Analysts see good returns for Tata Steel as well as Infosys, Asian Paints and Siemens.
Stock Tips: Amidst the bullish trends in the global markets, today, December 22, there has been a strong start of business in the domestic market. Talking about Nifty 50, at the time of writing this news, it is trading with a gain of 107 points. At the same time, BSE Sensex is maintaining a gain of 338 points. On Tuesday, both Sensex and Nifty closed with gains. During this, all the major sectoral indices were trading in the green, but the metal index rose more than 3 per cent. Experts believe that after a minor pullback rally, the market may consolidate within the price range of 16600- 16950 and 55800-57000.
The structure of the chart shows that 16700/56100 and 16600/55800 will be support levels. On the other hand, 16900-17000 and 56700-57000 will act as an immediate barrier for the market. The market structure is volatile, therefore, it would be the right strategy for intraday traders to buy on the downside and sell on the rallies.
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Siemens
BUY, CMP: Rs 2,358.9, Target: Rs 2,480, Stop Loss: Rs 2,300
After the rally in its shares, it witnessed some profit-booking at the counter. It is currently trading near its important retracement zone which is indicating a steady rise in the coming sessions.
Infosys
BUY, CMP: Rs 1,811.6, Target: Rs 1,900, Stop Loss: Rs 1,775
On the Daily chart, the counter has given a strong breakout of the Symmetrical Triangle chart pattern with descending volume which indicates that the counter has substantial upside potential from the current levels.
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Asian Paints
BUY, CMP: Rs 3,271.35, Target: Rs 3,430, Stop Loss: Rs 3,200
After rallying above 3000 level with decent volumes, the stock is trading in a range-bound movement well above its short term moving average. As a result, a flag chart pattern is forming on the daily scale which indicates a bullish trend in the near future.
Tata Steel
BUY, CMP: Rs 1,105.1, Target: Rs 1,160, Stop Loss: Rs 1,080
On the weekly scale, the stock can be seen consolidating in a range and currently, it is available near the lower boundary of the range. Moreover, there is a high chance of it turning upside down from the double bottom support zone for an upward movement on the daily chart.
(Shrikant Chauhan is Head Equity Research (Retail), Kotak Securities. The views expressed here are those of the author. Financial Express Online takes no responsibility for the same. Investments in capital markets are subject to risks. Please consult your advisor before investing.
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