Ajit Mishra from Religare Broking suggests buying these three stocks today | News on Markets
Market View
Nifty: CMP: 26,004.15
Markets experienced a volatile session but managed to extend their upward trend, with a sharp rally in the last half hour pushing Nifty to close near the day’s high at 26,004.15. Throughout most of the day, the tone was subdued, while sectoral performance was mixed. Energy and realty sectors posted gains, whereas IT and FMCG lagged. Profit-taking in midcap and smallcap stocks put pressure on market Breadth.
We maintain our bullish outlook amid ongoing consolidation and recommend focusing on stock selection aligned with sectoral trends. Besides rate-sensitive sectors, we observe strong momentum in metal and power stocks, while the current correction in IT presents a buying opportunity. Traders should plan their positions accordingly.
Stocks Recommendations
Apollo Tyres Limited | LTP: Rs 544.45 | Buy | Target : Rs 575 | Stop-loss: Rs 528
Following a significant correction from its record highs, the stock has retraced to the support of its 200-day EMA, a key long-term moving average. It has been consolidating within a broad range, forming a reverse triangle pattern. Additionally, the stock has broken out of its downward trend line, signalling a potential resumption of its uptrend. Traders may consider initiating fresh long positions to take advantage of this momentum.
NTPC Limited | LTP: Rs 436.10 | Buy | Target: Rs 460 | Stop-loss: Rs 425
NTPC is displaying a strong uptrend, characterised by a steady pattern of higher highs and higher lows. It has recently established a new buying pivot from a higher base, indicating continued positive momentum. The recent price-volume action, combined with strength in the energy sector, further supports a bullish outlook. Traders may look to capitalise on this opportunity by accumulating fresh positions within the suggested range for potential gains.
Hindalco Industries Limited Limited | LTP: Rs 718.45 | Buy | Target: Rs 770 | Stop Loss: Rs 695
The metal sector is gaining strong momentum, and Hindalco is aligning with this trend. After consolidating for nearly three months, the stock has broken through multiple swing resistance levels and reached a new high. The recent price action, along with the strength in the metal sector, indicates that the stock is poised for its next upward move.
(Disclaimer: Ajit Mishra is a SVP of Research at Religare Broking Limited. Views expressed are his own.)
First Published: Sep 26 2024 | 6:18 AM IST
