Rajesh Bhosale of Angel One recommends buying these two stocks today

During early June, the Triveni Engineering stock prices surged notably from Rs 300 to Rs 400. However, following this spike, prices entered a consolidation phase attributed to overbought conditions

Stock recommendations:

NSE Scrip – Triveni Engineering 

View -   Bullish

Last Close – Rs 426

During early June, the stock prices surged notably from Rs 300 to Rs 400. However, following this spike, prices entered a consolidation phase attributed to overbought conditions. After consolidating for a month, prices resumed their upward trajectory, breaking above the upper range of consolidation, which also aligned with the October 2023 high.

Volume analysis reveals significant activity during upward movements, contrasting with lower volumes during declines, suggesting accumulation in this stock.

Furthermore, prices are comfortably above important moving averages, with any declines finding support around the 20-day EMA, highlighting a strong uptrend.

 

Hence, we recommend to BUY Triveni around Rs 426 - 422 | Stop loss: Rs 401 | Target: Rs 475

NSE Scrip – Dalmia Bharat
 

View -   Bullish

Last Close – Rs 1,934
 

This stock has established a solid foundation around the 200 SMA on the weekly chart, displaying robust signs of a positive reversal.

On the daily chart, prices have confirmed a breakout from a Cup and Handle pattern, supported by substantial trading volumes and bullish candlestick formations.

Moreover, prices have surpassed the key 89 EMA, which previously posed as significant resistance. Additionally, the momentum indicator RSI is comfortably trading in the positive zone, reinforcing a bullish outlook.

Hence, we recommend to BUY Dalmia Bharat around Rs 1,934 - 1,924 | Stop loss: Rs 1,848 | Target: Rs 2,078

(Rajesh Bhosale is equity technical analyst of  Angel One Ltd. Views expressed are his own.)