Technical analyst Ganesh Dongre is quite bullish about his upcoming day with “The Top Three Stocks for Monday” that have spread like wildfire among market watchers. While the indices are in the process of consolidating and the sectoral rotation is in full progress, Dongre’s calls look to catch up with the short-term momentum that comes with a solid technical backing.
Below are the names that you shouldn’t miss if you want to refine your Monday trading watchlist.
Bharat Forge Ltd. (CMP: ₹1,240)
Target: ₹1,290 | Stop Loss: ₹1,215 Rationale: The stock of Bharat Forge has registered a breakout above its resistance zone with decent volumes. The stock is riding on the positive waves in the defense and auto ancillary sectors. Dongre sees the trend going on as it moves towards its next resistance at ₹1,290.
Dongre asserts: “It’s a classic cup-and-handle breakout. Short-term gains are ideal with a risk-managed entry.”
ICICI Bank Ltd. (CMP: ₹1,080)
Target: ₹1,115 | Stop Loss: ₹1,060 Rationale: Having been going up and downs for days, ICICI Bank has created a bullish flag pattern on the daily chart. The setup appears like it is ready for a go-up on the breakout with new purchases in the private sector banks and FII inflows.
“The banking sector remains structurally strong. ICICI might take the lead for the next up leg,” Dongre says.
Tata Power Ltd. (CMP: ₹395)
https://myfundwave.com/reliance-power-shares-surge-to-a-10-year-peak/Target: ₹415 | Stop Loss: ₹384 Rationale: Tata Power has stuck to the support levels that are key even though the volatility is there. As power sector stocks become more popular with rising demand and heatwave-driven energy needs, Tata Power is in a good position for a short-term swing.
“Energy demand tailwinds make this a smart momentum play,” Dongre adds.
Strategy Tip from Ganesh Dongre:
“Adhere to your stop-loss, take partial profits, and trail the remainder. Volatility will be more like a friend to discipline than aggression.”
Conclusion
These stocks show the trader Ganesh Dongre’s method, which is the combination of technical analysis and market themes. Traders who are looking for opportunities to make profits off Monday’s moves might want to keep an eye on these — however, risk management is key.