Why Choice Broking Is Bullish on Groww, Nazara and HCL Tech Stocks

Choice Broking Highlights Bullish Outlook on Groww, Nazara, and HCL Tech Stocks

Choice Broking’s recent recommendations spotlight three stocks poised for growth, reflecting a strategic approach to navigating market dynamics.

Groww: Technical Indicators Signal Upward Momentum

Choice Broking recommends buying Groww shares in the range of ₹198-200, with a stop-loss set at ₹190 and targets of ₹215 and ₹225. The stock has shown resilience, bouncing back from the ₹190 level, where it found support near the 50-day exponential moving average (DEMA). This rebound is significant as it indicates a potential trend reversal.

The breakout from a falling wedge pattern, coupled with increased trading volumes, suggests fresh buying interest. Additionally, the Relative Strength Index (RSI) has crossed above 61, indicating bullish momentum. The stock’s trading above the upper Bollinger Band further supports the positive outlook, making it an attractive option for traders seeking short-term gains.

Nazara: Breaking Out of Consolidation

Nazara Technologies is another stock on Choice Broking’s radar, with a buy recommendation around ₹418, a stop-loss at ₹403, and targets set at ₹435 and ₹450. The stock has demonstrated a bullish structure, consistently forming higher highs and higher lows on its chart.

Recently, Nazara broke out of a consolidation range, closing 2.82% higher, which indicates renewed buying interest. This breakout, supported by improving relative strength, suggests that the stock could maintain its upward trajectory. If it sustains above the breakout zone, it may continue to rise towards the target levels, making it a compelling buy for traders.

HCL Tech: Strong Recovery and Positive Trends

HCL Technologies has also caught the attention of Choice Broking, with a buy recommendation at ₹1380, a stop-loss at ₹1330, and a target of ₹1450. The stock has shown a robust recovery, trading above both its 50-day and 200-day exponential moving averages, indicating a positive shift in both short- and long-term trends.

The formation of a rounding bottom pattern on the daily chart suggests that HCL Tech is approaching a key resistance level. With a recent gain of approximately 13% over the past week, supported by higher trading volumes, the stock appears well-positioned for further upside. A decisive move above ₹1380 could enhance bullish momentum, making it an attractive buy for traders looking for growth in the technology sector.

Key Highlights

• Choice Broking recommends buying Groww at ₹198-200 with targets of ₹215-225.
• Nazara shows a bullish trend with a buy recommendation at ₹418, targeting ₹435-450.
• HCL Tech is advised for purchase at ₹1380, aiming for ₹1450.
• All three stocks exhibit strong technical indicators and positive market sentiment.
• Increased trading volumes suggest fresh buying interest across these stocks.

Investor Note: The bullish outlook on Groww, Nazara, and HCL Tech reflects a combination of technical strength and market dynamics, making these stocks potential candidates for traders looking to capitalize on short-term gains.