25,000 and 25,200. Bhosale recommends buying Glenmark Pharma, citing its strong performance. He also suggests purchasing Bharti Airtel, noting its upward trend. These stocks show promise. The market displays resilience amid geopolitical concerns. Focus on specific stock actions is key. Rajesh Bhosale, Equity Technical Analyst, Angel One, notes the market's cautious trading but relative strength, holding above 24,700. He suggests maintaining a positive outlook as long as this level holds, targeting 25,000 and then 25,200. Bhosale recommends buying Glenmark Pharma, citing its outperformance and continuation pattern breakout, and Bharti Airtel, highlighting its higher top higher bottom formation.
ADVERTISEMENT The geopolitical tensions persist, but Nifty is holding on to the 24,900 level. What do you make of it?
Rajesh Bhosale: Markets are trading cautiously, but as compared to the newsflow, we are showing relative strength. In fact, since last week, the market is holding on to 24,700 and in fact, the Nifty midcap space is already trading around its Friday's high. So, yes, the market is trading on a cautious note, but stock specific actions are being witnessed.
So, as long as 24,700 level holds, one should maintain positive and on the higher side, 25,000 would be a key level and once that is breached, we would probably move towards 25,200 levels.
What are the stock specific recommendations which you have and what are the stocks as well as sectors on your radar?
Rajesh Bhosale: My first buy call is on Glenmark Pharma. The pharma space has been underperforming, but Glenmark Pharma has stood out. In fact, from the June lows, the stock has moved from Rs 1350 level to somewhere around Rs 1630, 1650 levels. So, bias is positive. In fact, on the daily chart, we are seeing a continuation pattern breakout and also its January swing high is taken out. So, we have a strong bias on Glenmark Pharma for outperformance, somewhere trading around Rs 1700, can be bought with a Rs 1640 as a stop loss and the near-term target would be Rs 1795. My second buy call is also on an outperformer – Bharti Airtel. The stock is continuously moving in a higher top higher bottom formation and after the last one month of consolidation, we are seeing that the May swing high has been taken out. So, Bharti Airtel looks strong with a stop loss of Rs 1917 can be bought. The near-term target that we are expecting is Rs 2,000 levels.
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