Mehul Kothari recommends Buy on CSB Bank, Dhanuka Agritech; Check Why

According to the technical analyst from Anand Rathi, CSB Bank can rally to Rs 240, while Dhanuka can surge to Rs 790.

BUY

CSB BANK

Buy Near: Rs 220

Target: Rs 240

Stop Loss: RS 210

Since the past few sessions, banking stocks are doing well and recently CSB BANK confirmed a range breakout above Rs 220 mark. The price action was supported with decent volumes and the stock has managed to close above the 200-day moving average. Even the daily RSI has managed to break previous swing.

Thus, we advise traders to buy the stock near Rs 220 for a target of Rs 240 in the coming sessions.

BUY

DHANUKA AGRITECH

Buy Near: Rs 730

Target: Rs 790

Stop Loss: Rs 700

Since November 2021, DHANUKA has been trading sideways to slightly negative. However, recently the stock has broken out of the range as per price action. The price action resembles descending triangle breakout and that could trigger faster upside. Along with the breakout, the counter has managed to close back above its 200-day exponential and simple moving average.

Thus, we advise traders to buy the stock near Rs 730 for a target of Rs 790 in the coming sessions.

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