Technical analysts Kush Bohra of www.kushbohra.com have identified two standout stock selections for the current day: Sundaram Finance and TVS Motor Company.
Sundaram Finance has captured the attention of technical analyst Bohra due to its recent breakout from a lengthy consolidation period spanning 3 to 6 months. The stock has displayed remarkable resilience and has garnered a significant amount of interest from investors.
One particularly encouraging sign for Sundaram Finance is the follow-up buying that has accompanied its breakout. This surge in buying activity is complemented by impressive delivery volumes, suggesting a substantial level of market interest and confidence in the stock.
The pivotal point that caught Kush Bohra’s attention is the stock’s ability to breach the resistance level of Rs 3,200. According to Bohra’s analysis, the stock appears poised to reach levels between Rs 3,400 and Rs 3,550. To safeguard against potential downside risk, Kush Bohra advises placing a stop loss at Rs 3,150.
In the last month, Sundaram Finance has witnessed remarkable growth, with its value increasing by over 22%.
TVS Motor Company, another stock highlighted by Bohra, has consistently shown promise in the market. However, what makes it particularly enticing today is its position above a significant resistance band at Rs 1,530.
This development suggests a bullish sentiment surrounding the stock, as it signifies a potential upward trend. For investors, the levels to watch closely are between Rs 1,590 and Rs 1,620, where the stock may find resistance and potentially continue its upward trajectory.
To manage potential risks, Kush Bohra recommends setting a stop loss at Rs 1,500. Over the past month, TVS Motor Company has seen its shares appreciate by more than 3%, reinforcing the stock’s potential as a profitable investment.
First Published: Oct 10, 2023 1:05 PM IST
