Stocks to watch out for swing trading!
Indian Market witnessed decline at the close of the week as investors shifted their attention to the upcoming Fed policy in the face of rising US inflation and worries about aggressive rate hikes by central banks which brings volatility in the market.
But Fall in crude oil prices, reduction in FIIs selling added optimism to the domestic market with many buying opportunities in small and mid-cap counter.
Let’s Discuss some very strong stocks to watch out for swing trading for the next week.
1. Raymond
Raymond Limited incorporated in 1925 is a diversified group with interests in Textile & Apparel sectors as well as presence across diverse segments such as Real Estate, FMCG, Engineering in national and international markets 55+ Countries including the USA, Europe, Japan & Middle East.
Raymond is in strong uptrend from the the covid low of 200 to making high of 1275 which is stellar return.
Currently stock is in short-term correction phase giving good opportunity for the entry for short to long-term time frame.
Raymond trading above lower trend line looks good buy from current level for the upside levels of 1100 and 1275 with the support of 800.
Keep strategy of buy on dips for long-term.
2. Bharat Electronics Limited
BEL was established in 1954 in association with CSF, France (now, Thales), to meet the specialized electronic equipment requirements of the Indian Defence Services.
BEL is an Indian state-owned aerospace and defence company with about nine factories, and several regional offices in India.
BEL given triangle breakout on daily chart with high volume indicates further upside till 250, 260 and 280 with the support level of 238 and 223.
3. Poonawalla Fincorp Limited
Poonawalla Fincorp Limited (erstwhile Magma Fincorp Limited) is a non-deposit taking NBFC registered with RBI. It is engaged in providing consumer and MSME financing, as well as General Insurance services.
Poonawalla fincorp is making higher high and higher low and taking support at lower trend line.
There will be breakout above 255 for the upside till 270,300 and 340 with the support of 215-225
4. Jyothy Labs Limited
Jyothy Labs Limited was founded in 1983 by Mr. M. P. Ramachandran in Thrissur, Kerala. With a humble beginning as a single-unit, single-product manufacturing company. The Company has grown significantly to become a leading FMCG player with a pan-India presence and several household brands.
The stock has given ascending triangle pattern breakout in weekly time frame, which opens up further upside level of 185-190 with the stop loss of 160-163.
An intriguing discussion is definitely worth comment. Theres no doubt that that you should write more on this subject, it might not be a taboo subject but usually people dont talk about these topics. To the next! Best wishes!!
Thank You!