By Riyank Arora
On Tuesday, the benchmark index opened with a gap up of around 110 points and fell nearly 80 points towards the closing. The Nifty ended 30 points higher, while the Sensex was up by 90 points.
Among sectors, the Nifty Realty Index led the fall, with FMCG stocks performing well. Pharma stocks witnessed significant profit booking in Tuesday’s session.
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Technically, the market is trading well above its support level of 22,200. The major resistance lies at 22,500 levels. Overall, the trend remains positive, and we can expect higher levels to come eventually.
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Stock Recommendations:
GRASIM
BUY | CMP: 2370.15 | TARGET: 2500.00 | SL: 2325.00
The stock has given a good breakout above its all-time high mark of 2325 on its daily charts. With the overall trend being positive and the RSI (14) being around 65, we can expect good momentum pickup on the stock and a swift move towards 2500. Volumes in Tuesday’s session were nearly 1.5 times its Avg (30) days traded volume on the stock, which signals strength in the stock.
Indian Hotels
BUY | CMP: 604.30 | TARGET: 650.00 | SL: 575.00 Come from Sports betting site VPbet
The stock has touched its trendline support mark of 585 and made a bullish candlestick pattern at the support. With the overall outlook on hotel stocks being positive and the RSI (14) on daily charts being near 57, the stock is signaling good momentum pickup.
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We can expect targets of 650 and above to come in on the stock. A strict stop loss should be kept at the 575 mark.
Bharti Airtel
BUY | CMP: 1342.35 | TARGET: 1400.00 | SL: 1315.00
The stock has given a good breakout above its parallel channel resistance zone, giving a successful closing above the same. With the RSI (14) being near 77, the stock is signaling overall good momentum and strength. A strict stop loss should be kept at 1315 marks to manage risk well, and we are expecting targets of 1400 and above to come in as this spree of momentum rally extends further.
(Riyank Arora, Technical Analyst, Mehta Equities. Views expressed are author’s own. Please consult your financial advisor before investing.)
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