3 Indian Stocks Recommended for Portfolio Gains: Analyst Picks
Overview
Technical analyst Kunal Kamble has identified three Indian stocks—Oil India, Equitas Small Finance Bank, and Dredging Corporation of India—as strong buy opportunities. He cites decisive bullish breakouts, volume expansion, and positive momentum indicators like RSI above 65-70 as key reasons for potential upside. Trading levels and targets are provided for each stock, suggesting significant growth potential.
Stocks Mentioned
Bullish Breakouts Signal Potential Gains
Kunal Kamble, a senior technical research analyst at Bonanza, has identified three Indian equities—Oil India, Equitas Small Finance Bank, and Dredging Corporation of India—as compelling buy opportunities. The recommendations are underpinned by strong technical indicators pointing towards significant upside potential.
Oil India: Trendline Breakout Confirmed
Oil India has executed a decisive bullish breakout, shattering a long-standing falling trendline and a symmetrical triangle pattern. This breakout is supported by robust price action and notable volume expansion. The stock has successfully reclaimed its key short- and medium-term moving averages, signaling a momentum shift from consolidation to a resumption of its upward trend. The Relative Strength Index (RSI) has surged past 65, indicating strong bullish momentum without entering extreme overbought territory. A breakout above the ₹432–₹442 resistance zone further reinforces the potential for fresh gains.
Trading levels for Oil India are set with a buy range around ₹450, a stop loss at ₹414, and a target price of ₹509.
Equitas Small Finance Bank: Consolidation Break Higher
Equitas Small Finance Bank has confirmed a bullish breakout above the falling trendline that defined its long consolidation channel. This move is accompanied by improving trading volumes. The bank's stock has also reclaimed its short- and medium-term moving averages, indicating a positive shift in its overall trend. Price action is now sustaining above the ₹66–₹67 resistance zone, which previously acted as a supply area and is expected to provide future support. The RSI has crossed above 70, reflecting strong momentum and heightened buying interest.
Recommended trading levels include a buy range of ₹68, a stop loss at ₹62, and a target of ₹80.
Dredging Corporation of India: Trend Reversal Signals
Dredging Corporation of India has demonstrated a strong trend reversal, evidenced by a decisive break above the major resistance zone near ₹1,050. This significant move was powered by sharp price expansion and a substantial pickup in trading volumes. The stock is now trading comfortably above its 20-, 50-, and 200-day moving averages, aligning with bullish sentiment across multiple timeframes. The recent formation of higher-high and higher-low price structures suggests sustained momentum following a prolonged period of base formation. The RSI is positioned around 65, indicating robust buying interest without pushing into overbought levels. The breakout from a multi-month consolidation pattern points to further upside potential.
Recommended trading levels for Dredging Corporation of India are a buy range of ₹1,105, a stop loss at ₹1,007, and a target price of ₹1,320.
(Disclaimer: The views expressed herein are solely those of Kunal Kamble, senior technical research analyst at Bonanza, and do not necessarily reflect the views of the publication.)
