Breakout Watch: SEBI RA Prabhat Mittal Sees Upside In GlaxoSmithKline, L&T, and IndiaMART

In a market where consistency is key, dividend-paying stocks often offer both income and stability, making them attractive picks for investors. 

SEBI-registered analyst Prabhat Mittal has spotlighted three high dividend-paying stocks that are showing strong technical indicators for a potential upside. 

Backed by technical analysis tools like MACD signals, moving averages, and breakout levels, Mittal's latest picks — GlaxoSmithKline Pharmaceuticals, Larsen & Toubro, and IndiaMART — offer attractive risk-reward opportunities.

Here’s a closer look at his trading strategy:

1. GlaxoSmithKline Pharmaceuticals (GSK Pharma)

GlaxoSmithKline Pharmaceuticals (GSK Pharma), a key player in India's pharma space, had decisively closed above the ₹3,000 resistance level after multiple failed attempts On May 23. 

Furthermore, the stock is currently trading above its 20, 50, and 100-day moving averages, which is considered a positive technical indicator.

The MACD (12,26) is also giving a buy signal, reinforcing the bullish outlook for the stock. 

Based on these technical factors, Mittal suggests entering in the ₹2,900–₹3,018 range with a strict stop loss at ₹2,750. He has set upside targets at ₹3,250 and ₹3,350, offering a strong risk-reward ratio for momentum traders.

GSK Pharma has announced a final dividend of ₹42/share, with record date set at May 30.

GSK Pharma shares have risen 33% year-to-date (YTD).

2. Larsen & Toubro (L&T)

Larsen & Toubro (L&T), the engineering and infrastructure behemoth, has been bumping up against resistance at ₹3,650, a level it has tested thrice in recent sessions. 

Trading firmly above its key moving averages and flashing a MACD buy signal, the stock could break out on a close above this level. 

The stock’s position above its 20, 50, and 100-day moving averages is viewed as a positive technical indicator, while a buying signal from the MACD (12,26) further supports a bullish outlook. 

Mittal advises traders to consider entering the stock only after a confirmed breakout and close above ₹3,650, with a strict stop loss at ₹3,469 and upside targets at ₹3,900 and ₹4,100.

L&T has set June 3 as the record date for identifying members eligible for a proposed final dividend of ₹34 per share for FY 2024-25. 

L&T shares are largely flat year-to-date (YTD).

3. Indiamart Intermesh

Indiamart Intermesh, the leading B2B digital marketplace, has displayed classic uptrend behavior — forming higher highs and higher lows after finding strong support at ₹2,900 earlier this year. 

The MACD (12,26) is also flashing a buy signal, reinforcing the bullish sentiment. 

Based on these technical factors, Mittal advises buying in the ₹2,300–₹2,392 range with a stop loss at ₹2,150. His targets for the stock are ₹2,700 and ₹2,900.

Indiamart will distribute a total dividend of ₹50 per share for FY25, its largest ever. This includes a final dividend of ₹30 and a special dividend of ₹20. June 6 is the record date for this payout.

Indiamart shares have risen nearly 4% year-to-date (YTD).

Stocktwits’ Yash Upadhyay breaks down investing strategies for these high dividend paying stocks! Watch here to discover analysis and views from SEBI registered advisors. 

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Disclaimer: The views and opinions expressed are those of the SEBI-registered analyst/advisor mentioned in the article, and are not endorsed by Stocktwits. This is not investment advice. Please do your own research or consult a financial advisor.

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