Market Trading Guide: Buy GMR Airports and Oil India for Potential Upside
Nifty ended lower amid sectoral weakness and a less dovish Fed outlook. Technical analysts recommend buying GMR Airports and Oil India, citing bullish breakouts, strong volume support, and positive momentum indicators. Target prices suggest up to 10% upside, with defined stop-loss levels. Engineers India and CreditAccess are also highlighted for bullish patterns and potential further gains.
The Indian equity market witnessed selling pressure in key sectors, leading to a lower close for the Nifty index. Analysts attribute this to a slightly less dovish stance from the US Federal Reserve, which kept bulls on the sidelines. Despite the broader market weakness, technical analysts have identified specific stocks with bullish potential. GMR Airports Ltd is recommended as a buy following a breakout from a symmetrical triangle pattern on the daily chart, supported by rising volumes and a strong RSI reading. The breakout near ₹91–92 now acts as support, with a sustained move above ₹95 likely to push the stock toward ₹99–104. A stop-loss is advised at ₹88.50. Oil India Ltd is also recommended after a breakout above key resistance at ₹425, with rising volumes and positive momentum indicators suggesting further upside toward ₹445–455, provided it holds above ₹424. The stop-loss for Oil India is placed at ₹414. Other stocks highlighted include Engineers India, which has broken out of a consolidation phase above its 200-day EMA, with a target of ₹225 and stop-loss at ₹195. CreditAccess is noted for maintaining a strong uptrend, with a breakout and successful retest suggesting further gains toward ₹1,625, supported by the 20-day and 50-day EMAs and a stop-loss at ₹1,385. All recommendations come with the standard disclaimer that they represent the analysts' views and not those of the publication.
