Market Trading Guide: SBI, Zydus Lifesciences among 5 stock recommendations for Tuesday
1/6
Stock Ideas
Indian shares closed flat amidst volatile trading on Monday, with declines in state-owned lenders offsetting gains in IT stocks fueled by growing expectations of US rate cuts. The S&P BSE Sensex closed 0.02% higher at 73,895, while the NSE Nifty50 index ended below 22,450 level.
"The Index has formed a small red candle but on the downside, the zone of 22,330-22,380 will act as a strong support while the higher side seems to be capped at 22,580," said Aditya Gaggar, Director of Progressive Shares.
Here are 5 stock recommendations for Tuesday:
"The Index has formed a small red candle but on the downside, the zone of 22,330-22,380 will act as a strong support while the higher side seems to be capped at 22,580," said Aditya Gaggar, Director of Progressive Shares.
Here are 5 stock recommendations for Tuesday:
2/6
Buy Zydus Lifesciences at Rs 1025
Target Price: Rs 1100
Stop Loss: Rs 989
The stock has experienced a rounding bottom breakout on the daily chart, indicating increased optimism among investors. Furthermore, the price has maintained above the crucial 21EMA, indicating an uptrend. The RSI is showing a bullish crossover and is on the rise in the daily time frame.
(Rupak De, Senior Technical Analyst, LKP Securities)
Stop Loss: Rs 989
The stock has experienced a rounding bottom breakout on the daily chart, indicating increased optimism among investors. Furthermore, the price has maintained above the crucial 21EMA, indicating an uptrend. The RSI is showing a bullish crossover and is on the rise in the daily time frame.
(Rupak De, Senior Technical Analyst, LKP Securities)
3/6
Sell SBI at Rs 807
Target Price: Rs 760
Stop Loss: Rs 831
The stock has formed a higher peak on the daily chart but struggled to withstand the selling pressure at the elevated level, leading to a surge in selling activity. Additionally, there's a negative divergence evident on the daily RSI (14). Furthermore, the RSI is experiencing a bearish crossover and declining.
(Rupak De, Senior Technical Analyst, LKP Securities)
Stop Loss: Rs 831
The stock has formed a higher peak on the daily chart but struggled to withstand the selling pressure at the elevated level, leading to a surge in selling activity. Additionally, there's a negative divergence evident on the daily RSI (14). Furthermore, the RSI is experiencing a bearish crossover and declining.
(Rupak De, Senior Technical Analyst, LKP Securities)
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4/6
Buy SW Solar at Rs 714
Target Price: Rs 770
Stop Loss: Rs 690
The stock has moved up sharply above the previous consolidation on the daily chart, suggesting a rise in optimism. On the daily chart, a higher top higher bottom formation is visible, which is a bullish set-up. The 21EMA and 55EMA are in a bullish crossover, which is a bullish set-up. The momentum indicator is in the bullish crossover.
(Rupak De, Senior Technical Analyst, LKP Securities)
Stop Loss: Rs 690
The stock has moved up sharply above the previous consolidation on the daily chart, suggesting a rise in optimism. On the daily chart, a higher top higher bottom formation is visible, which is a bullish set-up. The 21EMA and 55EMA are in a bullish crossover, which is a bullish set-up. The momentum indicator is in the bullish crossover.
(Rupak De, Senior Technical Analyst, LKP Securities)
5/6
Buy Asahi India Glass at Rs 636-640
Target Price: Rs 710
Stop Loss: Rs 595
ASAHIINDIA is seen to be breaking out of a bullish formation on the weekly timeframe which indicates strength. On the indicator front, the supertrend indicator is bullish and the stock is seen to be sustaining above all its important EMAs. The momentum oscillator RSI (14) is at around 73 showing strength by sustaining above 50.
(Mitesh Karwa, Research Analyst, Bonanza Portfolio)
Stop Loss: Rs 595
ASAHIINDIA is seen to be breaking out of a bullish formation on the weekly timeframe which indicates strength. On the indicator front, the supertrend indicator is bullish and the stock is seen to be sustaining above all its important EMAs. The momentum oscillator RSI (14) is at around 73 showing strength by sustaining above 50.
(Mitesh Karwa, Research Analyst, Bonanza Portfolio)
6/6
Buy Ujjivan Financial Services at Rs 585-589
Target Price: Rs 650
Stop Loss: Rs 564
UJJIVAN is seen to be showing signs of a bullish reversal as the stock has broken off a bullish head and shoulder pattern which indicates strength. Momentum oscillator RSI (14) is at around 67 on the daily time and is showing strength by sustaining above 50.
(Mitesh Karwa, 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)
Stop Loss: Rs 564
UJJIVAN is seen to be showing signs of a bullish reversal as the stock has broken off a bullish head and shoulder pattern which indicates strength. Momentum oscillator RSI (14) is at around 67 on the daily time and is showing strength by sustaining above 50.
(Mitesh Karwa, 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)