Market Trading Guide: Balrampur Chini Mills among 4 stock recommendations for Tuesday
1/5
Stock Ideas
Key stock indices Sensex and Nifty closed nearly 1% higher on Monday following heavy buying in banking, oil and FMCG shares after two sessions of losses. Nifty ended with gains of 151 points to settle at 18,420. Broader markets, relatively underperformed the headline indices, with Nifty Midcap 100 logging 0.55% gains.
"Nifty found support around the lower side of the rising channel, leading to a recovery towards the end of the session. The momentum indicator RSI (14) is in a bullish crossover in the short- term timeframe (hourly). The short-term trend will likely remain bullish until the index sustains above 18,350. On the lower end, support is pegged at 18,350/18,150. Resistance on the higher end, is seen at 18,500/18,700,” Rupak De, Senior Technical Analyst at LKP Securities, said.
Here are 4 stock recommendations for Tuesday:
"Nifty found support around the lower side of the rising channel, leading to a recovery towards the end of the session. The momentum indicator RSI (14) is in a bullish crossover in the short- term timeframe (hourly). The short-term trend will likely remain bullish until the index sustains above 18,350. On the lower end, support is pegged at 18,350/18,150. Resistance on the higher end, is seen at 18,500/18,700,” Rupak De, Senior Technical Analyst at LKP Securities, said.
Here are 4 stock recommendations for Tuesday:
2/5
Balrampur Chini Mills
Buy near Rs 392
Target price: Rs 435
Stop Loss: Rs 370
From April 2022, this counter observed a free fall from Rs 526 to Rs 331, it has now stabilized near its historical support of Rs 325. From the candlesticks pattern perspective, during October, this counter displayed a Doji, followed by a bullish harami with volume steadily increasing, which is hinting an upside. From the Indicator perspective, the daily RSI (relative strength index) has made an impulsive structure near the oversold zone, further confirming the counter's upside. The upside target is expected till Rs 435 and with a stop loss of Rs 370.
(Mehul Kothari - AVP-Technical Research, Anand Rathi Shares & Stock Brokers)
3/5
PNB
Buy near Rs 55
Target price: Rs 68
Stop Loss: Rs 49
From June 2022 to date, PNB has given a whopping return of nearly 130%. At the current juncture, it is sustaining above its historical resistance of Rs 55, which is adding strength to the counter. On the indicator front, weekly DMIs have made a super bullish structure alongside rising volume with the price, which is a positive indication for further upside on the counter.
Target price: Rs 68
Stop Loss: Rs 49
From June 2022 to date, PNB has given a whopping return of nearly 130%. At the current juncture, it is sustaining above its historical resistance of Rs 55, which is adding strength to the counter. On the indicator front, weekly DMIs have made a super bullish structure alongside rising volume with the price, which is a positive indication for further upside on the counter.
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4/5
HUL
Buy at Rs 2,700
Target price: Rs 2,800/3,000
Stop Loss: Rs 2,600
HUL has given a strong breakout on the daily and weekly charts from a falling trendline with a rise in volumes. The momentum indicators are in the strong buy zone, which confirms the strength of the stock. The lower-end support is visible at Rs 2,600, which coincides with its 21SDMA and the upper-end visible targets are Rs 2,900/3,000.
(Kunal Shah, Senior Technical and Derivative Analyst at LKP Securities)
Target price: Rs 2,800/3,000
Stop Loss: Rs 2,600
HUL has given a strong breakout on the daily and weekly charts from a falling trendline with a rise in volumes. The momentum indicators are in the strong buy zone, which confirms the strength of the stock. The lower-end support is visible at Rs 2,600, which coincides with its 21SDMA and the upper-end visible targets are Rs 2,900/3,000.
(Kunal Shah, Senior Technical and Derivative Analyst at LKP Securities)
5/5
JK Paper
Buy at Rs 425
Target price: Rs 450/461
Stop Loss: Rs 400
The stock has given a strong breakout from a large consolidation range with a sharp surge in volumes. The momentum indicator RSI has given a positive crossover on the daily chart confirming the ‘buy’ signal. The MACD indicator has given a ‘buy’ crossover on the zero line confirming the ‘buy’ signal. The lower-end support is visible at the Rs 410-400 zone and the upside visible targets are Rs 450/461.
(Kunal Shah, Senior Technical and Derivative Analyst at LKP Securities)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Target price: Rs 450/461
Stop Loss: Rs 400
The stock has given a strong breakout from a large consolidation range with a sharp surge in volumes. The momentum indicator RSI has given a positive crossover on the daily chart confirming the ‘buy’ signal. The MACD indicator has given a ‘buy’ crossover on the zero line confirming the ‘buy’ signal. The lower-end support is visible at the Rs 410-400 zone and the upside visible targets are Rs 450/461.
(Kunal Shah, Senior Technical and Derivative Analyst at LKP Securities)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)