Top stock picks | Mazagon Dock and Hindustan Aeronautics on the radar

Sacchitanand Uttekar, a technical analyst at Tradebulls, has identified two standout stock selections for the current day: Mazagon Dock and Hindustan Aeronautics.

Uttekar’s first buy is on Mazagon Dock, a prominent player in India's defense and shipbuilding sector. He points out a critical breakout that suggests significant potential for this stock. Over the last four weeks, Mazagon Dock struggled to sustain itself above the Rs 1,950-1,960 mark. However, a recent breakout has caught the attention.

"The way that particular breakout shaped up," says Uttekar, "it was a clear-cut move that this particular momentum could last right up to Rs 2,130, where a specific wave pattern is indicating a price target."

This bullish sentiment is supported by a notable gain of more than 13 percent in the past month. Uttekar advises investors to take advantage of any potential declines in Mazagon Dock's stock price as opportunities to establish fresh long positions, targeting a pattern target of around Rs 2,130.

Hindustan Aeronautics Limited (HAL), a renowned aerospace and defense company in India, is another stock that Uttekar recommends to his clients. Observing the recent trading sessions, Uttekar notes HAL's persistent attempts to breach the Rs 4,000 mark.

"Even here," Uttekar remarks, "we are comfortable trading this particular momentum. We are expecting a move towards Rs 4,130 eventually, and even here, I think the stop loss can be placed somewhere close to around Rs 4,030." The stock is up more than 7 percent in the last month.

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