Lodha Developers
Lodha Developers’ stock peaked at Rs 1,590 on July 10, 2024, but has since declined by nearly 450 points, translating to a 28% drop. This correction has brought the stock to a crucial technical level, forming a triple bottom pattern near the 200-day Exponential Moving Average (DEMA). A triple bottom typically signals strong support and a potential trend reversal from bearish to bullish. The presence of a Bullish Bat pattern and the violation of a bearish trendline further bolster the positive momentum indicators. Investors might consider buying or accumulating the stock at Rs 1,250-1,300, aiming for an upside of Rs 1,540. A stop-loss at Rs 1,140 on a daily closing basis is recommended to mitigate risk.
IDFC First Bank
IDFC First Bank has consistently maintained a strong support level between Rs 70-71 despite market challenges. This range has been tested multiple times, highlighting its resilience. A bullish divergence on the daily chart suggests a potential upward reversal. This support level also aligns with the 0.618 Fibonacci retracement level of its previous upward move, making the stock an attractive buy. Traders and investors should consider long positions within the Rs 72-73 price range, targeting an upside of Rs 90, while placing a stop-loss order at Rs 64 on a daily closing basis to manage risk.
Allcargo Logistics
Allcargo Logistics has recently formed a bullish Bat pattern, indicating potential reversals. The stock created a triple bottom structure near its historical low of Rs 61, a strong sign of price support. The triple bottom pattern suggests weakening downward momentum. A bullish divergence before the stock’s reversal from Rs 61 indicates a potential upward reversal. Investors are advised to buy on dips until Rs 65, with an upside target of Rs 78. A stop-loss at Rs 59 on a daily closing basis is recommended to limit potential losses if the stock breaks below this support level.
Disclaimer: Jigar S Patel, senior manager of equity research at Anand Rathi, expresses personal views. First Published: Sep 19, 2024 | 6:27 AM IST.
Original Story https://www.business-standard.com/markets/news/jigar-s-patel-of-anand-rathi-recommends-buying-these-three-stocks-today-124091900073_1.html
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