ICICI General Insurance, Pidilite Industries, HDFC Stock Recommendation By TradingBells
Indian economy is facing slight slowdown but many companies have announced strong results. As the quarterly results season in ongoing, traders are expecting stock specific action. Mr. Santosh Meena, Senior Analyst, TradingBells has recommended three stocks for medium term investors.
ICICI General Insurance
ICICI general insurance is in a strong uptrend where the counter has broken out a bullish continuation pattern of Cup and handle after a long consolidation of 6 months. The bullish momentum is likely to continue where it may see the level of 1600 in the next 6 months.
The strongest guy in the NBFC camp remained in the uptrend amid major problems in the sector. On the technical front, it is forming double bottom formation where 2195 will be the breakout point whereas momentum indicators are also positively poised. It has moved above all its important moving averages and we are expecting an upside target of 2500 in the next 6-8 months.
The overall trend of the Pidilite is bullish where after a decent correction from its 52-week high, it is forming a base around the previous breakout point of 1300 which coincides with its 100-DEMA. Therefore, it provides a favorable risk-reward opportunity for the traders where we can expect a target of 1600 in the next couple of months.