Buy IndusInd Bank, Maruti Suzuki, other stocks to pocket gains; Nifty support at 18300, likely to hit 18600
时间:2024-06-26 18:18:55 阅读(143)
By Shrikant Chouhan
The benchmark indices witnessed range bound activity, the NSE Nifty 50 index ended 90 points higher while the BSE Sensex gained 248 points on Tuesday. Technically, post morning intraday correction on Tuesday, the index bounced back sharply, on intraday charts it has formed a reversal formation. The intraday texture indicates continuation of uptrend in the near future. For the trend following traders now, 18300/61500 would be the sacrosanct support level. Above which, the indices could rally till 18500-18600/62000-62500. On the flip side, traders may prefer to exit out from the trading long positions if the index trades below 18300/61500. Below 18300/61500 the chances of hitting 18230/61300 -18200 /61200 would turn bright.
Stocks to buy
IndusInd BankBUY, CMP: Rs 1,152.85, TARGET: Rs 1,210, SL: Rs 1,130
After a remarkable rally in the past few weeks, the stock went into a range bound mode. At present, the stock is seen coming out of the consolidation phase with a range breakout. Hence, the formation indicates a further uptrend from the current levels.
BPCLBUY, CMP: Rs 308.9, TARGET: Rs 325, SL: Rs 300
For the past few sessions, the stock is seen trading into an accumulation zone near its short-term moving averages. Moreover, the rising volume activity hints at strong reversal from the current levels for a new leg of up move in the coming horizon.
Bajaj FinanceBUY, CMP: Rs 7,025.75, TARGET: Rs 7,380, SL: Rs 6,880
The counter had been in a declining trend in the past few sessions. However, at present there is a pause in its downward movement due to its strong multiple support levels. As the stock is available near to its demand zone, which could act as a strong base, simultaneously making it a favorable candidate in terms of risk and reward.
Maruti Suzuki BUY, CMP: Rs 9,162.2, TARGET: Rs 9,600, SL: Rs 8,980
The counter had witnessed a quite strong sell off in the last couple of trading sessions. However, the downward movement has taken a pause at the moment. The counter has found support around its important retracement zone. As a result, the pullback rally from the current levels is expected to move up in the near future.
Also read:Global Health premium listing; Medanta operator shares surge 19% on debut
(Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities. Views expressed are the author’s own.)
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