Stocks to buy HDFC Life TechM strong on charts remain stock-specific as Nifty approaches 15600 support

Stocks to Buy: You can earn profits by investing in these stocks, selling pressure remains on the market

Stocks to Buy: After a sharp recovery last week, once again the benchmark indices Nifty50/BSE Sensex is facing resistance at 15900/53200 level. Talking about intra-day trading, the market is trying to stay at 15880/53000 but it is unable to cross the resistance level of 15900/53200 under selling pressure. The Asian markets are declining due to aggressive selling by Foreign Institutional Investors (FIIs). Stocks of other pharma companies also fell due to a huge 10 per cent fall in Dr Reddy’s shares on July 27, a trading day earlier. On Tuesday, the Nifty Pharma index fell more than 4 per cent in intra-day since December 2020. The biggest drop was

Market volatility is range bound at this time, so stock specific investment is a better option. Range bound means that the market can move between a specific high level and a low level. Currently, a range bound of 15810/ 52700 and 15900/53000 is seen for the market. Investors can earn profits by investing in stocks like HDFC Life Insurance, Hindalco Industries, L&T, Tech Mahindra at this time.

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Hindalco Industries

Hindalco Industries stock has given breakout on its ascending triangle chart pattern with large volume and strong Bullish candlestick pattern on Daily chart. Apart from this, all the major technical trends like ADX and Stochastic are indicating to remain bullish. Investors can invest in this with a target price of Rs 440 and a stop loss of Rs 405.

Larsen & Turbo (L&T)

The stock saw a strong rally from the 1500 level. Now the stock is trading in a range-bound movement above its short term moving average. Due to this, a flag chart pattern is being formed on the daily scale, due to which it may see an uptrend in the coming few days. Investors can invest in this stock by placing a stop loss of Rs 1570 at the target price of Rs 1690.

HDFC Life Insurance

In the last few weeks, this stock has been trading in a range and is currently in the deemed zone of Rs 660, which can act as a strong risk and reward base for the stock. It can see a rise in the coming days and investors can invest by placing a stop loss of Rs 655 on the target price of Rs 705.

Tech Mahindra

Talking about the monthly scale, there has been a strong rally in this stock. Although the stock has gained momentum in the narrow range after a strong breakout from the 1100 zone, but it looks attractive for investment in the short term. Investors can invest in this technical stock with a target of Rs 1180 at a stop loss of Rs 1100.

(Article: Shrikant Chauhan, Executive Vice President, Equity Technical Research, Kotak Securities)
(The stock recommendations given in the story are those of the respective research analysts and brokerage firms and Financial Express Online does not take any responsibility for this investment advice. Investing in capital markets is subject to risks and please consult your advisor before investing. )

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