 "Stocks to buy: Here are 2 stocks recommended by Rajesh Bhosale of Angel One")
NSE Scrip – CUB
View - Bullish
Last Close – Rs 179
On the weekly chart, the stock has shown a multiple pattern bullish breakout. Looking at the larger chart structure, a cup-and-handle breakout is evident after surpassing a significant resistance.
In the recent price action, the stock has also broken out from a double bottom pattern following a strong consolidation. This stock has outperformed in the recent sluggish market, and the breakouts are supported by robust volumes.
Hence, we recommend to ‘Buy’ City Union Bank around Rs 179 - Rs 177 | Stop loss: Rs 172 | Target: Rs 820
NSE Scrip – MASTEK
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View - Bullish
Last Close – Rs 3,172
The IT sector has been a strong performer, with the Nifty IT index trading in uncharted territory, while other indices are attempting a bounce. This midcap IT stock has also shown steady performance, and on the monthly chart, we can observe a long-term bullish breakout in the form of an Inverted Head and Shoulders pattern.
The volume characteristics align with the pattern, and both moving averages and oscillators are positively placed, supporting the buy signal. Hence, we recommend to ‘Buy’ Mastek around Rs 3,172 - Rs 3,150 | Stop loss: Rs 2,990 | Target: Rs 3,550
(This article is by Rajesh Bhosale, equity technical analyst, Angel One Ltd. Views expressed are this own.)