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Buy & Sell: Top three picks by Anand Rathi for June 20; check levels here

After a period of consolidation within the approximate range of Rs 1,740-1680, Radico Khaitanhas successfully broken out and is sustaining above this range, indicating a strong upward movement

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Jigar S Patel Mumbai

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IndusInd Bank  

Since a couple of weeks IndusInd Bank has maintained its support of Rs 1,500 which aligns with the weekly middle Bollinger band. In the previous trading session it has taken out its previous week high of Rs 1,515 approx. which is looking lucrative.

From an indicator perspective, the daily RSI have reversed near 50 levels, which is a positive sign for potential gains. Based on this analysis, we recommend that traders and investors consider taking a long position in the range of Rs 1,525-1,530. The target for this upward move is set at Rs 1,640, with a stop-loss placed at Rs 1,480 based on a daily closing price.

Radico Khaitan 
 
After a period of consolidation within the approximate range of Rs 1,740-1,680, Radico Khaitanhas successfully broken out and is sustaining above this range, indicating a strong upward movement. From an indicator perspective, the daily Stochastics has reversed from the 70 levels, which is a positive sign for potential gains.

Based on this analysis, we recommend that traders and investors consider taking a long position in the range of Rs 1,765-1,780. The target for this upward move is set at Rs 1,875, with a stop-loss placed at Rs 1,720 based on the daily closing price.

United Spirits
 
After peaking near the Rs 1,335 mark on June 11, 2024, United Spirits experienced a significant downturn, declining by approximately 98 points, which equates to a drop of around 7-8 per cent. However, this week, United Spirits has shown resilience by avoiding further declines and reversing around the middle Bollinger Band, which coincides with the upper band of its previous breakout zone (which is now support zone). 

Notably, in the previous trading session, there was significant buying activity at lower price levels, indicating strong investor interest in the stock at these levels. From a technical perspective, the weekly Stochastics indicator has formed a bullish cross, suggesting a potential shift in momentum and presenting an attractive buying opportunity. 

As a result, traders are advised to consider purchasing  United Spirits within the range of Rs 1,255-1,270, with an anticipated upside target of Rs 1,350 and a stop-loss set at Rs 1,218, based on the daily closing price.

(Jigar S Patel is a senior manager of equity research at Anand Rathi. Views expressed are his own)


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First Published: Jun 20 2024 | 6:24 AM IST

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