Market Rallies as Nifty Hits Fresh Highs Momentum Stocks to Watch
Stock Market Today
Continuing their upward march, on Wednesday Indian equity markets witnessed the NFTY 50 index clocking an intraday closing of over 21700 before settling down with meered gains at closure. The Sensex too closed flat gaining only 31 points.
The larger markets also witnessed an upside movement as the BSE Midcap index recorded a 0.07% appreciation while the Smallcap index touched a new all-time high before closing with a gain of 0.37%.
Experts say that the rally is due to a number of factors among them good global indicators, strong corporate earnings and continued foreign institutional investor inflows. However, some analysts have proposed the chance that this profit may be booked in the short term.
In this market momentum, here are five stocks that analysts recommend buying or selling today:
- Siemens (Buy):
The stock is anticipated to boom with the boost in trading volume thereby becoming one of the best stocks for buying today.
Buy Price – ₹4193
Stop Loss – ₹4110
Target Price – ₹4277 and ₹4360
Short-term holding is recommended for this trade, lasting one week.
Read Here: Reliance Stock Price Rockets Higher: A Good Day for the Big Oil Company
- Max Financial Services (Buy):
Another good buy today is the stock with an expected positive crossover in RSI. The suggested buying price is ₹947 with a stop loss level of ₹923 and target prices are ₹972 and ₹995 to be repelled when reached. 1 week is also recommended to be the holding period for this trade.
- Bharat Forge (Buy):
The stock is likely to maintain its bullish trends, which makes it a good purchase for short-term investors. Buy it at ₹1274, Stop Loss – at a price of ₹1234 but not lower than this. The target set for this share is ₹1314 and ₹1350.
1 week is recommended as a holding period for this trade.
Also Read: Stock to Buy Today: Top 5 Picks for the Day
- Cochin Shipyard (Buy):
There is a strong prospect for the stock to take profit and come back after its current rally, this makes it an ideal point of entry for short-term traders. The recommended buy price is ₹1338 with a stop loss of ₹1305 and target prices are ₹1372 and ₹1405. 1 week is proposed as the holding period for this trade.
- Patanjali Foods (Buy):
The stock will likely break through its resistance line, so short-term traders can buy it. For investment purposes, the buy price should be ₹1685 with a stop loss at ₹1634 and target prices as high as Unfortunately. 1 week is suggested as the holding period for this trade.
Additional Insights
- Stocks market experts that one must buy or sell today include Sun Pharma, Apollo Hospital, Kotak Bank, State Bank of India, Abbot India and Nykaa.
- The benchmark Nifty 50 index opened strongly on positive global cues but trimmed gains towards the close of trading.
Disclaimer: This is not investment advice. Consult a financial advisor before doing anything related to investment.
Read More: Trading Guide For Today: Understand the Stocks to Buy & Sell For Today
