IDBI Bank, Inox Green: Buy Signals Triggered, Targets Revealed

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AuthorKavya Nair|Published at:
IDBI Bank, Inox Green: Buy Signals Triggered, Targets Revealed
Overview

Angel One's Osho Krishan identifies IDBI Bank and Inox Green Energy Services as top stock picks for today. The analyst highlights robust technical structures, bullish SuperTrend indicators for IDBI Bank, and a corrective phase with bullish divergence for Inox Green, suggesting strategic buying opportunities with defined risk-reward parameters.

IDBI Bank: Technical Strength Amidst Profit Booking

IDBI Bank shares are under observation following profit booking after a significant breakout over multi-week resistance. The stock has retested its neckline in the past week, maintaining a robust technical structure with a consistent cycle of higher highs. It remains comfortably positioned near its 20-day exponential moving average (DEMA), supported by a bullish outlook from the SuperTrend parameter.
This recent correction presents a tactical opportunity to reaffirm bullish positions for the short to medium term. Angel One's analyst recommends buying IDBI Bank around the ₹102-100 range, with a strict stop-loss set at ₹92. The target price range is projected between ₹118 and ₹122.

Inox Green Energy: Reversal Signals Emerge Post-Correction

Inox Green Energy Services has experienced a corrective phase, shedding nearly 30 percent from its lifetime high. This pullback followed the formation of an 'Inverted Head and Shoulders' pattern on daily charts. The recent price decline has seen the stock retest its neckline simultaneously. Crucially, a 'Bullish Divergence' between the Relative Strength Index (RSI) and price action has emerged at the neckline and the 200-day simple moving average (DSMA).
This divergence signals a potential initiation of a counter-trend move in the stock price in the near future. The recommendation is to buy Inox Green Energy Services around ₹185-180. A stop-loss is advised at ₹160, with target prices set between ₹220 and ₹240.

Analyst's Outlook

These recommendations are provided by Osho Krishan, chief manager of technical & derivatives research at Angel One. The views expressed are his own and do not necessarily reflect the broader institutional stance.

Disclaimer:This content is for educational and informational purposes only and does not constitute investment, financial, or trading advice, nor a recommendation to buy or sell any securities. Readers should consult a SEBI-registered advisor before making investment decisions, as markets involve risk and past performance does not guarantee future results. The publisher and authors accept no liability for any losses. Some content may be AI-generated and may contain errors; accuracy and completeness are not guaranteed. Views expressed do not reflect the publication’s editorial stance.