Day Trading Guide: IndusInd Bank among 4 stocks analysts recommend for Wednesday
1/5
Stock Ideas
New Delhi: Domestic equity market kicked off the new month on a muted note, tracking weakness in global peers. The latest hawkish commentary from the US Federal Reserve has turned investors extra cautious. However, Nifty50 was able to end the day above 17,000.
"Immediate support and resistance for Nifty50 are 16,700 and 17,200 respectively. Immediate support and resistance for Bank Nifty are 35,500 and 36,500 respectively," said Mohit Nigam, Head - PMS, Hem Securities.
On the daily chart of Nifty50, we are witnessing a 'Death Crossover' of the 50-day moving average and the 200-day moving average, said Mehul Kothari - AVP, Technical Research, Anand Rathi Shares & Stock Brokers. Thus till the time that is not negated, the markets are likely to remain under pressure on every rise, he added.
Below are key stock recommendations for Wednesday.
"Immediate support and resistance for Nifty50 are 16,700 and 17,200 respectively. Immediate support and resistance for Bank Nifty are 35,500 and 36,500 respectively," said Mohit Nigam, Head - PMS, Hem Securities.
On the daily chart of Nifty50, we are witnessing a 'Death Crossover' of the 50-day moving average and the 200-day moving average, said Mehul Kothari - AVP, Technical Research, Anand Rathi Shares & Stock Brokers. Thus till the time that is not negated, the markets are likely to remain under pressure on every rise, he added.
Below are key stock recommendations for Wednesday.
2/5
IndusInd Bank
Buy at Rs 1,010-1,020
Target: Rs 1,070
Stop Loss: Rs 970
After consolidating for over four months, IndusInd Bank stock has managed to break out of its range to trade above the Rs 1,000 mark. Despite a corrective move in the market, the stock outperformed its peers and this indicates relative strength. Also, it has managed to finally close back above its 200-day moving average.
Analyst: Mehul Kothari, AVP-Technical Research, Anand Rathi Shares & Stock Brokers
Target: Rs 1,070
Stop Loss: Rs 970
After consolidating for over four months, IndusInd Bank stock has managed to break out of its range to trade above the Rs 1,000 mark. Despite a corrective move in the market, the stock outperformed its peers and this indicates relative strength. Also, it has managed to finally close back above its 200-day moving average.
Analyst: Mehul Kothari, AVP-Technical Research, Anand Rathi Shares & Stock Brokers
3/5
Rupa & Company
Buy at Rs 555-565
Target: Rs 650
Stop Loss: Rs 500
Despite an uncertain market scenario, Rupa & Company's stock has managed to stay in a strong uptrend. The stock has confirmed a multi-year breakout from the 2017 high and that indicates strength. The price action was supported by strong volumes that suggest that the breakout could be genuine. Thus, we advise traders to go long in the stock in the range of Rs 565 - 555, with a stop loss of Rs 500 for the upside target of Rs 650 in 1-3 months.
Analyst: Mehul Kothari, AVP-Technical Research, Anand Rathi Shares & Stock Brokers
Target: Rs 650
Stop Loss: Rs 500
Despite an uncertain market scenario, Rupa & Company's stock has managed to stay in a strong uptrend. The stock has confirmed a multi-year breakout from the 2017 high and that indicates strength. The price action was supported by strong volumes that suggest that the breakout could be genuine. Thus, we advise traders to go long in the stock in the range of Rs 565 - 555, with a stop loss of Rs 500 for the upside target of Rs 650 in 1-3 months.
Analyst: Mehul Kothari, AVP-Technical Research, Anand Rathi Shares & Stock Brokers
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4/5
Linde India
Buy above Rs 3,489
Target: Rs 3,550
Stop Loss: Rs 3,430
The stock is consolidating in a 15-minute time frame. One can buy above Rs 3,489 for a target of Rs 3,550. Stop loss can be set at Rs 3,430.
Analyst: Vijay Danotiya, Lead Technical Research at CapitalVia Global Research
Target: Rs 3,550
Stop Loss: Rs 3,430
The stock is consolidating in a 15-minute time frame. One can buy above Rs 3,489 for a target of Rs 3,550. Stop loss can be set at Rs 3,430.
Analyst: Vijay Danotiya, Lead Technical Research at CapitalVia Global Research
5/5
Dixon Technologies
Buy above Rs 4,312
Target: Rs 4,400
Stop Loss: Rs 4,375
The stock is consolidating in a 15-minute time frame. We see a close above 50 and 100-day moving averages. It is sustaining above the resistance level and a good movement with a large volume can happen in the coming week.
Analyst: Vijay Danotiya, Lead Technical Research at CapitalVia Global Research
Target: Rs 4,400
Stop Loss: Rs 4,375
The stock is consolidating in a 15-minute time frame. We see a close above 50 and 100-day moving averages. It is sustaining above the resistance level and a good movement with a large volume can happen in the coming week.
Analyst: Vijay Danotiya, Lead Technical Research at CapitalVia Global Research