With the stock market continuing to face pressure, investors are keeping a close watch on individual stocks that show promising technical signals. Choice Broking has identified three stocks for October 20: Karur Vysya Bank, Meesho and JK Lakshmi Cement.
Dipesh Sarawgi, Technical Research Analyst at Choice Broking, has outlined potential entry prices, stop-loss levels and target prices for these stocks. The recommendations are based on technical indicators and price movements, which can change with market conditions.
1. Karur Vysya Bank Share Price and Target
Monday’s closing price: ₹370.05 (+4.05%)
Karur Vysya Bank shares have moved above a key resistance level of ₹358, with higher trading volumes supporting the breakout. The stock is trading at an all-time high, indicating strong buying interest and a positive price trend.
Technical indicators also remain encouraging. The Supertrend indicator continues to signal a bullish trend, while the Moving Average Convergence Divergence (MACD) has recorded a bullish crossover.
According to the analysis, the stock could see further gains if it continues to trade above the ₹358 breakout level.
- Buy price: ₹370
- Stop-loss: ₹350
- Target price: ₹410
2. Meesho Share Price and Target
Monday’s closing price: ₹226.55 (-0.29%)
Meesho shares have shown signs of recovery, supported by an upward-sloping trendline. The stock subsequently broke out of an inside candlestick pattern, suggesting renewed buying interest.
The share is also trading above the middle Bollinger Band, which represents its 20-day Simple Moving Average (SMA). Meanwhile, the Relative Strength Index (RSI) has moved above 50 to reach 53.94, indicating an improvement in short-term momentum.
The technical outlook remains positive as long as the stock holds its trendline support, although further price movement will depend on market conditions.
- Buy price: ₹230
- Stop-loss: ₹218
- Target price: ₹256
3. JK Lakshmi Cement Share Price and Target
Monday’s closing price: ₹491.95 (+2.86%)
JK Lakshmi Cement shares have broken out of a sideways trading range on strong volume. The stock has also moved above a downward-sloping trendline, indicating a potential improvement in its price trend.
The share is trading above the middle Bollinger Band, or its 20-day SMA. In addition, a bullish crossover has appeared on the MACD, suggesting that upward momentum may be strengthening.
The stock could move towards ₹540 if it sustains above the breakout level. However, a reduction in buying interest could put pressure on the share price.
- Buy price: ₹492
- Stop-loss: ₹465
- Target price: ₹540
Disclaimer: This article is for informational and educational purposes only and should not be considered investment advice or a recommendation to buy or sell any security. Stock prices and technical indicators can change quickly, and the stated targets are not guaranteed. Investors should conduct their own research, assess their risk tolerance and consult a SEBI-registered investment adviser before making investment decisions.