Markets trading range-bound, witnessing pressure at higher levels; Titan, Bata India, M&M among stocks to buy
时间:2024-06-02 03:33:22 阅读(143)
By Shrikant Chouhan
On last Tuesday, the benchmark indices witnessed lackluster activity. The Nifty ended 8 points higher while the Sensex was down by 29 points. Among Sectors, metal index bounced back sharply, rallied nearly 3 percent whereas profit booking seen in PSU Bank index as a result PSU Bank index shed over 1 percent. Technically, after a two days correction the market witnessed range bound activity near 10 day SMA (Simple Moving Average) on daily charts it has formed small bearish candles and on intraday charts the index consistently witnessing selling pressure at higher levels.
Stock RecommendationsTitanBUY | CMP: Rs 3,030 | TARGET: Rs 3,180 | SL: Rs 2,970
Titan witnessed a gradual decline from the higher levels in the past few sessions. However, the downside seems to be restricted and recent sloping channel breakout formation along with incremental volume activity suggests an uptrend from the current levels.
Mahindra & MahindraBUY | CMP: Rs 1,566 | TARGET: Rs 1,640 | SL: Rs 1,530
For the last few weeks, Mahindra & Mahindra was stuck in a range bound movement and presently we witnessed a range breakout on the daily scale. Moreover, the closing above its resistance zone along with decent volume activity suggests that the counter has good potential for further upside in the near future.
Bata IndiaBUY | CMP: Rs 1,703.95 | TARGET: Rs 1,790 | SL: Rs 1,670
Bata India is trading into a rising channel pattern after reversal from the lower levels and forming the higher lows series continuously on the weekly scale. The strong bullish engulfing candlestick pattern on the daily chart suggests that the counter is likely to maintain bullish continuation formation in the coming horizon.
NMDCBUY | CMP: Rs 112 | TARGET: Rs 118 | SL: Rs 109
After the sharp up move, NMDC witnessed selloff and dropped to the lower side. However, it has found support near the important retracement zone. As a result, the bullish trend is very likely to continue for further up move in the near term.
(Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities. Views expressed are the author’s own. Please consult your financial advisor before investing.)
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