Market Trading Guide: Maruti Suzuki, Infosys futures are 2 stock recommendations for Tuesday

Benchmark equity indices rallied for a second straight session on Monday following buying in index heavyweight Reliance Industries and IT stocks. Improving sentiments with hopes of the US debt ceiling negotiation to advance in the positive direction helped the 30-share BSE Sensex climb 234 points to settle at 61,963.68 as 19 of its components closed in green. Nifty topped 18,300 levels.

From the Nifty pack, top gainers were Adani Enterprises, Adani Ports, Divi’s Labs, Apollo Hospital and Tech Mahindra, while laggards included Nestle, Hero MotoCorp, Eicher Motors and Axis Bank.

“Overall, the market has shown positive signs with a strong bounce back, supported by the performance of specific sectors. However, caution is advised around the important retracement resistance zone, and traders should monitor the levels mentioned for potential market movements. Nifty has strong support at 18200 range while having resistance on higher side at 18375 to 18400 range,”Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities, said.


Here are the stock recommendations for Tuesday:

Maruti Suzuki Futures
Buy | CMP: Rs 9,156.65 | Target: Rs 9,300 |Stop Loss: Rs 9,300

On a daily chart , the price has given a breakout of the Double Bottom pattern, indicating bullish strength. The price has successfully retested the breakout level with Hammer candlesticks indicating bullish trend may continue in the near term. Currently, the stock has been trading above the 50 EMA, which adds more strength to the price.

The indicator Stochastic also suggested a positive crossover confirming a long position.

(Mahesh Prakot, Research Analyst, Bonanza Portfolio)

Infosys Futures
Buy | CMP: Rs 1,292.80 | Target: Rs 1,315 | Stop Loss: Rs 1,270

On a 4-hourly time frame, the price has given a Descending Broadening Wedge pattern, indicating Bullish strength in the counter. Prices shifted just above the Prior Supply Zone, which adds more strength to the price. In addition, the MACD also suggested positive crossover confirming long position.

(Mahesh Prakot, Research Analyst, Bonanza Portfolio)

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)