As the Indian stock market experiences fluctuations, experts provide insights and recommendations for potential investments, guiding traders through volatile waters with confidence.
The Indian stock market witnessed a positive upswing recently, fueled by strong global market sentiments following the US Federal Reserve meeting. With the Nifty 50 index gaining 172 points and the BSE Sensex shooting up 539 points, traders are eager to capitalize on the momentum.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, foresees potential upside for the Nifty 50 index, targeting crucial resistance levels around 22,150 to 22,200. Similarly, Shiju Koothupalakkal, Technical Analyst at Prabhudas Lilladher, expresses optimism for the BSE Sensex, anticipating further rise supported by improved sentiment.
In light of these projections, experts offer valuable insights into specific stocks for potential day trading opportunities:
- Tube Investments of India: Recommended by Sumeet Bagadia, this stock exhibits a triple bottom pattern, signaling a potential uptrend.
- Godrej Consumer Products: Bagadia suggests buying into this stock, which has rebounded from support levels and shows significant strength.
Ganesh Dongre provides day trading options as well:
- Bata India: Dongre advises buying with a target price of ₹1425, anticipating a bullish reversal pattern.
- NALCO: Another buy recommendation from Dongre, targeting ₹152 with a bullish reversal pattern.
Shiju Koothupalakkal weighs in with his recommendations:
- Hindustan Petroleum Corp Ltd (HPCL): Koothupalakkal suggests buying into HPCL, citing signs of bottoming out and potential upside.
- Samvardhan Motherson: He recommends buying this stock after consolidation, anticipating further rise.
- Mitesh Karwa also provides insights into potential investments:
- ABB India: Karwa recommends buying into ABB India as it breaks out of a range, targeting ₹5960.
- LT Foods: With a breakout from a downwards sloping trendline, LT Foods presents a buying opportunity, according to Karwa.
While these recommendations offer potential opportunities, investors are advised to exercise caution and conduct thorough research before making investment decisions. The views and recommendations provided by experts serve as guidance, and investors should seek advice from certified professionals.
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