Top Stock Update: Amidst the volatility in the stock market, Milan Vaishnav, Founder of Gemstone Equity Research and Advisory Services, has advised investors to adopt a strategy of focusing on select stocks. In an interview with Moneycontrol, he said that Glenmark Pharma and Escorts Kubota could offer technically sound opportunities this week.
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Glenmark Pharma May See a Resurgence
According to Milan Vaishnav, Glenmark Pharma has recently broken out of a falling channel. After the breakout, the stock traded in a limited range for some time, which can be considered a consolidation phase. Now, the charts indicate that the stock is preparing to resume its upward movement. From a technical perspective, this stock can be on investors’ watchlists.
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Escorts Kubota Very Close to a Breakout
Escorts Kubota has been undergoing sideways movement and significant consolidation for the past several weeks. Importantly, the stock remains above all major moving averages. Vaishnav believes that this type of setup is often seen before a major breakout, which could lead to sharp movements in the coming days.
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Why Caution is Necessary on Vodafone Idea
Milan Vaishnav has issued a clear warning regarding Vodafone Idea. According to him, analyzing this stock solely on technical grounds is difficult because its price has been significantly impacted by AGR dues and court-related decisions over the past several quarters. Despite negative signals in leading indicators, he does not consider the recent rally in the stock market to be sustainable. He advises investors to exit this stock during any upward movement, and if anyone wishes to remain invested, they should not have more than a five percent exposure of their total portfolio to this stock.
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What is the outlook for Torrent Power and IDBI Bank?
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Regarding Torrent Power, Vaishnav says there is a possibility of it reaching the ₹1500 level. For IDBI Bank, he has given a potential target of ₹125 to ₹130. However, he did not rule out the possibility of some consolidation after the recent sharp rally.