By Riyank Arora
On Tuesday, the benchmark index witnessed some profit booking towards closing. The Nifty ended 65 points lower, while the Sensex was down by 200 points. Among sectors, Nifty Metal led the rally, with the Media Sector performing relatively well and the Reality Sector witnessing good profit booking.
Overall IT stocks were under pressure too for the day. Technically, the market has been holding well above the 21,900 mark. Overall, the market continues to remain in buy-on-dips mode, but any breakdown below 21,900 would be considered as an immediate trend change.
Stock Recommendations:
Gujarat Gas Ltd.
BUY | CMP: 556.05 | TARGET: 700.00 | SL: 500.00
“The stock has given a good breakout above its December 2022 highs and also formed a double bottom reversal pattern on its weekly charts. As the stock is seen breaking out of a box consolidation pattern, the calculated upside targets look likely towards 700 and above, with a stop-loss placed below the 500 mark.”
GMR INFRA
BUY | CMP: 84.35 | TARGET: 114.00 | SL: 79.00
“The stock has given a good breakout above its June 2009 highs, indicating a strong multi-year breakout. With the overall trend being positive and the stock trading well above its anchor VWAP support zones, it looks like the stock is at good levels for a low-risk buying opportunity, with a stop-loss placed below 79 for potential targets of 114 and above.”
Ashoka Buildcon
BUY | CMP: 157.45 | TARGET: 190.00 | SL: 149.00
“The stock has given a good breakout above its May 2019 highs, indicating a multi-year breakout in the stock price. With the stock trading well above its dynamic support zone, the immediate support for the stock is near the 156 mark. Therefore, a protective stop loss near 149 can be placed. The upside looks likely towards the 185-190 zone in the next few weeks.”
(Riyank Arora, Technical Analyst, Mehta Equities. Views expressed are author’s own. Please consult your financial advisor before investing.)