Stocks to Buy: Here’s why Oil India and Syngine are looking attractive

Indian stock market: The Nifty index displayed volatile movements on the last day of the week but managed to close above the crucial level of 21300. The lower-end support for the index is positioned at 21200, presenting a buying opportunity on any dips toward this level. Sustaining above 21300 could pave the way for further upside momentum, targeting the 21500 level.

Bank Nifty

The Bank Nifty index faced selling pressure on the last day but managed to hold the key support level of 47400. If the index fails to sustain above this support, it could witness further decline toward the 47100 levels. On the upside, the immediate resistance is at 47700, and a breakout above this level may trigger short-covering, pushing the index higher toward 48000/48200 levels.

Stocks to Buy

Oil India | Recommendation: Buy | CMP: 360 | Target: 400/420 | Stop Loss: 340

Oil India has demonstrated a robust breakout on the daily chart, accompanied by a significant surge in volumes. The momentum indicator, RSI, has confirmed the bullish sentiment by registering a positive crossover. The stock’s lower-end support is identified at 340, serving as a solid foundation for potential upward movements. With this positive momentum, the stock has the potential to reach upside targets at 400 and 420.

Syngine | Recommendation: Buy | CMP: 700 | Target: 750/765 | Stop Loss: 675

Syngine has recently formed a double bottom pattern on the daily chart, complemented by a morning star pattern and backed by notable volumes, signaling a bullish trend. The momentum indicator RSI has undergone a positive crossover, providing confirmation of the buy signal on the daily chart. The lower-end support is identified at 675, while the potential upside targets are set at 750/770. Investors may find this setup favorable for considering long positions.

SRF | Recommendation: Buy | CMP: 2450-2425 | Target: 2600/2650 | Stop Loss: 2350

SRF stock is poised for a breakout from a significant consolidation phase, supported by notable volumes. The momentum indicator RSI has displayed a positive crossover, affirming the buy signal. The lower-end support for the stock is observed at 2350, providing a cushion for potential downside risks. The upside targets for the stock are set at 2600/2650.

The author, Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

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 taking any investment decisions.

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Published: 24 Dec 2023, 02:45 PM IST

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