Market Trading Guide: Tata Steel, Oil India among 5 stock recommendations for Tuesday
, ETMarkets.com|
Extending its rally to the fourth session in a row, the 30-share BSE Sensex rose by 66 points or 0.09% to settle at an all-time high of 73,872.29. During the day, it jumped 184 points or 0.24% to a record intra-day high of 73,990.13.
The broader Nifty rose by 27 points or 0.12% to close at a lifetime high of 22,406 points. During the day, it hit a record intra-day level of 22,441.
"On the daily chart, the index has made a DOJI candlestick pattern at the record level but considering a strong underlying trend, we believe that the ongoing momentum will extend to 22,600 while on the downside a level of 22,250 will serve as a major support," said Aditya Gaggar Director of Progressive Shares.
Here are 5 stock recommendations for Tuesday:
ETMarkets.com
Stop Loss: Rs 937
Piramal Enterprises Ltd is exhibiting the formation of a Falling Parallel Channel, indicating a potential upward breakout. Notably, the stock has consistently found support around the 21-day Exponential Moving Average (EMA), indicating a robust support level.
A noteworthy signal is the positive crossover between the fast and slow exponential moving averages, confirming a shift in the trend towards bullish territory. Furthermore, the momentum indicator, the relative strength index (RSI), is positioned in a higher range, suggesting an ongoing uptrend in the security.
(Virat Jagad, Technical Analyst, Bonanza Portfolio)
ETMarkets.com
Stop Loss: Rs 600
Looking at the daily chart of Oil India Ltd, there's a positive development as the stock broke out of a Flag and Pole pattern, signalling a likely upward trend. For buyers, the stock becomes more appealing if it goes above 600 levels.
The breakout came with high trading volume, indicating strong demand for the stock. Two moving averages (EMAs) are also giving positive signals. The Fast EMA (21-day) is above the Slow EMA (50-day), showing a positive trend.
(Virat Jagad, Technical Analyst, Bonanza Portfolio)
IANS
Stop Loss: Rs 280
The stock recently experienced a breakout from a Symmetrical Triangle pattern, accompanied by a notable increase in trading volumes, signalling a potential upward movement in the short term. The momentum indicator RSI has confirmed the bullish sentiment by producing a positive crossover and surpassing the 60-level threshold.
(Kunal Shah, Senior Technical & Derivative Analyst, LKP Securities)
ETMarkets.com
Stop Loss: Rs 140
The tock displays a robust uptrend, marked by consistent higher highs and higher lows. Following a close above its swing high on Friday, a subsequent buying session ensued, with Monday's trading finding support at the previous day's low. Strong volumes accompany the trend.
(Kunal Shah, Senior Technical & Derivative Analyst, LKP Securities)
Agencies
Stop Loss: Rs 380
The stock is exhibiting a robust uptrend, with Monday witnessing a minor consolidation breakout. RSI is on the rise, indicating a bullish crossover, while the stock maintains its position above the 20-day exponential moving average. Initiating a long position is suggested within the range of 388-391, with a stop loss at 380, targeting 415.
(Kunal Shah, Senior Technical & Derivative Analyst, LKP Securities)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
ANI
