By Riyank Arora
Tuesday saw the benchmark index opening neutrally and closing sideways. The Nifty ended 8 points lower, while the Sensex dropped by 110 points. The Nifty Media Index led the rally among sectors, while IT stocks suffered the most.
Technically, the market hovers around its minor support level of 22,375. A break below this mark could extend the downside towards 22,250 and 22,200. However, the overall trend remains positive, with anticipated levels of 22,550 and 22,600 gradually materializing over time.
Stock Recommendations:
IRCTC
BUY | Current Market Price (CMP): 1003.80 | Target: 1050.00 | Stop Loss (SL): 965.00
With promising volume and momentum in the stock, the railway sector presents an intriguing opportunity at current levels, poised for an upward move. Breaking above its recent swing high resistance of 989.90 and closing above it, the stock appears ready for targets above 1050, with a stop loss set at 965.
Kotak Bank
BUY | CMP: 1757.40 | Target: 1850.00 | SL: 1729.00
The stock has successfully re-tested the breakout zone of 1755-1760. With a positive overall trend and a significant anchor VWAP support at 1745, the risk-reward ratio favors buying, with a stop loss at 1729 for potential targets above 1850. Strong technical structure supports this recommendation.
City Union Bank (Buy)
Current Market Price (CMP): 144.80 | Stop Loss (SL): 137.50 | Target: 154.00
Experiencing a notable breakout above its anchor VWAP resistance level of 141.10 on both daily and weekly charts, City Union Bank’s stock displays an exceedingly bullish structure. Momentum indicators and oscillators all signal a significant uptrend rally. Expect overhead targets of 154 and beyond, with a stop-loss set at 137.50.
(Riyank Arora, Technical Analyst, Mehta Equities. Views expressed are author’s own. Please consult your financial advisor before investing.)