Nifty Outlook: The market has been showing volatility for the past few days. On Tuesday’s trading day, there was a sharp decline and after that there was a better recovery in intra-day, although the market closed with a fall. After this, there was some stability in Nifty on Wednesday and it closed with a slight decline of 37 points. In the short term, there is a negative trend regarding the movement of Nifty, but considering the buying trend at the lower support, it can be expected to rise in the next 1-2 trading days.
Nifty is facing resistance at the level of 17800 and if it breaks it, it can move strongly towards the level of 18 thousand. Nifty is currently getting support at the level of 17580-17600. Talking about individual stocks, investors can earn bumper profits in the next 3-4 business weeks by investing in Bharat Heavy Electricals and Godfrey Phillips India.
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Bharat Heavy Electricals Ltd- Buy
- In the last one month, there was a movement in the price of this stock like a consolidation. Now the price of this stock is showing a rise. According to the weekly chart, this stock is continuously making higher bottom and it is showing signs of further strengthening in its price. RSI (Relative Strength Index) (14) is also showing signs of strength in the stock price.
- Investors can buy this stock at Rs 62.90 (closing price on 29 September). If its prices break, then the number of its shares can increase till the price of Rs 60.50. Its prices can reach Rs 71 in the next three-four weeks. It is advisable to keep a stop loss of Rs 58 for investment.
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GODFREY PHILLIPS INDIA LTD – Buy
- After a slight rise last week, now this stock is showing a bullish trend. The weekly chart pattern indicates that after crossing the resistance level of 1100, it can now see a sharp uptrend. The volume activity of this stock has also increased and the RSI (14) is showing signs of further strengthening in its price.
- You can invest in this stock at the current price of Rs 1164.95. If its price declines, then you can increase the number of shares up to Rs 1120. Investors can invest in this stock in the next 3-4 weeks by placing a stop loss of Rs 1085 at the target price of Rs 1285.
(Article: Nagraj Shetty, Technical Research Analyst, HDFC Securities)
(The stock recommendations given in the story are those of the respective research analysts and brokerage firms. 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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