Stock Tips: Nifty has been fluctuating within a range for the past few weeks. This index is also touching the higher level and is also reaching the lower level, which is indicating a downtrend for Nifty. If Nifty crosses below the level of 15513, then short term correction can be seen in it. In such a situation, the downside target of Nifty can be 15432. The bulls will be able to control the market only when the Nifty makes a higher bottom on the 60-minute chart. Until this happens, the bears will remain in control of the market. In such a situation, investors can make a strategy to earn profits by investing in Bharat Electronics and SAIL for the next 15-26 business days.
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- For the past few months, Bharat Electronics has been continuously touching the peak and touching the low level also. This week it has touched a new record level of 52 weeks.
- On Wednesday, Bharat Electronics has broken the recent trading range 177-188 with 20 days SMV (Simple Moving Average) support. Due to this, there are signs of continuation of the uptrend in this stock.
- In the SMV of 20 days and 50 days, Bharat Electronics is showing an upward slope i.e. technical indicators are giving positive signals. Daily Momentum Indicators like 14-day RSI (Relative Strength Index) are also showing gains, giving rise to the expectations of the stock.
- In the coming weeks, Bharat Electronics can reach a new record high and in such a situation, investors can invest in it by placing a target of Rs 211 with a stop loss of Rs 181 at the level of 188-191.
- Slipping from a high of Rs 151 in May 2021, SAIL got support at the level of Rs 119 in June 2021.
- This stock has been trading in a range since last few weeks. On Wednesday, SAIL crossed the recent trading range of 120-132 levels on the back of trading above average volume. The metal index sector is also performing well at this time, due to which there is a possibility of a rise in this stock.
- Its stock is trading above 20 day and 50 day SMA i.e. technical indicators are giving positive signals. Daily Momentum Indicators like 14-day RSI are also showing gains and there is no overbought situation, which gives hope for a rally in the stock.
- In the coming weeks, there may be an increase in the sale. In such a situation, investors can buy in the range of Rs 132-135 by placing a target of Rs 155 on a stop loss of Rs 126.
(Article: Subhash Gangadharan, Senior Technical and Derivatives Analyst, HDFC Securities)
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