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.
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