By Riyank Arora
On Tuesday, the benchmark broke out above its immediate resistance at the 19,875 mark. The Nifty ended 95 points higher while the Sensex was up by 204 points. Among Sectors, almost all the major sectoral indices witnessed good buying interest whereas the Nifty FMCG and Nifty Pharma sector remained slightly under pressure. Technically, post a flat opening the market moved in a range of 50 points between 19,850 to 19,800 and moved almost 100 points in the second half, closing around 19,889.70 (well above its crucial resistance mark). Going forward, any pull-back towards 19,875 and 19,850 should offer a good buying opportunity for an up-move towards 20,000.
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Stock Recommendations
HINDALCO (Hindalco Industries)
BUY | CMP: Rs 515| TARGET: Rs 555| SL: Rs 500
The stock has given a strong breakout above the critical resistance level of 513.50 and closed around 515.60. With the stock consistently forming higher highs and higher lows, the overall trend appears strong and is poised for an upward move towards 550 and 555 in the coming weeks.
WhatsApp Business updates policy to allow real money gaming ads in India Historic day: Modi meets Zelenskyy; talks focus on peace and stability Mooving and HPCL to set up over 22,000 battery-swapping stations Bank Nifty along with IT, FMCG, and Pharma among top picks says Religare Broking
TATA COMMUNICATION (Tata Communications)
BUY | CMP: Rs 1683.50 | TARGET: Rs 1750 | SL: Rs 1649
The stock has re-tested its anchor VWAP level of 1680, and the overall risk-reward ratio appears favorable for the buy side. With the stock trading well above the January 2022 highs, the overall structure looks positive, and the risk seems minimal. A sharp momentum pick-up can be expected as we slowly approach the monthly expiry, in Tata Communication.
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NIACL (New India Assurance Company)
BUY | CMP: Rs 226.10 | TARGET: Rs 265 | SL: Rs 212.50
The stock has given a strong multi-year breakout above its February 2021 highs. With trading volumes exceptionally high in this counter, we can anticipate the strong momentum to persist, and the stock should gain further strength. Additionally, the stock consistently forms higher highs and higher lows, indicating a strong momentum.
(Riyank Arora, Technical Analyst, Mehta Equities. Views expressed are author’s own. Please consult your financial advisor before investing.)
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