Indian market closed flat with a positive bias on Wednesday. The S&P BSE Sensex remained volatile but rose over 200 points towards the close of the trade while the Nifty50 reclaimed 18000 levels.
Sectorally, buying was seen in realty, telecom, auto, and IT stocks while some profit booking was seen in power, utilities, and capital goods.
Stocks that were in focus include names like Siemens which was up over 3%, Jindal Saw rose nearly 5% and Torrent Power rallied more than 10% on Wednesday.
Here’s what Rameshver Dongre, Research Analyst – Equity Research at CapitalVia Global Research Ltd recommends investors should do with these stocks when the market resumes trading today:
Siemens: Buy| Target Rs 3480
On the long-term chart, the trend of Siemens is bullish and the stock is trading at its 52-week high level. Momentum oscillator RSI continues to form higher highs which is positive.
Siemens share price is sustaining above the 50 and 200-EMA indicating that the momentum remains bullish. Traders can stay invested as long as it holds above the 3040 level. On the higher side, 3480+ levels can be seen.
Jindal Saw: Buy| Target Rs 169-190
Jindal Saw manufactures SAW Pipes (Submerged Arc Welded Pipes) and spiral pipes for the energy transportation sector; carbon, alloy, and seamless pipes and tubes for industrial applications; and Ductile Iron (DI) pipes & Fittings for water and wastewater transportation.
After the December quarter result, the stock resumed its rally and made higher highs on the chart. Its MACD Histogram is above the zero line with a positive crossover, indicating that an upward movement is on the way in the near term.
One should maintain a bullish view on it with a stop loss of 139 and for the targets of 169 and 190 levels on the higher side.
Torrent Power: Hold
Torrent Power’s stock soared 10.37% to Rs 504.40. The company reported strong quarterly earnings for the month of December, with an 88% increase in its consolidated net profit from Rs 369.45 crore to Rs 694.54 crore year over year due to higher revenue.
Torrent power is one of the consistent stocks in terms of year-on-year return, but since August 2022 we have seen a correction.
Now, after a sharp rise, we should wait for further sustainability. There is a resistance level of 520, if it breaks it and sustains above it then we can expect further upside movement in it.
(Disclaimer: Recommendations, suggestions, views and opinions given by experts are their own. These do not represent the views of Economic Times)
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