The Indian stock market ended Wednesday flat, despite positive emotions throughout the globe due to the US Federal Reserve’s rate hike and China’s attempts to support its own market. However, the BSE Sensex dropped 34 points to conclude at 72,152, while the Nifty 50 index finished slightly higher at 21,930. After gaining 127 points, the Bank Nifty index concluded at 45,818.
Om Mehra, Technical Analyst at SAMCO Securities, stated, “As the RBI’s Monetary Policy Committee (MPC) meeting’s outcome will be out this morning, during trading hours, the stock market may see momentum shifting to key banking sector stocks in the wake of the status quo being maintained on the interest rate front.”
Now, let’s see the top 5 stocks that you can buy today: JSW Steel, IndiaMart, HDFC Life, McDowell-N, and CDSL.
1- JSW Steel
Purchase- 836.60
Target- 870
Stop losses- 811
The JSW Steel share, which is presently trading at 836.60, is exhibiting promising technical indicators. The stock has demonstrated its potential to maintain price stability by lately rising above its resistance levels around ₹815. Around ₹845, there is another resistance level. The stock may move upward toward the target level of ₹870 and higher if it can maintain a position above the previously mentioned barrier.
2- IndiaMart
Purchase- ₹2673.60
Target- ₹2780
Stop loss ₹2610
The share price of IndiaMart, which is presently trading at ₹2683.60, has a strong technical position, comfortably sitting above significant Exponential Moving Averages (EMAs), such as the 20-day and 50-day indicators. A noteworthy development is the appearance of a mild resistance zone near ₹2720 levels, which represents a pivotal point for IndiaMart. If this barrier is successfully broken, the stock may go closer to the goal of ₹2780 levels and possibly much higher. It is highly recommended that investors keep a careful eye on the stock’s performance around this resistance because it has a big impact on how long the positive momentum lasts.
3- HDFC Life
Purchase- ₹605
Target- ₹630
Stop loss- ₹590
The share price of HDFC Life has a reversed bullish pattern in the short-term trend; technically, a pullback might occur up to ₹630. Therefore, if the stock maintains the ₹590 support level, it may rise in the near future to the ₹630 level. For the target price of ₹630, the trader can therefore go long with a stop loss of ₹590.
4- McDowell
Purchase- ₹1080
Target- ₹1125
Stop loss- ₹1060.
The McDowell share price is exhibiting a reverse bullish pattern in the short-term trend; a pullback might theoretically occur up to ₹1125. Thus, if the stock maintains its support level at ₹1060, it may rise shortly to ₹1125. For the target price of ₹1125, the trader can therefore go long with a stop loss of ₹1060.
5- CDSL
Purchase- ₹1957.95
Target- ₹2074
Stop loss- ₹1900
On a daily basis, CDSL Ltd. has created a flag and pole pattern. With volume rising, today’s closing has validated an upside breakout from the pattern, suggesting that buyers are taking back control. While the gradual upward moving EMA also points to an upward trend, price trading above the EMA suggests a positive trend. Regarding momentum, the RSI has confirmed the price movement with a breakthrough of the declining trend line.
