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    Market Trading Guide: Power Grid among 3 stock recommendations for Wednesday

    By
    , ETMarkets.com|
    1/4

    ​Stock Ideas

    Indian shares were little changed on Tuesday after financials sparked a sharp rise in the previous session amid a rush of corporate earnings and ahead of key macroeconomic data. The Nifty50 closed 0.01% higher at 18,265.95, while the S&P BSE Sensex shed 3 points to end at 61,761.33. Both the indexes had risen over 0.4% during the session. Top gainers from the Nifty pack included stocks like Divi’s Labs, Coal India, IndusInd Bank, Axis Bank, and M&M, while laggards were UPL, ITC, SBI, and Bajaj Finance.

    “The short-term trend of Nifty remains positive. But, the signs of tiredness have become visible at the important resistance of 18300 levels. Some more consolidation or minor downward correction is not ruled out in the short term before showing another round of upside bounce from the higher lows. Immediate support is at 18100 levels,” Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said.

    Here are stock recommendations for Wednesday:

    iStock
    ​SRF: Buy | CMP: Rs 2582-2587 | Target: Rs 2700 | Stop Loss: Rs 2520
    2/4

    ​SRF: Buy | CMP: Rs 2582-2587 | Target: Rs 2700 | Stop Loss: Rs 2520

    On a four hourly chart, SRF is classically moving in a well channelized manner. In addition, the price has been rising continuously with Higher Highs and Higher Lows formation. The daily RSI (14) has been trading above 60 marks & the MACD also suggested a positive crossover confirming a long position.

    (Mahesh Prakot, Research Analyst, Bonanza Portfolio)

    Agencies
    ​Power Grid: Buy | CMP: Rs 242.80-243.30 | Stop Loss: Rs 240 | Target: Rs 246
    3/4

    ​Power Grid: Buy | CMP: Rs 242.80-243.30 | Stop Loss: Rs 240 | Target: Rs 246

    On a weekly timeframe, the price has given a breakout of the Falling trend line, indicating Bullish strength in the counter. Prices shifted just above the Prior Supply Zone, adding more strength. The RSI (14) has been trading above 65 marks & the MACD also suggested a positive crossover confirming a long position.

    (Mahesh Prakot, Research Analyst, Bonanza Portfolio)

    ETMarkets.com
    ​Lupin: Buy between Rs 736-740 | Stop loss: Rs 718 | Target: Rs 780
    4/4

    ​Lupin: Buy between Rs 736-740 | Stop loss: Rs 718 | Target: Rs 780

    The stock has managed to break through the hurdle zone, given the sustained move above short-term averages.

    (Amit Trivedi, CMT, 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)

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