Market Trading Guide: Patanjali among 3 stock recommendations for Wednesday
1/4
Stock Ideas
Benchmark indices Sensex and Nifty rebounded nearly 1% on Tuesday following buying in IT giants TCS and Infosys, foreign fund inflows and positive global trends. After a firm opening, the 30-share BSE Sensex climbed 455 points or 0.63% to settle at 72,186.09. As many as 19 Sensex shares advanced and 11 declined. During the day, the barometer jumped 530 points or 0.73% to 72,261.40.
The Nifty gained 157.70 points or 0.72% to close at 21,929.40, driven by gains in BPCL, HDFC Life and HCL Tech.
A rebound in Chinese markets also bolstered the sentiment, analysts said.
"The crucial opening downside gap of 17th January is now placed on the verge of decisive upside breakout at 21,970 levels. Immediate support is at 21,750 and the next overhead resistance to be watched around 22,125 levels," said Nagaraj Shetti, HDFC Securities.
Here are 3 stock recommendations for Wednesday:
The Nifty gained 157.70 points or 0.72% to close at 21,929.40, driven by gains in BPCL, HDFC Life and HCL Tech.
A rebound in Chinese markets also bolstered the sentiment, analysts said.
"The crucial opening downside gap of 17th January is now placed on the verge of decisive upside breakout at 21,970 levels. Immediate support is at 21,750 and the next overhead resistance to be watched around 22,125 levels," said Nagaraj Shetti, HDFC Securities.
Here are 3 stock recommendations for Wednesday:
2/4
Buy Latent View Analytics at Rs 520-523
Target Price: Rs 555Stop Loss: Rs 506
Latent View Analytics is seen to be breaking out of a resistance zone and making a bullish candlestick on the weekly timeframe, which indicates strength. On the indicator front, the stock is seen to be sustaining above all its important EMAs. The momentum oscillator RSI (14) is at around 71 showing strength by sustaining above 50.
(Mitesh Karwa, Research Analyst, Bonanza Portfolio)
Latent View Analytics is seen to be breaking out of a resistance zone and making a bullish candlestick on the weekly timeframe, which indicates strength. On the indicator front, the stock is seen to be sustaining above all its important EMAs. The momentum oscillator RSI (14) is at around 71 showing strength by sustaining above 50.
(Mitesh Karwa, Research Analyst, Bonanza Portfolio)
3/4
Buy Patanjali at Rs 1,600-1,605
Target Price: Rs 1,700
Stop Loss: Rs 1,534
Patanjali is seen to be breaking out of a bullish pattern and making higher-high higher-low formations on the weekly timeframe with a bullish candlestick, which indicates strength. Momentum oscillator RSI (14) is at around 54 on the daily time and is showing strength by sustaining above 50. The stock is also trading above all the important EMAs on the daily timeframe.
(Mitesh Karwa, Research Analyst, Bonanza Portfolio)
Stop Loss: Rs 1,534
Patanjali is seen to be breaking out of a bullish pattern and making higher-high higher-low formations on the weekly timeframe with a bullish candlestick, which indicates strength. Momentum oscillator RSI (14) is at around 54 on the daily time and is showing strength by sustaining above 50. The stock is also trading above all the important EMAs on the daily timeframe.
(Mitesh Karwa, Research Analyst, Bonanza Portfolio)
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4/4
Buy Container Corporation of India at Rs 915-930
Target Price: Rs 990
Stop Loss: Rs 875
A swift reversal of the support zone, followed by a positive breakthrough above the prior month’s high, warrants a positive outlook for the stock.
(Amit Trivedi, Technical Analyst - Institutional Equities, YES SECURITIES)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Stop Loss: Rs 875
A swift reversal of the support zone, followed by a positive breakthrough above the prior month’s high, warrants a positive outlook for the stock.
(Amit Trivedi, Technical Analyst - Institutional Equities, YES SECURITIES)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)