Buy these 4 stocks for gains while Sensex, Nifty may extend losses; market texture extremely volatile
时间:2024-06-26 18:26:26 阅读(143)
By Shrikant Chouhan
The Nifty ends 71 points lower while the Sensex down by 195 points, Metals, Energy and Auto stocks witnessed sharp profit booking at higher levels. On Tuesday, after a positive opening the index quickly surpassed the yesterday high and rallied over 200/900 points but once again bears took the charge at higher levels and due to profit booking at higher levels the index corrected sharply. The nifty corrected over 375/1300 points from the day highest level. After a volatile trading session finally it closed below 17000/57150 mark which is broadly negative for the market.
On a broader time frame, the stock had been in a strong uptrend move, however, the recent price correction from its supply zone has plunged the counter to its important support area, as a result we expect the pullback rally in the coming sessions.
TECH MAHINDRA: BUYCMP Rs 1550.95 | TARGET: Rs 1630SL: Rs 1520The stock witnessed a gradual decline from its all-time high of 1625, however, the downside seems to be restricted and recent sloping channel breakout formation along with incremental volume activity suggests an uptrend to resume from the current levels.
M&M: BUYCMP: Rs 835 | TARGET Rs 880SL: Rs 815After hitting the highs of 979 the counter has seen a vertical slide on the downside and is into oversold territory, moreover, it has formed a double bottom chart formation near the retracement zone with the rising volume activity which indicates a trend reversal in the coming trading sessions.
CIPLA: BUYCMP: Rs 973.2 | TARGET Rs 1020SL: Rs 950After a long consolidation, the counter has given a strong breakout and is trading in a range post breakout, the intraday charts suggest a further up move from the current levels for uptrend continuation. The recent breakout move could be the start of a fresh leg of uptrend in the counter.
(Shrikant Chouhan is the Head of Equity Research (Retail) at Kotak Securities. Views expressed are the author’s own. Please consult your financial advisor before investing.)
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- Buy these two stocks for gains; Nifty resistance placed at 18000, support near 17350