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    Market Trading Guide: Hero MotoCorp, Power Grid among 7 stock recommendations for Wednesday

    By
    , ETMarkets.com|
    ​Stock Ideas​
    1/8

    ​Stock Ideas​

    Equity benchmark Sensex pared early gains to end lower on Tuesday, pressured by selling in index majors Reliance Industries, Powergrid and ICICI Bank amid a mixed trend in global equity markets. Besides, continuous foreign fund outflows also dented investor sentiment, traders said

    However, strong buying in HDFC Bank, Infosys, NTPC and TCS restricted the decline

    In a highly volatile trade, the 30-share BSE Sensex declined 68.36 points or 0.10 per cent to settle at 66,459. During the day, it hit a high of 66,658.12 and a low of 66,388.26

    The NSE Nifty fell 20.25 points or 0.10 per cent to end at 19,733.55. Top gainers from the Nifty pack included stocks such as Coal India, NTPC, Tech Mahindra, HCL Tech, and LTIMindtree

    "Nifty remained choppy; it swung between positive and negative territory throughout the session before settling a tad lower. Nifty’s 19800 strike call and 19700 strike put continue to hold a significant OI base on weekly expiry, while India VIX remains below levels of 11. This could lead to price consolidation in the 19550-19850 zone. Sectoral trends are likely to remain mixed, and focusing more on stock-specific action seems a prudent strategy to follow in the near term," said Amit Trivedi, CMT, Technical Analyst - Institutional Equities, YES SECURITIES

    Here are the stock recommendations for Wednesday:

    ETMarkets.com
    Havells August future: Sell near Rs 1335 | Stop loss: Rs 1370 | Target: Rs 1260
    2/8

    Havells August future: Sell near Rs 1335 | Stop loss: Rs 1370 | Target: Rs 1260

    Recent recoveries failed to clear resistance at Rs 1350, and the negative follow-up action to Tuesday’s bearish candle could drag the stock down to Rs 1260

    (Amit Trivedi, CMT, Technical Analyst - Institutional Equities, YES SECURITIES)

    ETMarkets.com
    Timken India: Buy | CMP: Rs 3534.75 | Target: Rs 3800 | Stop Loss: Rs 3400
    3/8

    Timken India: Buy | CMP: Rs 3534.75 | Target: Rs 3800 | Stop Loss: Rs 3400

    A significant breakout of a Cup and Handle pattern has been observed in the stock, often indicating a potential bullish continuation of the existing trend. The burst in volume during the breakout suggests increased buying interest at current price levels, further reinforcing a positive outlook for the counter

    (Ashish Katwa, Research Analyst, Bonanza Portfolio)

    ETMarkets.com
    Affle India: Buy | CMP: Rs 1138.85 | Target: Rs 1240 | Stop loss: Rs 1087
    4/8

    Affle India: Buy | CMP: Rs 1138.85 | Target: Rs 1240 | Stop loss: Rs 1087

    On the weekly scale, the stock has broken out of the "Falling Supply trend line" with a bullish candlestick. The overall structure of the counter is very bullish, as it is trading above the 20/50/100 moving averages

    (Ashish Katwa, Research Analyst, Bonanza Portfolio)

    ETMarkets.com
    Lemon Tree Hotels: Buy | CMP: Rs 96.50 | Target: Rs 105/115 | Stop loss: Rs 89.5 | Holding period: 3-5 weeks
    5/8

    Lemon Tree Hotels: Buy | CMP: Rs 96.50 | Target: Rs 105/115 | Stop loss: Rs 89.5 | Holding period: 3-5 weeks

    After a gradual downward correction in the last two months, the hotel stock has seen a sustainable upside bounce this week. We observe an upside breakout of the key overhead resistance of the down-sloping trend line at Rs 93

    (Nagaraj Shetti, Technical Research Analyst, HDFC Securities)

    Agencies
    Hero MotoCorp: Buy | Stop Loss: Rs 2900 | Target: Rs 3770 | Holding period: 10-12 months
    6/8

    Hero MotoCorp: Buy | Stop Loss: Rs 2900 | Target: Rs 3770 | Holding period: 10-12 months

    After making a two-year high around Rs 3170, the stock moved in the range of Rs 3016-3170. In this week, with relatively higher volume, the price breached the consolidation phase and closed above that level

    (Viral Chheda, Sr. Technical Analyst, SSJ Finance & Securities)

    ETMarkets.com
    Power Grid: Sell | Target: Rs 220 | Stop Loss: Rs 270 | Time period: 4-6 months
    7/8

    Power Grid: Sell | Target: Rs 220 | Stop Loss: Rs 270 | Time period: 4-6 months

    After consolidating in the range of Rs 200-220 from Oct 2022 to Jan 2023, the price has given a sharp upside rally to make an all-time high of Rs 267. From this high, the stock is witnessing some selling pressure, and once the support of 20 DMA of Rs 250 levels is breached on the downside, we could see some downside till Rs 238-230.
    (Viral Chheda, Sr. Technical Analyst, SSJ Finance & Securities)

    iStock
    IDBI Bank: Buy at CMP | Target: 90 | Stop Loss: Rs 52 | Time duration: 10-12 months
    8/8

    IDBI Bank: Buy at CMP | Target: 90 | Stop Loss: Rs 52 | Time duration: 10-12 months

    After consolidating in the range of Rs 51-57 from April 2023 to July 2023, the stock has moved sharply to make a 52-week high of Rs 63. From this high, the stock witnessed some correction as it made a low of Rs 56, taking support of 20 DMA around that level

    (Viral Chheda, Sr. Technical Analyst, SSJ Finance & Securities)

    (Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)

    Agencies
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