By Riyank Arora
On Tuesday, the Nifty 50 closed slightly higher, rising by 0.79% to finish at 24,991.00, after reaching a high of 25,043.85 and a low of 24,760.00. The Sensex gained 0.72%, closing at 81,634.81, after hitting a high of 81,761.32 and a low of 80,826.56.
Sectorally, Nifty Media, Nifty Healthcare, Nifty Auto, and Nifty Pharma were the top gainers of the day. In contrast, Nifty Metal was the major laggard.
From a technical standpoint, the Nifty’s close above 25,000 marks a positive sentiment, indicating the potential for further short covering. The market outlook suggests a possible move towards 25,400 in the upcoming sessions. Investors are advised to adopt a buy-on-dips strategy as the trend remains optimistic.
1. Bajaj Finserv
Buy | CMP: 1838 | SL: 1800 | TARGET: 1920 & 1950
Bajaj Finserv is currently consolidating near its support level, with the RSI at 46, indicating neutral momentum but with potential for upside.
The stock has shown resilience at the 1800 level, making it a good buy at current levels. A breakout above 1920 could lead to further gains towards 1950. Traders are advised to maintain a strict stop-loss at 1800.
2. Jindal Steel
Buy | CMP: 982 | SL: 965 | TARGET: 1020 & 1060
Jindal Steel is forming a base near the 965 support level, with the RSI at 43, suggesting that the stock has room for an upward move.
The overall trend looks stable, and a buy at 982 presents a favorable risk-reward ratio. Targets are set at 1020 and 1060, with a stop-loss at 965 to manage downside risks.
3. Bajaj Finance
Buy | CMP: 7186 | SL: 7140 | TARGET: 7400 & 7500
Bajaj Finance is hovering near its support zone, with the RSI at 42, indicating the stock is slightly oversold and poised for a rebound.
A buy at 7186 offers a good entry point, with potential targets at 7400 and 7500. A strict stop-loss at 7140 is recommended to protect against downside risk.
(About The Author: Riyank Arora, Technical Analyst, Mehta Equities.)
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