By Riyank Arora
On Tuesday, the benchmark index opened with a 45-point gap up but dropped nearly 89 points by the close. The Nifty ended 44 points lower, and the Sensex fell by 220 points. The Nifty Realty Index led the decline, while Oil & Gas stocks saw profit booking.
PSU Banking stocks also experienced significant profit booking during the session. Technically, the market is trading well below its major support level of 22,800. The key resistance is now at 23,100, and the overall trend remains positive with a buy-on-dips strategy. The market is likely to move towards 23,250 and 23,500 as the pre-election rally continues. Come from Sports betting site VPbet
Stock Recommendations:
Coromandel International
CMP: 1291.10 | SL: 1269.00 | TARGET: 1350.00
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The stock has given a strong breakout above its all-time high resistance mark of 1271.55 and has successfully managed to close above the same. With the RSI (14) near the 70 mark, indicating good momentum and strength, the stock appears promising.
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Volumes in Tuesday’s session were nearly 2.5 times its average (30-day) session, suggesting strong buying interest. The stock looks like a strong buy with a strict stop-loss (SL) of 1269 for targets of 1350 and above.
BEL
CMP: 289.00 | SL: 283.00 | TARGET: 297.50 and 302.50
The stock has reached a significant anchor VWAP support level at 285.00 on its daily charts. The RSI (14) is around 77, indicating strong overall momentum.
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The stock appears set for an upward move towards 297.50 and 302.50. To effectively manage risk, a strict stop-loss should be placed at 283.00.
Aarti Industries
CMP: 629.40 | SL: 612.50 | TARGET: 670.00
The stock has reached a crucial support level at 605 on its daily charts. The RSI (14) is around 36.60 and showing a slight increase, suggesting a potential momentum pick-up and strengthening.
Immediate resistance is expected near the 665-670 range, which can be targeted. To manage risk effectively, a strict stop-loss should be set at 612.50 for Aarti Industries.
(Riyank Arora, Technical Analyst, Mehta Equities. Views expressed are author’s own. Please consult your financial advisor before investing.)
