For those who believe in discounted shopping, Muthoot Finance shares have tumbled over 30 per cent in year-to-date time. According to Ventura report, it seems that stocks that have remained strong in recent sell-off are expected to gi9ve sharp upside moves when there is trend reversal in the market.
Here we give what Ventura suggests in regard to Jamna Auto Industries, SKF India and Muthoot Finance shares:
Jamna Auto Industries: "The stock price started its UP move from 21 (March 2020) to 124.9 (Jan 2022), making series of higher bottoms & higher tops. During the move the stock continuously traded above averages & Super Trend was in Positive mode. Slight profit booking followed and the stock corrected to 95 in March 2022."
Ventura report went on to add that a higher bottom at ₹97.65 followed and the stock again started its up move. From January 22 to June 22, Jamna Auto stock traded in ( ₹95 to ₹125) price range.
If the stock price corrects downwards the buy levels are ₹121 ₹116 and ₹108 to ₹105 apiece, maintaining stop loss at ₹99 per share levels, suggests Ventura report. The long term target that Ventura sees for this stock is ₹200 per share.
Buying levels suggested by Ventura in regard to Jamna Auto shares is ₹116 to ₹121 per share range and the long term target expected is ₹200. This means Ventura is expecting this auto stock to deliver up to 65 per cent return to its shareholders in long term.
SKF India: "The stock price started its UP move from 1238 (March 2020) to 4245 (Dec 21), making series of higher bottoms & higher tops. During the move the stock continuously traded above averages, & the Super Trend was in Positive mode. Slight profit booking followed and the stock corrected to ₹2984 in May 2022. From February 2022 to June 2022, most of the time the stock traded within averages," says Venture report.
A Weekly Bullish candle, supported by volumes has been formed. The stock has made a high of 3790 surpassing intermediate high of ₹3,689. The KST, ADX & Demand Index Indicators have generated a Primary buy signal. The possible targets are ₹4500 to ₹5700. If the stock price corrects downwards the buy levels are ₹3600 to ₹3480 and ₹3292 to ₹3238. Stop Loss to be observed in the trade is ₹2975," report said.
SKF India share price today is ₹3695 and the long term target expected by Ventura is ₹5700. This means Ventura is expecting 55 per cent upside in the scrip in long term.
Muthoot Finance: "The stock price started its downtrend from ₹1446 (March 2022) to ₹961 (June 22). Continuous Lower tops and bottoms were formed during the downtrend. Keltner Channel is formed by set of two AVERAGE TRUE RANGE (ATR) VALUES above & below a defined EMA. Possibility of Reversal arises when Price moves above the channel and the channel itself turns its previous direction. These conditions have been formed in the above chart. The KST, Demand Index & MACD Indicators have generated a Primary buy signal," Ventura report says.
"The stock can reverse its trend upside for a corrective up move. The possible targets are ₹1175 to ₹1350. If the stock price corrects downwards the buy levels are ₹1026 to ₹1014 and ₹993 to ₹987. Stop Loss to be observed in the trade is ₹958," Ventura said.
Muthoot Finance share price today is around ₹1060 apiece and the long term target predicted by Ventura is ₹1350, which means the report is expecting more than 25 per cent upside in long term
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
