New-age tech stocks: Nykaa, Paytm among top bets for Prabhudas Lilladher

Based on technical research Vaishali Parekh, Research Analyst, Prabhudas Lilladher picks 10 new tech stocks that investors can consider:

1. Afl India

Recommendation: Buy | CMP : 1,040 | Target: 1,310 | Fall off: 936

The stock has indicated an upside triangle pattern on the daily chart, which has taken base near the long term trendline support zone. 1,020 and has come to this level even after short correction. The RSI is well positioned and shows an upside potential from here. We suggest buying and accumulating the stock for an upside target 1,310, keeping a stop loss of 936.

2. car trade

Recommendation: Buy | CMP: 510 | Target: 640 | Fall off: 459

The stock has made a decent correction from the recent high of 732 to 234 where it has taken support and has almost formed a double bottom formation pattern in the daily chart. RSI has turned positive and with pick up in volumes in recent times, we recommend BUY on this stock for a target above 640 keeping a stop loss of 459.

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3. go fashion

Recommendation: Buy | CMP: 1,023 | Target: 1,320 | Fall off: 925

After witnessing a decent correction from 1450 levels, the stock has taken support near 1000 levels, which is 0.78% retracement of the recent decline, and has indicated a positive candle that will continue the rally towards 1320 levels. Indicates holding power. RSI is indicating trend reversal and giving buy signal, we recommend buy in this stock with upside target Keeping a stop loss of 1,320, 925.

4. Indiamart

Recommendation: Buy | CMP: 4,755 | Target: 5,880 | Fall off: 4,230

The stock has been in a gradual correction phase and after the recent rally has formed a higher bottom pattern in the daily chart and we expect the stock to move strongly in the upside direction. RSI has also indicated trend reversal which is indicating buy and with good volume participation we recommend buy in this stock for a target above 5,880 keeping a stop loss of 4,230.

5. map my india

Recommendation: Buy | CMP: 1,084 | Target: 1,350 | Fall off: 973

The stock witnessed a minor correction from 1180 levels to 1050 levels and taking support near 1050 levels, indicating a higher bottom formation pattern on the daily chart. There are signs of bias correction, RSI is also showing a trend reversal and giving buy signal for further upside expectation in coming days. We recommend to buy and accumulate this stock with an upper target of 1350 and a stop loss of 973.

6. view tech

Recommendation: Buy | CMP: 549 | Target: 690 | Fall off: 490

The stock has been in a sideways movement for a while now, hovering between a broad range of 630 and 525. The RSI is rising, and we anticipate the stock to move towards a higher level of 630. As long as the price holds above 630, further upside is expected till it reaches 700 level. We recommend Buy this stock for an upside target of 690 while keeping a stop of 490.

7. heroine

Recommendation: Buy | CMP: 152 | Target: 185 | Fall off: 132

The stock has given a bullish candle pattern after a short consolidation period, and we expect it to give around 15%-20% returns from here. The RSI indicator has also reversed its trend giving a buy signal. There is a strong support near 130 level. Consequently, we recommend Buy on this stock with a stop loss of 132 and an upside target of 185.

8. Paytm

Recommendation: Buy | CMP: 690 | Target: 845 | Fall off: 608

The stock has shown a good bullish momentum to come out of the consolidation phase and move above the crucial 200DMA level of 630 has corrected bias in anticipation of further upside in days to come. RSI has shown strength and with charts indicating extreme upside potential, we suggest to buy and accumulate the stock for an upside target of 845 keeping a stop loss of 608.

9. policy market

Recommendation: Buy | CMP: 495 | Target: 620 | Fall off: 434

Policy market has recently made a double bottom formation in the daily chart and has recovered substantially to give a breakout above the previous peak level of 492. The stock now has the potential to continue its rally till 620 levels with more strength. We recommend BUY on this stock with a target price of 620 and a stop loss of 434.

10. rategain

Recommendation: Buy | CMP: 366 | Target: 455 | Fall off: 324

The stock has broken above 315 level and moving towards the next resistance area near 400. We expect a breakout above the 400 level and further fresh higher highs. We expect an uptrend in the coming days, and with the RSI maintaining its strength, it supports our view of a positive bias. We recommend Buy this stock with a target price of 455 and a stop loss of 324.

Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint. We advise investors to do due diligence with certified experts before making any investment decision.