Market Watch: Four Stocks That SEBI RAs Are Tracking For Breakouts This Month

Indian markets have remained rangebound, but pockets of opportunities are emerging. SEBI-registered analysts have highlighted strong technical setups in midcap and largecap names. Here’s a list of four stocks that hold the potential to rally in the near term.

Let’s take a look at the analysts’ recommendations: 

Steel Authority of India (SAIL)

Analyst Gaurav Narendra Puri is bullish on SAIL. The stock is at strong support zone of ₹134 with 20-day EMA support seen on the daily timeframe. Its RSI is above 60, which is again indicating bullish signs. SAIL has consistently crossed past resistance barriers and making higher highs, higher lows.

He recommended buying with targets of  ₹140, ₹145, ₹160 with a stop loss at ₹120, for a one-month holding period. 

SAIL shares have gained 18% YTD. 

Torrent Pharmaceuticals

Analyst Dhruv Tuli has flagged Torrent Pharma for a breaout on the weekly chart. The stock has broken out of its multi-month falling trendline, with strong price action just above the 0.236 Fib level (₹3,330) and bullish follow-through. 

Tuli noted three key confluences that are supporting this move, a weekly close above major trendline resistance, its RSI attempting breakout from long-term range, and a strong support from 50-day Exponential Moving Average (EMA) of ₹3,132 with volume confirmation.

He believes that the stock is primed for a higher move. Next key levels to watch include ₹3,590 and above, along with support between ₹3,130–₹3,030. 

Torrent Pharma shares are flattish YTD. 

Coforge

Analyst Sameer Pande is bullish on Coforge. He noted that the stock was trading near an all-time high of ₹2,005.40, and was most likely to break it soon. Its Relative Strength Index (RSI) stands around 66. 

On the daily charts, Coforge was consistently rising with extraordinary volumes. He advises ‘buy on dips,’ with strong support seen at ₹1,920-₹1,870, and a stop loss at ₹1,820 on closing basis. Pande has set a target of ₹2,210 to be achieved by September 10.

Coforge shares have fallen 77% year-to-date (YTD). 

KEI Industries

Analyst Financial Independence noted that KEI is showing solid performance backed by strong revenue profit growth and improving credit metrics. With Q1 results due and positive analyst attention, they have pegged key levels to watch at ₹3,800 in the near term. Support is seen between ₹3,400 to ₹3,500 zone.

KEI shares have fallen 14% YTD. 

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