Rajesh Bhosale of Angel One recommends buying these two stocks on Dec 30

The daily chart indicates a multiple-pattern bullish breakout for Mangalam Cement

Stock Recommendations

 

NSE Scrip – Ipca Labs

 

View -  Bullish

 

Last Close – Rs 1,632

 

After establishing a base and forming a double bottom near the critical support of the 89 DEMA, prices have rebounded sharply, breaking above the recent consolidation range and confirming a bullish breakout. This breakout is accompanied by robust volumes and a bullish candlestick pattern. Additionally, the RSI indicator has risen above the 60 level, signaling the stock’s entry into positive momentum.

 

Hence, we recommend to ‘Buy’ Ipca Labs around Rs 1,632 - 1,628 | Stop loss: Rs 1,599 | Target: 1,700

 

NSE Scrip – Mangalam Cement 

 

View: Bullish

 

Last Close: Rs 981

 

The daily chart indicates a multiple-pattern bullish breakout. On a larger scale, prices have confirmed an ‘up and Handle’ breakout, while on a smaller scale, the handle portion reflects a channel breakout. This breakout is accompanied by a surge in volume, with prices moving above all major moving averages.

 

Hence, we recommend to ‘Buy’ Mangalam Cement around Rs 981 - 977 | Stop loss: Rs 936 | Target: Rs 1,080

 

(Disclaimer: Rajesh Bhosale is an equity technical analyst at Angel One Ltd. Views expressed are his own.)