Technical analyst, Ashish Kyal from Waves Strategy Advisors shared his insights on two stocks that have shown significant upward momentum and potential for medium to long-term investments. Metropolis Health and Cochin Shipyard, according to Kyal, are displaying strong breakout patterns and positive trends within their respective industries.
Metropolis Health, after undergoing a period of consolidation, has experienced a noteworthy breakout on the upside. The pharmaceutical and healthcare sector as a whole has been emerging from a prolonged downtrend and is now resuming its upward trajectory. Kyal suggested that it would be advantageous to remain invested in this sector from a medium to long-term perspective.
Specifically, Metropolis Health has demonstrated a robust breakout accompanied by substantial trading volumes. This indicates a strong market interest in the stock. Kyal recommended creating long positions in Metropolis Health while setting a stop loss at Rs 1,347 and target at Rs 1,494.
Over the past month alone, the stock has recorded a remarkable gain of more than 14 percent.
Moving on to Cochin Shipyard, Kyal highlighted the stock's impressive upward movement. The company has exhibited a rounding bottom pattern, indicating a bullish trend reversal. This breakout on the upside suggests positive prospects for Cochin Shipyard in the near future. Kyal advised investors to consider long positions in this stock, with a stop loss set at Rs 579 and a target price of Rs 642.
Over the last month, Cochin Shipyard has witnessed an upward surge of over 11 percent.
Disclaimer:
The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Exclusive | NDA will cross 400 mark before 12:30 pm on June 4, can win all 80 seats in UP, says Amit Shah
May 2, 2024 12:47 PM
View | Congress manifesto vs BJP's wealth redistribution narrative — is it something out of nothing
May 2, 2024 9:10 AM
Two days left for filing nomination, Congress undecided on candidates for Amethi and Rae Bareli seats
May 2, 2024 7:32 AM
Lok Sabha polls: Polling time in Telangana increased by an hour, here's why
May 2, 2024 6:55 AM