Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Ravindra Energy: The company received a Letter of Award from Maharashtra State Electricity Distribution Company (MSEDCL) to develop and operate 100 MW (AC) of decentralized feeder-level PV solar projects under the Mukhyamantri Saur Krushi Vahini Yojana 2.0 (MSKVY) of the Government of Maharashtra. MSEDCL will enter into a 25-year Power Purchase Agreement (PPA) with the company, and the average PPA tariff has been fixed at Rs 3.08 per unit.
The benchmark Nifty50 index concluded a truncated week ended March 7 at a new high of 22,493.55, stepping up the bull run by another 0.51 percent.
Volatility was somewhat less during the week, but the mid-week whipsaw move showed the resilience of the bulls. The market maintained its positive stance consecutively for the fourth trading session, portraying a robust undertone.
From a technical standpoint, the index has managed to hold the higher ground and dips augured well for the bulls, but the range is narrowing down as we head into an uncharted territory, which might be a sign of caution for the coming period. For now, 22,250-22,200 is likely to be seen as an intermediate support, followed by the strong support of 22,150 and finally, the psychological mark of 22,000 from a broader-term view.
On the higher end, finding resilience is challenging in an uncharted territory, though 22,600-22,650 could be seen as the following potent targets for the Nifty in the current week.
We would advocate traders to refrain from complacency and maintain a pragmatic approach with a stock-centric view.
Here are two buy calls for the short term:
Finolex Industries: Buy | LTP: Rs 231.3 | Stop-Loss: Rs 214 | Target: Rs 248-252 | Return: 9 percent
Finolex Industries has been hovering above the cluster of its short-term EMAs (exponential moving average) on the daily time frame for the last couple of trading weeks. This cluster collides with a supporting trendline of the last two swing lows, indicating a strong nearby support zone for the counter.
In the last session, a consolidation breakout was observed, backed by an increase in average traded volumes, suggesting the start of an uptrend in the counter. The technical parameters very much align with the primary move, adding to a bullish quotient in the counter.
Hence, we recommend buying Finolex Industries around Rs 230-226, with a stop-loss at Rs 214 and target of Rs 248-252.
NELCO: Buy | LTP: Rs 810.10 | Stop-Loss: Rs 760 | Target: Rs 860-880 | Return: 9 percent
NELCO has witnessed a strong spurt in price-volume in the last trading session from the cluster of its significant EMAs and 200 SMA (simple moving average) on the daily chart. A ‘Double Bottom’ formation is observed in the counter near the supporting trendline of the recent swing lows, suggesting a potential move from hereon.
Also, from a technical standpoint, the 14-period RSI (relative strength index) and MACD (moving average convergence divergence) both signal a positive crossover, adding to the bullish undertone in the counter.
Hence, we recommend buying NELCO around Rs 800, with a stop-loss of Rs 760 and target of Rs 860-880.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.