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Market Trading Guide: TCS among 6 stock recommendations for Tuesday
, ETMarkets.com|
"The domestic markets kicked off the week on an optimistic note where the Nifty gained over 200 points and closed above the resistance of 16,275. Now for the coming sessions, the index could be heading towards the 16,450 mark," said Mehul Kothari, AVP, Technical Research, Anand Rathi Shares and Stock Brokers.
However, we would advise short-term traders to book their long in this zone since there are multiple hurdles between 16,400- 16,500. On the downside, 16,140 might now act as very strong support in the coming sessions,Kothari added.
Here are the top six stock recommendations which analysts suggest:
ETBFSI
Target: Rs 3,450
Stop Loss: Rs 3,050
On the daily chart, price structure indicates that the stock is on the verge of breakout, which resembles an inverse head and shoulder pattern. The breakout would be confirmed above the 3,200 mark.
Analyst: Mehul Kothari, Anand Rathi Shares and Stock Brokers
iStock
Target: Rs 3,200
Stop Loss: Rs 2,950
On the daily chart, we are witnessing a hammer formation followed by a green candle. This indicates a possibility of bounce.
Analyst: Mehul Kothari, Anand Rathi Shares and Stock Brokers
ET Bureau & Agencies
Target: Rs 9,325
Stop Loss: Rs 7,740
Blue Dart is trading near its classic breakout level of Rs 8,300 levels. The stock touched its 52 week high near Rs 8374 levels. It still has strong traction on upside, continuing toward Rs 9,325 levels. Prices making higher high higher lows on closing basis, giving confirmation of upward action. The downside risk is near Rs 7,740 levels, from where prices have bounced higher.
Analyst: Ravi Gangan, Mehta Equities
Agencies
Target: Rs 225
Stop Loss: Rs 191
M&M Fin has been trading in the green zone for the past few sessions leading prices above the psychological level of Rs 200. Earlier the breakout level of Rs 191 from prices started gaining momentum on the upside. This level will now act as retraced stop loss/ support levels. Keeping these levels intact, the stock might see movement towards Rs 225 or higher.
Analyst: Ravi Gangan, Mehta Equities
Agencies
Targets: Rs 340/345
Stop Loss: Rs 300
The stock, after a brief consolidation, witnessed a fresh breakout on the daily chart, with volumes indicating strong momentum in the near term. The stock is trading well above its short-term moving averages, which confirms its strength. The RSI indicator on the weekly chart has a positive crossover, confirming the trend change.
Analyst: Kunal Shah, LKP Securities
iStock
Targets: Rs 4,200/4,240
Stop Loss: Rs 3,800
The stock has given a breakout from a triangle pattern on the daily chart with rising volumes, indicating further upside in the near term. The RSI indicator has given a positive crossover on the daily chart. The scrip bounced back from its 20day moving average, placed at Rs 3800, acting as a support on the downside.
Analyst: Kunal Shah, LKP Securities
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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