Stock Tips: Sensex reached 62 thousand and Nifty crossed 18600 for the first time on Tuesday amid the rise in Asian markets, but due to profit-taking, the momentum could not be sustained. On Tuesday, only the tech sectors showed a bullish trend. Technically speaking, Nifty 50 is getting support at 18400 to 18350 level but investors are advised to keep stop loss at 18300 level. On the downside, the domestic equity benchmark index may face resistance at 18500-18550 levels. On the other hand, if we talk about individual stocks, then investors can get excellent returns by investing in L&T Finance Holdings, HDFC Life, Coal India and Tech Mahindra.
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L&T Finance Holdings
BUY, CMP: Rs 92.25, TARGET: Rs 99, SL: Rs 89
This stock is showing steady growth and is making higher top and higher bottom on the weekly scale. This stock is showing a bullish trend in the near term.
Coal India
BUY, CMP: Rs 184.5, TARGET: Rs 195, SL: Rs 179
Some time ago the shares of this Coal India showed a great rally and it formed a bullish chart pattern. Although the stock has slowed down a bit due to profit booking, but once again from the double bottom support zone on the daily chart, it is showing signs of bullishness.
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Tech Mahindra
BUY, CMP: Rs 1,539.1, TARGET: Rs 1,620, SL: Rs 1,505
When the price of this stock went below Rs 1540, it started moving up and down in a small range. However, after this, Tech Mahindra broke this range by forming a strong bullish candlestick pattern and now it is showing signs of bullishness in the coming trading days.
HDFC Life Insurance Company
BUY, CMP: Rs 702.8, TARGET: Rs 740, SL: Rs 685
The stock had a strong bullish trend but the recent price correction from the supply zone shifted the trend towards an important retracement support area though it is now showing signs of bullishness.
(Article: Shrikant Chauhan, Head of Equity Research (Retail), Kotak 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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