By Riyank Arora
On Tuesday, the benchmark index opened with a gap up and fell almost 500 points from the opening. The Nifty ended 333 points lower, while the Sensex was down by 1053 points. Among sectors, Nifty Healthcare Index led the rally, with the Media Sector being among the most beaten down index falling over 13% in a single day. Reality stocks saw good profit booking as well. Technically, the market closing below 21,285 is not a good sign for the overall markets and we should likely head towards 21,000 and 20,975 mark.
Stock Recommendations:
Jindal Stainless Ltd
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The stock is experiencing a significant pullback after rising almost 20% in the last month. It is expected that the stock will continue to move in an uptrend, with good buying returning at current levels. With a stop loss of 500, and potential targets of 650 and above, Jindal Stainless looks like a low-risk buy at current levels.
Sandhar Technologies Ltd
After surging almost 40% in November 2023, Sandhar Technologies is re-testing its anchor VWAP level of support, offering an attractive low-risk buying opportunity at current levels. With the current market price at 463, the risk seems limited on the downside. The stock appears to be an attractive buy with a stop loss of 425 for potential targets of 550 and above.
HDFC BANK
After falling nearly 15% in the last six trading sessions, HDFC Bank has finally touched its long-term anchor VWAP support zone. The 1390 to 1430 zone should serve as a good demand zone for HDFC Bank, with a stop loss placed slightly below the 1350 mark. Overall, at current levels, HDFC Bank seems to have very limited downside from a long-term view. Upside potential can be seen towards 1500 and 1600.
(Riyank Arora is a technical analyst at Mehta Equities. Views expressed are author’s own. Please consult your financial advisor before investing.)