Here are the top three stock picks of Shiju Koothupalakkal – Technical Analyst at Prabhudas Lilladher:
1. Mahindra & Mahindra:
Recommendation: BUY MAH & MAH For Target 3000 With Stop Loss 2840. Potential upside 3.9% in intraday trade.
Share Price: Currently, the stock is at Rs 2885.35 apiece on BSE, with an m-cap of Rs 3,58,801.59 crore. Its return on equity is at 19.50%.
Founded in 1945, the Mahindra Group is one of the largest and most admired multinational federations of companies with 260000 employees in over 100 countries, M&M enjoys a leadership position in farm equipment, utility SUVs, information technology and financial services in India and is the world’s largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality, and real estate.
2. IPCA Laboratories:
Recommendation: BUY IPCA LAB For Target 1650 With Stop Loss 1550. Potential upside of 4.3% in intraday trade.
Share Price: Currently, IPCA Lab stock is at Rs 1582.10 apiece, with an m-cap of Rs 40,131.11 crore. It has a return on equity of 9.7%.
Ipca Laboratories Ltd. is a reputed name in the Indian Pharmaceutical & healthcare industry. It is a public limited organization engaged in manufacturing pharmaceutical products since 1984 in various plants located in India.
3. Gujarat State Fertilizers and Chemicals (GSFC):
Recommendation: BUY GSFC For Target Rs 225 With Stop Loss Rs 205. Potential upside of 6.5% in intraday trade.
Share Price: GSFC’s share price is currently at Rs 211.25 apiece on BSE, with a market cap of Rs 8,417.84 crore. Its return on equity is at 3.97%.
GSFC is a joint-sector company promoted by the Government of Gujarat. Incorporated in 1962, the company is a producer of bulk and non-bulk fertilizers and chemicals. Its product portfolio is a result of plant integration developed over a period of time. Most products are import substitutes and contribute to saving valuable foreign exchange. It pioneered the manufacturing of DAP complex fertilizer in India, is the sole producer of Melamine HX Sulphate Crystal and amongst the major producers of Caprolactam, Nylon 6 and Methanol in the country.
Technical Outlook On January 24:
Nifty Outlook: Shiju Koothupalakkal – Technical Analyst at Prabhudas Lilladher expects Nifty to find support and resistance at 23,000 and 23,400 respectively on January 24.
Bank Nifty Outlook: Koothupalakkal predicts support at 48,200 for Bank Nifty and resistance around 49,200.
Meanwhile, Satish Chandra Aluri, Lemonn Markets Desk said, technically, Nifty 50 regained 23200 level after testing and taking support at crucial 23000 levels. Expect 23400- 23500 to act as near-term resistance on the upside. Bank Nifty edged marginally lower and we continued to expect 48500 level acting as immediate support.
Disclaimer: The write-up is just for information purposes, and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on article mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.
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