New Delhi: ICICI Direct Research recommended investors to Buy shares of Alkem Laboratories Limited and advised Asian Paints investors to sell their stock holdings. The brokerage firm suggested the share price target and Stop Loss for both the stocks.
Alkem Laboratories share price target
Giving a Buy Call on Alkem, ICICI Direct said the stock can be purchased in the range of Rs 5,060-5,085 with a target price of Rs 5,410. It suggested that the counter can be safeguarded with a Stop Loss of Rs 4,874.9. Alkem share price was trading at Rs 5,2022 at 12:05 pm on July 10, 2024.
Anticipating an increase in Alkem Pharmaceuticals share price, the brokerage firm said Pharmaceuticals have shown renewed strength after a few weeks of consolidation. Alkem Laboratories has witnessed long positions in the futures segment, and rising delivery volumes indicate accumulation at lower levels during the consolidation phase, the firm said, adding that the current momentum in the pharma sector, along with the stock current setup, presents a favorable risk-reward scenario, suggesting potential upward movement towards 5410 levels.
‘Sell Asian Paints shares’
The brokerage recommended the Asian Paints shareholder to offload their shares in the range of Rs 2,925-2,935. It said the scrip can go down to the level of Rs 2,780 and advised the investors to maintain Stop Loss at Rs 3,021. Asian Paints share price was trading at Rs 2,920 at 12:05 pm on July 10, 2024.
While commenting on its recommendation, ICICI Direct stated that the paint stocks have been underperforming over the past few months compared to the headline indices. The stock has failed to surpass major resistance level of 3000. Additionally, option data shows that the 3000 Call strike holds a maximum open interest, indicating a strong supply point. The stock is once again moving down from current levels, presenting a shorting opportunity. We believe this stock may see a downward move towards lower levels.
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Stocks to Buy and Sell: ICICI Direct Research backed Alkem Laboratories share price to increase. The broekrage firm advised shareholders to sell shares of Asian Paints. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
