The domestic equity market maintained its profit booking move for the second consecutive session on Monday. Nifty lost over 250 points to close below the 17,500 mark. The index has given up almost 500 points in just two trading sessions, whereas Nifty Bank has lost around 1,500 points during this period.
“For the coming session, 17,400 might be intermediate support, but a breach of the same would reinforce the bears to drag the index towards 17,200 in the coming sessions. On the upside, 17,600-17800 might be a strong supply zone,” said Mehul Kothari of Anand Rathi Shares & Stock Brokers.
Here are 2 stock recommendations which analysts suggest:
L&T
Sell near Rs 1,900
Target: Rs 1,800
Stop Loss: Rs 1,950
The stock has been in a strong uptrend from Rs 1,430 towards the Rs 1,940 mark and entered an overbought zone. The momentum oscillators on the daily scale are hinting towards a corrective move. On the daily scale, we are witnessing a bearish Engulfing candlestick pattern.
(Analyst: Mehul Kothari, Anand Rathi Shares & Stock Brokers)
Buy near Rs 3,350
Target price: Rs 3,700
Stop Loss: Rs 3,170
During the latest trading session, the stock confirmed a range breakout above the Rs 3,380 level. The price action resembles a bullish inverse head and shoulder pattern, and the breakout from the same was accompanied by heavy volumes.
(Analyst: Mehul Kothari, Anand Rathi Shares & Stock Brokers)
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsBit.us is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
