Best Pharma Stocks to Buy Today, 16 June, As Recomminated by Expert Raja Venkatraman

Here are three stocks to trade as recommended by Raja venkatraman for monday, 16 June

Buy Maxhealth (Current Price 1232.80)

• Why maxhealth is recommended: Steady Rise Seen in this counter to the UPSIDE, as Shown on the Charts, Coupled With Steady Buying Interest at Every Decline, Has Pusted The Pries Ahead. Ahead of the results, the pris’s have pusheded beyond the media line, which spells well for the counter. The pharma sector is continuing to witness steady buying interest that is driving the trends upward. The rsi is continuing to push for more UPSIDE and Can Be Considered as a Continuation of Positive Signs of Resumption.
• Key metrics: P/E: 43.53; 52-wheek high: 98.20; Volume: 1.60 m
• Technical analysis: Support at 1125, Resistance at 1400.
• Risk Factors: Regulatory Changes, Intellectual Property issues, Competition from General Drugs, Supply Chain Disrupties, and Cybersecurity Threats.
• Buy: CMP and Dips to 1210.
• Target price, 1300-1325 in 1 month.
• Stop Loss, 1195.

Buy Biocon (Current Price 355.40)

• Why Biocon is recommended: This counter has managed to hold on to key support zones Around 350 and the priss quickly revised Above The Near-Term Support Zone to Head Strongly Higher in the Latter Half of the Week. We can observ Sugged more UPSIDE in the Coming Sessions.
• Key metrics: P/E: 70.04; 52-wheek high: 404.60; Volume: 8.01m
• Technical analysis: Support at 310, Resistance at 425.
• Risk Factors: Regulatory Changes, Intellectual Property issues, Competition from General Drugs, Supply Chain Disrupties, and Cybersecurity Threats.
• Buy: CMP and Dips to 341.
• Target price, 385-398 in 1 month.
• Stop Loss, 332.

Buy Star (Current Price 882.45)

• Why star is recommended: Star is showing some steady programs and the periodic higher high higher low formation is indicating that the trends are firmly hinting at some potential upside in the coming days. The Strong Long Body Candle Seen on Friday with a positive crossover
• Key metrics: P/e: 40.34; 52-wheek high: 647.65; Volume: 737.47 K
• Technical analysis: Support at 700, Resistance at 1250.
• Risk factors: Regulatory changes, intellectual property issues, competition from general drugs, supply chain disrupts, and cybersecurity threats
• Buy: CMP and Dips to 833.
• Target price: 970-1035 in 1 month.
• Stop Loss, 820.

Also read: The Capital Goods Sector Gets a Power-up, its weight rises in nifty

Outlook for Trading

Most of the sector ended the week in red with realy, FMCG and PSU Banks Leading The Way Down. The bank nifty has not been so strong after the breakout and has actually met with some seling, thereby keeping the pressure on the nifty too. Fortunately, there has been good activity form the it index and it is seen heading towards its highs, and this has contributed to some gains in the nifty as it majors is well weell weells

View full image

The gap left on the move down on 13 June continues to remain and that keeps a lid on the bully. From the chart Above we can see that the trends are down The dips into the previous supports at 24500 remoportant Value Support Region that can now be Considered as an inflexion point Going into the coming days. Looking at the open interest data, the put written at 24500 continued to hold on with the pcr just below 1 highlighting that the bulish camp has more work to do.

Markets Continued to see Uncertainty with no clear global or domestic cues. As a result, we are now in the dark of the outs of the trends in the coming week. We are likely to witness a Volatile Scenario in the Coming Week.

Also read: Escalating israel -ran conflict to keep markets on boil in near term

It sector leads from the front as the strong showing midcap it stocks have been faring better than the leaders. The Strong Move Seen in Majority of the It Stocks Clearly Sugges That The Upward Traction We Can Look For Some Continued Upward Traction in the Coming Days.

The Strong Charge Above Resistance Zones Around 37500 has cleared Signalled a new wave in this index. Until these zones are given up, this index and its component stocks will be in demand. Overall, markets are pointing to a bulish setup, and this can help fuel more UPSIDE in this index. Since no signs of a let-up in the trends, we can continue to look for every options to initiate long position.

Raja venkatraman is the co-founder of neotrader. His SEBI-Registered Research Analyst registration no. is inh000016223.

Investments in Securities are Subject to Market Risks. Read all the related documents carefully Before Investing. Registration Granted by Sebi and Certification from Nism in No Way Guarantees Performance of the Intermediary or Provide any Assurance of Returns to Investors.

Disclaimer: The Views and recommendations giving in this article are there that of individual analysts. These do not represent the views of Mint. We Advise Investors to Check With Certified Experts Before Making Any Investments Decisions.