What is the story about?
Bonanza Portfolio's Mitessh Thakkar has picked out two names on the charts that look good for potential upside going into the new Samvat. The names, DCB Bank and Torrent Power can see upside of up to 30%.
Here's what he had to say:
DCB Bank is one stock where the long-term charts have turned extremely positive. So, take a slightly deeper stop about ₹143 - ₹142 which is roughly about 17% from here, the way the stock price is broken out of the recent monthly highs, I think good chance that we are looking at ₹200 kind of targets. Good risk reward equation – 12-13, point, kind of a risk against a 50 odd point kind of a profit possibly over the next few months. So that's very positive for me.
Shares of DCB Bank surged 15% on Monday in response to its quarterly results that were reported after market hours on Friday.
The stock added to those gains on Tuesday, ending another 9% higher during the Mahurat trading session.
The other stock, which I like, and which can be good from a trading point of view as well. And disclaimer that we have some positions, it's Torrent Power. That's something which the long-term charts are pretty good, and the short-term charts also now turning on the upside. My sense is that the stock in the medium term, I would look at a target of around ₹1,550 but then in longer term, possibly beyond ₹1,700 but in the short term as well, as long as the stock is above ₹1,280, good chance that we could see a first rally to about ₹1,370 and in a good case, ₹1,450 - ₹1,460 on the upside.
Shares of Torrent Power have gained in five out of the last seven trading sessions.
On a year-to-date basis though, the stock has been an underperformer in 2025 so far, declining 11%.
Here's what he had to say:
On DCB Bank
DCB Bank is one stock where the long-term charts have turned extremely positive. So, take a slightly deeper stop about ₹143 - ₹142 which is roughly about 17% from here, the way the stock price is broken out of the recent monthly highs, I think good chance that we are looking at ₹200 kind of targets. Good risk reward equation – 12-13, point, kind of a risk against a 50 odd point kind of a profit possibly over the next few months. So that's very positive for me.
Shares of DCB Bank surged 15% on Monday in response to its quarterly results that were reported after market hours on Friday.
The stock added to those gains on Tuesday, ending another 9% higher during the Mahurat trading session.
On Torrent Power
The other stock, which I like, and which can be good from a trading point of view as well. And disclaimer that we have some positions, it's Torrent Power. That's something which the long-term charts are pretty good, and the short-term charts also now turning on the upside. My sense is that the stock in the medium term, I would look at a target of around ₹1,550 but then in longer term, possibly beyond ₹1,700 but in the short term as well, as long as the stock is above ₹1,280, good chance that we could see a first rally to about ₹1,370 and in a good case, ₹1,450 - ₹1,460 on the upside.
Shares of Torrent Power have gained in five out of the last seven trading sessions.
On a year-to-date basis though, the stock has been an underperformer in 2025 so far, declining 11%.
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