Every day trading opportunities present themselves even when the market trend is bearish. Consider six high-potential stocks MGL, Tata Motors, Sun Pharma, and Lupin SUZLON ENERGY HBLPOW which can be bought at attractive prices with targets and stoploss for today’s trade.
Stock Market Today- January 19, 2024
For the third day in a row, Indian stock markets fell as global cues were weak. The Sensex declined 310 points to finish at 7,652 while the Nifty shed off its gain back by a whopping Rs. Nifty Bank index also fell 350 points to close at 45,713. Contrastingly, even in the face of broader market drop-offs, there were still some stocks where day traders could trade for an opportunity.
Here are six such stocks to add to your portfolio today:
1. MGL (Buy at ₹1301.55, Target: ₹1370, Stop Loss: ₹1253):
Finally, MGL features a strong technical setup over its key moving averages. The last year’s consolidation phase has set the stage for a possible upswing trend that is reinforced by an upward candlestick behaviour. A break past the ₹1330 resistance area would open more gains that may test price levels of up to ₹1370. Keep a close eye on MGL’s movement at this crucial point to get insights into the sustainability of bullish power.
2. Tata Motors (Purchase at ₹819, Put a Stop Loss: ₹793, Target-₹860):
Tata Motors breached the crucial resistance at ₹815, attaining a new all-time high of ₹819.05. Thus confirming a bullish breakout above it. This trend strengthened by high trading volumes progresses to its natural conclusion. There is an opportunity for investors to search for this rally and get a chance for an extension.
3. Sun Pharma (Purchase at ₹1338, Stop Loss at ₹1320; Target: ₹1365, ):
The short-term bullish reversal pattern is shown in Sun Pharma. The sustaining of the resistance level at ₹1320 may direct the equity towards ₹1365 in a short time. The possible gain for this can be viewed under a long position with a stop-loss price of ₹1320.
4. Lupin (Buy at ₹1422-1426, Target: ₹3650, Stop Loss: ₹1390):
Lupin has managed to escape from a rectangle pattern with increasing volume, which suggests that buyers are taking an interest in the stock. The cost moving beyond the short-term EMA (50) only emphasizes the trend’s progression further. As an additional confirmation of the favourable near-term outlook, a bullish breakout within the Relative Strength Index (RSI) can be observed. Traders can look for further acceleration.
5. Suzlon Energy (Buy near ₹10.70, Target: ₹11.20, Stop Loss: ₹10.40):
A bullish breakout around ₹10.70 is seen by Suzlon Energy, with increased volume on the positive side. It may create grounds for a shift towards ₹11.20 in the future. Nevertheless, be cautious and put a stop loss at ₹10.4 to limit the risks of the negative movement.
6. HBL Power (Buy at ₹478.60, Target: ₹494, Stop Loss: ₹472):
HBL Power has been showing increased volume that can reflect a positive upswing in the short term. The trade can be entered on long with a target of ₹494, but putting a stop loss at ₹472 will reduce the exposure risk.
