 "Rajesh Bhosale of Angel One recommends buying these 2 stocks on Nov. 18")
1. NSE Scrip – INDHOTEL
View- Bullish
Last close- Rs 741
The stock has demonstrated exceptional strength, outperforming despite broader market weakness and trading in uncharted territory. Over the past couple of months, prices consolidated within the Rs 720– Rs 640 range. A decisive breakout above this range has confirmed a strong continuation pattern.
The surge in volumes alongside the upward price movement further validates the breakout, and we anticipate this outperformance to persist in the near term. Hence, we recommend to 'Buy' Indian Hotels Company around Es 741 - Rs 735 | stop loss: Rs 709 | Target: Rs 820.
2.NSE Scrip – EICHERMOT
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View- Bullish
Last close - Rs 4,884
During the week, prices found support at the crucial 4,500 level, which has served as a strong base since July and now aligns with the 200-DSMA. On Thursday, the stock witnessed a robust rebound, forming the rare bullish reversal pattern known as a "Bullish Kicking." This formation suggests a significant overnight positive development, and the pattern, supported by strong volumes, bodes well for the bulls. We anticipate this positive momentum to continue.
Hence, we recommend buying Eicher Motors around Rs 4,884 - Rs 4,850 | Stop loss: Rs 4,690 | Target: Rs 5,300. (This article is by Rajesh Bhosale, equity technical analyst, Angel One Ltd. Views expressed are his own.)