Market Trading Guide: ITC among 6 stock recommendations for Tuesday
, ETMarkets.com|
The 30-share pack Sensex dropped 306 points to close at 55,766.22. Its broader peer, Nifty50, slipped below the 16,650 mark.
"In line with our view of profit booking, the benchmark indices underwent some correction in today's session. The Nifty spot took a dip near the 16,550 mark and managed to end above 16,600. For the first time in seven trading sessions, the index has confirmed a lower close on a daily basis, indicating exhaustion. A breach of today's low of 16,564 would bring fresh profit booking in the coming session. However, Friday's high of 16,752 might now be strong resistance. We continue to reiterate our view of booking trading longs," said Mehul Kothari of Anand Rathi Shares & Stock Brokers.
Here are the top six stock recommendations which analysts suggest:
Agencies
Target: Rs 210-215
Stop Loss: Rs 190
Coal India has given a breakout from a triangle formation on the daily chart with rising volumes. On the F&O front, too, the stock witnessed fresh long built-up position to the tune of 11%. The RSI indicator has given a positive crossover on the daily chart, confirming the strong uptrend.
Analyst: Kunal Shah, LKP Securities
Agencies
Target: Rs 870-884
Stop Loss: Rs 830
MFSL has been consolidating for the past 10 days and is on the verge of a breakout from a symmetrical triangle pattern. The momentum oscillators are in the strong buy zone, confirming the internal strength of the stock. The stock is trading above its short-term moving averages in the lower time frame.
Analyst: Kunal Shah, LKP Securities
Agencies
Target: Rs 168
Stop Loss: Rs 150
After a fabulous rally of over 250% from the lows of Rs 70, the stock GMDC has corrected 61.8%. Then the scrip consolidated and confirmed a range breakout in the recent trading session. The price action indicates the stock is about to resume its upside rally.
Analyst: Mehul Kothari, Anand Rathi Shares & Stock Brokers
Agencies
Target: Rs 114
Stop Loss: Rs 100
On the daily chart, we are witnessing a double bottom formation near the 100 mark. Also, we have a range breakout on the intraday chart with a positive placement of RSI at 14.
Analyst: Mehul Kothari, Anand Rathi Shares & Stock Brokers
Agencies
Targets: Rs 340/350
Stop Loss: Rs 275
ITC has finally breached the longest-awaited psychological level of Rs 300. The conviction comes from the sustainability of stock trading and closing above Rs 300 levels over the past three consecutive sessions. The stock still stands strong above Rs 300, and current levels are ideal to take a position. The support comes near Rs 275-280 levels with a target of Rs 350 levels. The week full of green candles indicates sustainability on the upside.
Analyst: Ravi Gangan, Mehta Equities
iStock
Target: Rs 1,090
Stop Loss: Rs 870
Tata Steel stock is drifting higher at a sustainable pace which is ideal for the prices to inch higher towards the psychological mark of Rs 1000 and above. Prices are moving in a well-channelized manner, indicating an upward trend.
Analyst: Ravi Gangan, Mehta Equities
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)
Agencies
