Ganesh Chaturthi 2024: Geojit Financial Services Picks Two Stocks for Monday

With the auspicious occasion of Ganesh Chaturthi approaching, investors are looking for promising stocks to add to their portfolios. Anand James, Chief Market Strategist at Geojit Financial Services, has identified two technical picks that could potentially deliver gains in the coming days.

Indian Bank (Buy):

James recommends buying shares of Indian Bank with a target price of ₹558-568. This represents an upside of 6.7% to 8.6% from the current closing levels of ₹523.05 on the NSE. He suggests investors maintain a stop loss at ₹544 and hold the position for a period of 5 days.

The recommendation for Indian Bank is based on the formation of a DoJi pattern on its chart. A DoJi pattern occurs when the opening and closing prices of a stock are nearly equal, indicating indecision among buyers and sellers. This pattern can sometimes signal a potential reversal or a period of consolidation before a further move in either direction.

In the case of Indian Bank, the DoJi pattern could suggest that the stock is nearing a short-term bottom and is poised for a rebound. The positive technical outlook, coupled with the bank’s strong fundamentals, makes it a potential candidate for short-term gains.

Dilip Buildcon Ltd (Buy):

James has also recommended buying shares of Dilip Buildcon Ltd with a target price of ₹420-425. This represents an upside of 10.5% to 11.5% from the current closing levels of ₹380.50 on the NSE. He suggests investors maintain a stop loss at ₹370 and hold the position for a period of 5 days.

The recommendation for Dilip Buildcon is based on the stock’s recent breakout from a descending triangle pattern. A descending triangle pattern is a technical chart pattern that indicates a potential bearish reversal. However, when a stock breaks out above the upper trendline of a descending triangle, it can signal a bullish reversal.

In the case of Dilip Buildcon, the breakout above the descending triangle pattern suggests that the stock’s downward momentum has been halted and that it is poised for a rebound. The positive technical outlook, coupled with the company’s strong fundamentals, makes it a potential candidate for short-term gains.

Disclaimer:

Investing in the stock market involves risk, and investors should conduct their own due diligence before making any investment decisions. The recommendations provided in this article are based on technical analysis and should not be construed as financial advice.