Shares to purchase: After three consecutive classes of positive aspects, Nifty 50 traded decrease on Tuesday, March 26, amid weak world cues and the absence of contemporary home triggers.
Nifty50 opened at 21,947.90 towards its earlier shut of twenty-two,096.75 and touched its intraday low of 21,947.55. Round 11:30 am, the index was 0.26 per cent down at 22,038.85.
V Ok Vijayakumar, Chief Funding Strategist at Geojit Monetary Companies believes the market might consolidate this week within the absence of any recognized triggers for sharp up or down strikes. For the reason that week is a truncated week of three buying and selling days, volumes have dipped markedly indicating the absence of a major directional transfer, Vijayakumar identified.
In response to Axis Securities, if Nifty crosses and sustains above the 22,200 stage, it could witness shopping for, main the index in direction of 22,300-22,500 ranges. Nevertheless, if the index breaks beneath the 21,900 stage, it could witness promoting, taking the index in direction of 21,800-21,600.
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Axis Securities expects Nifty to commerce within the vary of twenty-two,500-21,600 with blended bias this week.
Consultants suggest shopping for technically and basically sound shares on the present juncture. Based mostly on the suggestions of a number of consultants, beneath are 12 shares that one can take into account shopping for for the following three to 4 weeks. Have a look:
Axis SecuritiesJSW Power | Final traded worth (LTP): ₹515.45 | Shopping for vary: ₹510-500 | Goal worth: ₹575-590 | Cease loss: ₹470 | Upside potential: 14.5percentOn the each day chart, JSW Power has damaged above the downward-sloping trendline at ₹505, indicating a optimistic bias.
The inventory discovered help on the horizontal stage round ₹450, previously a resistance, now performing as help as a result of precept of polarity.
It discovered help at ₹475, which corresponds to the 50 per cent Fibonacci retracement stage of the rally from ₹453 to ₹502, forming a short-term help round that stage.
The each day energy indicator RSI has given a crossover above its reference line, producing a purchase sign.
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PB Fintech (Policybazaar) | LTP: ₹1,152.10 | Shopping for vary: ₹1,160-1,138 | Goal worth: ₹1,285-1,350 | Cease loss: ₹1,080 | Upside potential: 17percentPolicybazaar demonstrates a bullish breakout above the small falling channel sample at ₹1,145 on the weekly chart, signalling a optimistic bias.
The inventory is establishing the next high-low sample and sustaining its place above an upward-sloping trendline, indicative of an uptrend within the medium time period.
Moreover, the inventory is sustaining its place above the 20, 50, 100, and 200 easy transferring averages (SMA), additional indicating a optimistic bias in its worth development.
The weekly Relative Power Index (RSI) is in bullish mode, holding above its reference line, suggesting a optimistic bias within the inventory.
Cummins India | LTP: ₹2,930.80 | Shopping for vary: ₹2,920-2,862 | Goal worth: ₹3,355-3,430 | Cease loss: ₹2,660 | Upside potential: 17percentOn the weekly chart, Cummins India has damaged out of a five-week consolidation zone between ₹2,835-2,650, accompanied by a sturdy bullish candle indicating the continuation of the medium-term uptrend.
The inventory is at present trending inside a medium-rising channel, having not too long ago discovered help on the decrease band, and is now positioned to maneuver in direction of the higher band of the channel.
The inventory closed above the higher Bollinger band and generated a purchase sign.
The weekly energy indicator RSI, having given a crossover above its reference line, generated a purchase sign.
Jigar S. Patel, Senior Supervisor of Fairness Analysis at Anand Rathi Share and Inventory BrokersBorosil Renewables | LTP: ₹523.60 | Goal worth: ₹600 | Cease loss: ₹475 | Upside potential: 15percentAfter surging to the extent of ₹670 on February 1, 2024, Borosil Renewables underwent a notable downturn, witnessing a considerable decline of round 189 factors, or about 28 per cent.
Nevertheless, over the next 26 buying and selling classes, it has demonstrated resilience, avoiding additional downturns and as an alternative consolidating inside a variety spanning from ₹480 to ₹515.
From a technical perspective, there was the formation of a bullish AB=CD sample evident on the each day chart inside this worth vary of ₹480-515.
Apparently, this vary aligns with the 0.618 per cent retracement stage of a worth swing noticed between October 2023 and January 2024.
Furthermore, on a each day scale, the Relative Power Index (RSI) has surpassed its bearish development line, indicating a doubtlessly enticing shopping for alternative.
“It may be prudent to consider buying within the range of ₹510-525, targeting an upside of ₹600, while setting a stop loss near ₹475 on a daily closing basis,” stated Patel.
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Coal India | LTP: ₹431.95 | Goal worth: ₹465 | Cease loss: ₹408 | Upside potential: 8percentFrom a technical perspective, a bullish AB=CD sample has emerged on the each day chart of Coal India inside the worth vary of ₹410-420.
Remarkably, this vary aligns with the 0.50 per cent retracement stage of a worth swing noticed between January 2024 and February 2024.
Moreover, a bullish cross has been noticed on the two-hourly Stochastic indicator, signalling a doubtlessly enticing shopping for alternative.
“Investors may consider initiating long positions within the ₹420-435 zone, targeting an upside objective of ₹465. It’s advisable to set a stop loss near ₹408 on a daily closing basis to manage downside risk effectively,” stated Patel.
Bajaj Finance | LTP: ₹6,760.90 | Goal worth: ₹7,400 | Cease loss: ₹6,350 | Upside potential: 9.5percentBajaj Finance skilled a major decline close to the ₹8,200 mark on October 6, 2023, shedding round 2,000 factors.
Nevertheless, it stabilized inside a variety of ₹6,400 to ₹6,600, avoiding additional declines.
There was vital shopping for curiosity and substantial buying and selling quantity in the course of the earlier week.
A bullish AB=CD sample appeared on the each day chart, aligning with the 0.618 per cent to 0.707 per cent retracement ranges of a worth swing between March and October 2023.
The each day stochastic indicator fashioned a bullish divergence, signalling a possible shopping for alternative.
“One can buy the stock in the zone of ₹6,600-6,800 with an upside target of ₹7,400 and a stop loss would be placed near ₹6,350 on a daily close basis,” stated Patel.
Shiju Koothupalakkal, Technical Analysis Analyst, Prabhudas LilladherOlectra Greentech | LTP: ₹1,785.65 | Goal worth: ₹2,050 | Cease loss: ₹1,630 | Upside potential: 15percentThe inventory after the respectable erosion has proven indicators of bottoming out close to ₹1,560 and after some consolidation, it indicated stability.
At present, a optimistic candle formation on the each day chart, transferring previous the 50EMA (exponential transferring common) stage of ₹1,775, has proven enchancment in bias, indicating an additional rise within the coming days.
The RSI has indicated a development reversal to sign a purchase.
“We suggest buying the stock for an upside target of ₹2,050 and ₹2,170 levels, keeping the stop loss of ₹1,630,” stated Koothupalakkal.
Energy Grid Company of India | LTP: ₹275.75 | Goal worth: ₹307 | Cease loss: ₹257 | Upside potential: 11percentThe inventory, after the quick correction, maintained the help close to ₹257 and at present, with a optimistic candle formation on the each day chart, transferring previous the necessary 50EMA stage of ₹267, a pullback has been witnessed with improved bias. The RSI additionally indicated a development reversal, signalling a purchase.
Parag Milk Meals | LTP: ₹202.60 | Goal worth: ₹225 | Cease loss: ₹190 | Upside potential: 11percentThe inventory has witnessed an honest correction from the height of ₹290.
It stabilised close to the necessary 200 interval MA (transferring common) of ₹198 with help maintained round ₹190.
A optimistic candle formation on the each day chart has barely improved the bias transferring previous the 200 interval MA of 198.
The RSI additionally flattened out after the slide, indicating a development reversal to sign a purchase.
Riyank Arora, Technical Analyst at Mehta EquitiesIndus Towers | LTP: ₹271.30 | Goal worth: ₹295 | Cease loss: ₹260 | Upside potential: 9percentThe inventory has given an excellent breakout above its latest swing excessive resistance mark of ₹271.35. Within the final half-hour of the buying and selling session, the inventory rose almost 3 per cent, rising from ₹268.00 and hitting the ten per cent circuit mark of ₹275.20.
“With the ADX on daily charts being at 67.98, the overall momentum looks strong for potential upside targets of ₹295, with a strict stop loss to be kept at ₹260 to manage risk,” stated Arora.
SJVN | LTP: ₹122.90 | Goal prie: ₹137.50 and ₹155.50 | Cease loss: ₹112.50 | Upside potential: 27percentThe inventory is witnessing a good volatility contraction sample on its each day charts, consolidating between the ₹98 to ₹130 zone for the final month.
As per anchor VWAP, rapid help is positioned on the ₹115 mark and rapid resistance is round ₹131.
“With the ADX being at 9.70, momentum is very low, and we can expect a VCP breakout in the few upcoming sessions. A strict stop loss should be kept at ₹112.50 for potential upside targets of ₹137.50 and ₹155 on SJVN,” stated Arora.
Juniper Accommodations | LTP: ₹505.45 | Goal worth: ₹620 | Cease loss: ₹469 | Upside potential: 23percentJuniper Accommodations has given an excellent breakout above its latest swing excessive mark of ₹503.70 on its each day and weekly charts.
“With the stock giving a weekly closing around ₹505.45 and the stock trading well above its five-period and nine-period EMA, the momentum looks strong for a potential target of ₹620 and above, with a set stop loss at ₹469,” stated Arora.
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Disclaimer: The views and proposals above are these of particular person analysts, consultants and broking firms, not of Mint. We advise buyers to verify with licensed consultants earlier than making any funding choices.
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