Consider buying India Cements, 3M India on dips, recommends Mehul Kothari

According to the technical analyst from Anand Rathi, India Cements can be bought closer to Rs 155 and 3M India should be bought near Rs 21,800.

Markets, bulls, bears, stocks, trading, technicals, market technical, technical analysis
Mehul Kothari Mumbai
1 min read Last Updated : Jul 01 2022 | 7:58 AM IST
3M India
BUY
Closer to: Rs 21,800
Target: Rs 24,250
Stop Loss: Rs 20,500

The stock has confirmed an inverse head and shoulder breakout above Rs 21,800 level and looks strong with a time frame of 2 – 3 weeks.

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The theoretical target for the pattern comes around Rs 26,000. Thus, we advise traders to go long in 3M India near Rs 21,800 with a stop loss of Rs 20,500 for an upside target of Rs 24,250.

India Cements
BUY
Closer to: Rs 155
Target: Rs 170
Stop Loss: Rs 145

Due to oversold conditions, we witnessed some short unwinding in India Cements during the recent trading sessions.

On the weekly chart, we are observing a bullish hammer formation. There is some decent built up at 160 strike Call option and once the stock starts trading above Rs 160 we can expect short covering.

There is a possibility of pullback rally in the stock in the coming few trading sessions.

(Mehul Kothari - AVP – Technical Research, Anand Rathi Shares & Stock Brokers. Views are personal).
 

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Topics :Market technicalsStocks to buyStock Recommendations3M IndiaIndia Cementstechnical chartsstocks technical analysis

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