Stock Ideas
Nifty ended with sharp gains on Tuesday, recording its second successive uptick, led by buying action in banks, auto and metal stocks. In the process, it has given a falling channel breakout on the charts, suggesting a rise in optimism.
Rupak De, Senior Technical Analyst at LKP Securities said the index has moved above the 21EMA on the hourly timeframe and the sentiment is likely to remain slightly positive from here, with a possibility of a rise towards 23,800–24,000. On the lower end, however, crucial support is placed at 23,400, De said, adding that a fall below this level might reactivate the bears in the market and Nifty could fall back to the recent low of 22,950.
Here are 4 stock recommendations for Wednesday:
Buy SAIL at Rs 153 | Upside: 6%
Stop Loss: Rs 147
Target: Rs 162
SAIL is showing a strong rebound from a well-defined support zone around 145–147, indicating demand absorption at lower levels. The stock has formed a bullish candle with rising volume, suggesting fresh buying interest. Price is attempting to reclaim short-term moving averages, which can act asimmediate momentum triggers. RSI is recovering from lower levels, supporting a potential upside move. If price sustains above 152–153, it may witness continuation towards higher levels. Overall structure favors a short-term bullish bias, making it suitable for an intraday long with defined risk near support and upside potential towards resistance.
(Kunal Kamble, Sr. Technical Research Analyst, Bonanza Portfolio)
Buy MCX at Rs 2,675 | Upside: 6%
Stop Loss: Rs 2,595
Target: Rs 2,825
MCX is trading within a well-defined ascending channel and has recently bounced from the lower trendline support, indicating strong buying interest at higher lows. The stock has now approached the upper trendline with a bullish breakout attempt, supported by steady volume expansion. Price is holding above key moving averages, reinforcing the prevailing uptrend. RSI is trending higher near bullish territory, suggesting strengthening momentum without being overbought. The overall structure reflects accumulation and continuation potential. Sustaining above the breakout zone can trigger a follow-through move, making it suitable for a positional long with favorable risk-reward towards higher resistance levels.
(Kunal Kamble, Sr. Technical Research Analyst, Bonanza Portfolio)
Buy NTPC Green at Rs 96 | Upside: 8%
Stop Loss: Rs 91
Target: Rs 104
Buy with a timeframe of 2-3 weeks. After a stellar upward move on March 12, the energy stock has shifted into a consolidation phase in the last few sessions. The stock price attempted recovery from the lows during consolidation movement over the last few sessions. The stock price is in an attempt of sustaining above the hurdle of 200day EMA around Rs 97.50. Volume pattern and daily RSI shows positive indication.
(Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities)
Buy Aeroflex Industries at Rs 251 | Upside: 8%
Stop Loss: Rs 235
Target: Rs 272
Buy with a timeframe of 2-3 weeks. The stock price is in a strong upside momentum over the last few months. We observe a bullish pattern like higher tops and bottoms over the period of time. Witnessed breakout of Rs 240 levels and is currently trading higher. Volume and RSI patterns are indicating positive bias for the stock price ahead.
(Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)