Market Trading Guide: M&M, Axis Bank among 7 stock recommendations for Tuesday
Money-making Ideas
Indian shares closed higher on Friday to post their best day in nearly three weeks, helped by a recovery in global markets following a sell-off. The BSE benchmark Sensex rose 0.5% to settle at 65,828, while NSE Nifty ended above the 19,600 level.
“Nifty needs to close above 19,750 to witness a decent rally over the short term. A close or sustained move above 19,750 might take Nifty on a ride towards 20,500-20,700. On the flip side, a fall below 19,470 might trigger the resumption of the downtrend,” said Rupak De, Senior Technical analyst at LKP Securities.
Buy Zodiac Clothing at Rs 137
Target Price: Rs 173Stop Loss: Rs 119On the Weekly time frame, Zodiac Clothing has given a breakout of the falling trendline indicating a positive trend. The Fast (21) and Slow EMA (50) are trending upside indicating the uptrend, whereas price trading above the EMA confirms the bullish move. Technical indicator Ichimoku Cloud suggests that the prices are trading above the conversion and baseline, which supports the stock. A momentum indicator RSI (14) is reading above 70 levels, which suggests a bullish move may continue in the near term.(Ashish Katwa, Technical Analyst, Bonanza Portfolio)
Buy Khadim India at Rs 320.2
Target Price: Rs 442
Stop Loss: Rs 262
Khadim has exhibited a breakout from a descending triangle pattern on the Weekly time frame. There has been a consistent rise in trading volume, which signifies growing interest from buyers. Additionally, the price is currently trading above the 18-period Exponential Moving Average (EMA), and the EMA itself is trending upward, indicating a potential upward trajectory for the stock. Momentum Indicator RSI is trading near 70 zones supporting the uptrend.
Sell M&M at Rs 1,554
Target Price: Rs 1460-1485Stop Loss: Rs 1600M&M has undergone a sharp correction subsequent to the formation of a doji pattern on the daily chart. The RSI is currently in a bearish crossover and is declining.(Rupak De, Senior Technical Analyst, LKP Securities)
Buy L&T Finance Holdings at Rs 133.2
Target Price: Rs 145-150
Stop Loss: Rs 125
L&T Finance Holdings (L&TFH) is showing signs of a potential bullish breakout after a period of consolidation, as it approaches the resistance of a falling trendline. The momentum indicator, RSI, has provided a positive crossover, signaling a potential reversal in the stock’s direction.
(Rupak De, Senior Technical Analyst, LKP Securities)
Buy SBI Life at Rs 1311
Target Price: Rs 1400
Stop Loss: Rs 1265
After a short-term price correction, the stock has formed a double-bottom chart pattern. The bullish activity near the support zone indicates that the counter has a limited downside. Hence making it a good candidate with regard to the risk and reward scenario. Therefore, the texture of the chart suggests a fresh upward rally in the near term.
(Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities)
Buy Apollo Hospitals at Rs 5143.9
Target Price: Rs 5500Stop Loss: Rs 4960The counter has shown a robust rally from the lower levels in the recent weeks. Moreover, there is a fresh breakout along with decent volume from the ascending triangle chart formation on the daily scale. As a result, the comfortable close above its breakout zone suggests upward momentum to persist in the coming horizon.(Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities).
Buy Axis Bank at Rs 1036.8
Target Price: Rs 1100Stop Loss: Rs 1000On the daily charts, the counter is into a rising channel chart formation with higher high and higher low series pattern. Additionally, technical indicators like ADX and RSI are also indicating further up trend from current levels which could boost the bullish momentum in the near future).
BYTheeconomicstimes
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