Nifty’s close below 16800 to be negative for D-St; Buy SBI, ITC, others to pocket gains, charts show strength
时间:2024-06-02 03:41:53 阅读(143)
By Shrikant Chouhan
Benchmark indices BSE Sensex and Nifty 50 recorded volatile price action on Monday. Even though Nifty 50 / BSE Sensex opened below the psychological level of 17000/56500, they closed at 17069/56975, which is positive for the short term trend of the market. Fresh buying was seen in HDFC Bank and Housing Development Finance Corporation (HDFC), while profit-booking was seen in auto and technology stocks. Technically, the market is holding above the level of 16800, but at the same time, it is failing to show sustained momentum. In short, the market is consolidating within a broad trading range of 17400-16800.
Technical stocks to buy
ITCBUY, CMP: Rs 263.15, TARGET: Rs 280, SL: Rs 255
After 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. And hence the formation indicates a further uptrend from the current levels.
Muthoot Finance BUY, CMP: Rs 1,273.65, TARGET: Rs 1,340, SL: Rs 1,245
The counter had been in a declining trend in the past many months. 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.
Ultratech CementBUY, CMP: Rs 6,679, TARGET: Rs 7,020, SL: Rs 6,540
On the monthly scale, the stock has presented a robust rally, after a breather of few trading sessions, it has taken a pause in the momentum within a range. Currently, the counter is trading near the lower boundary of the range which indicates reversal from current levels.
State Bank of India (SBI)BUY, CMP: Rs 491, TARGET: Rs 515, SL: Rs 480
The stock witnessed gradual price decline from the higher levels, however, its down move took a pause with a hammer candlestick pattern. The counter has formed a reversal formation with decent volume activity and retreated from the lower levels for a fresh leg of uptrend in coming trading sessions.
(Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities, Views expressed are the author’s own.)
上一篇:2024 can be dominated by AI-powered cyberattacks- Report
下一篇:Xiaomi banks on integrated smartphones for next growth phase
猜你喜欢
- Sebi’s proposal ensures equal treatment, will boost confidence- Experts
- Adani Group firms fall in morning trade; Adani Enterprises tumbles over 9 per cent
- A global play on India’s largest imports – Oil & Metals
- ABB Limited Rating- Buy - Execution weak Data centre, electronics, warehouse & logistics are high growth areas
- Sensex ends in green for the third day running, Nifty holds above 16200, check support, resistance levels
- Adani Power share price at new 52-week high after Q1 profit rises 17-fold; should you buy, sell, hold-
- Manipur CM links attack on security personnel in Moreh to ‘Myanmar mercenaries’
- AAP nominates DCW chief Swati Maliwal for Rajya Sabha
- Aamaar Howrah! Decoding India’s oldest and busiest railway station – Check the history, interesting facts