Commenting on the day’s trade, Vinay Rajani, Senior Technical Research Analyst at HDFC Securities said Nifty remains firmly in the bears’ grip, with every intraday recovery savagely sold off—particularly after breaching key support at 22,930. “Near-term floor now eyes 22,400, beyond which a breakdown could drag the index toward its 52-week low of 21,743; upside resistance has shifted lower to the 22,850-22,900 band,” he said.
Here are 2 stock recommendations for Tuesday:
Buy Gujarat Fluorochemicals at Rs 3,250 | Upside: 11%Stop Loss: Rs 3,071
Target: Rs 3,595
Gujarat Fluorochemicals is exhibiting a constructive price structure with signs of emerging strength after a consolidation phase. The stock has been forming higher lows, indicating gradual accumulation at lower levels. Momentum indicators are showing a positive bias, with improving relative strength suggesting potential outperformance against the broader market. Volume participation has picked up on upward moves, reflecting buying interest. The price is also sustaining above key moving averages, reinforcing the bullish undertone. Overall, the trend appears to be shifting in favor of buyers, and any minor pullbacks could attract fresh demand, keeping the broader outlook positive in the near term.
(Kunal Kamble, Sr. Technical Research Analyst, Bonanza Portfolio)
Buy HCL Technologies at Rs 1,360 | Upside: 9%
Stop-loss: Rs 1,299Target: Rs 1,480
HCLTECH is currently exhibiting a weak to sideways price structure, with the stock trading below its key moving averages, indicating a broader bearish undertone. Momentum indicators remain subdued, with RSI near oversold levels, suggesting limited buying strength but also potential for short-term pullbacks. The stock has been hovering near its lower range and remains significantly below its 52-week high, reflecting sustained pressure. Price action shows intermittent recoveries but lacks strong follow-through, while lower volumes on up moves indicate cautious participation. Overall, the trend remains fragile, and any bounce may face resistance unless supported by strong momentum and volume expansion.
(Kunal Kamble, Sr. Technical Research Analyst, Bonanza Portfolio)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)