Experts Recommend Buying Oil India, Tata Steel, and Two Other Stocks for Upside
The Nifty ended Tuesday with gains, driven by financials, IT, and metals, despite a volatile session. Technical analyst Rupak De advises a sell-on-rise strategy for Nifty below 25,500. The article presents four stock recommendations for Wednesday from experts Nagaraj Shetti and Kunal Kamble. These include buy calls for Oil India, Tata Steel, Sona BLW Precision Forgings, and one unnamed stock, all with specific stop-loss and target levels, offering potential upside based on technical indicators.
The article provides a market trading guide, focusing on specific stock recommendations for Wednesday after Tuesday's volatile market close. The Nifty index concluded Tuesday's trading session with gains, primarily fueled by strong buying interest in financial, IT, and metal sectors. However, selling pressure in auto and FMCG stocks partially offset these gains. Technical insights from Rupak De of LKP Securities highlight Nifty's close above the 200-DMA, but he cautions that a sustained follow-up move is necessary to reverse the prevailing bearish sentiment. De identifies 24,900 as a critical support level, a breach of which could trigger further selling, while 25,500 remains a crucial resistance zone. He suggests a 'sell-on-rise' strategy until Nifty definitively breaks above this resistance. Following this market overview, the article details four distinct stock recommendations for Wednesday, provided by Senior Technical Analysts Nagaraj Shetti of HDFC Securities and Kunal Kamble of Bonanza Portfolio. The first recommendation, likely for Oil India (given its mention in the title), suggests a buy with a stop-loss at Rs 430 and a target of Rs 485, based on a sharp reversal from a downtrend and a higher bottom reversal pattern. The second recommendation, an unnamed stock, advises buying with a stop-loss at Rs 159 and a target of Rs 182, noting a bullish pattern formation and upside breakout attempt. Tata Steel is the third recommendation, with a buy at CMP ₹192, a stop-loss at ₹186, and a target of ₹206, driven by a breakout above trendline resistance with strong volumes. Finally, Sona BLW Precision Forgings is recommended for a buy at CMP ₹489, with a stop-loss at ₹468 and a target of ₹530, citing a breakout from a descending channel and reclaimed key moving averages. All recommendations are based on technical analysis, volume trends, and RSI indicators, aiming for potential short-term gains.
