The Indian stock market opened enthusiastically on Tuesday after a busy weekend, but as the day went on, sell-off pressure set in and there was a bearish reversal. The BSE Sensex plummeted 1,053 points to close at 70,370, the Bank Nifty index plummeted 1,043 points to end at 45,015, and the Nifty 50 index concluded 1.54% lower at 21,238.
Stocks To Buy Today:
1- Bajaj Auto
Buy- ₹7095.90
Target- ₹7420
Stop loss ₹6930.
Bajaj Auto shares has a really impressive technical image. Interestingly, it has a strong support level at 6930, indicating past strength and buying opportunity. Its closeness to the 20-Day Exponential Moving Average (EMA) is also a positive indicator of short-term bullishness. The emergence of a strong bullish pattern on the daily chart indicates the possibility of an impending rally. Further bolstering the argument for strength is the Relative Strength Index (RSI), which is comfortably trading close to 62.52. This suggests that the stock is not overbought, providing opportunity for gains.
2- Zydus Lifesciences
Purchase- ₹729
Target- ₹770
Stop Loss- ₹710.
The share of Zydus Lifesciences is currently trading at ₹729.15 after experiencing a brief period of small drops and then sideways consolidation. Interestingly, the 20-day Exponential Moving Average (EMA) has provided support for the stock, indicating a possible upward trend with a target of ₹770. Crucially, a significant downward support level is found close to ₹710.
3- Chalet Hotels
Purchase- ₹752
Target- ₹782
Stop loss ₹742.
The stock has been rising steadily lately, suggesting a higher low. Taking support at the ₹715 level has shown a respectable bullish candle, strengthening the bias to anticipate an additional upward advance in the upcoming sessions. We anticipate that the stock will rise further toward the next near-term objective of ₹782 levels, maintaining the stop loss of ₹742, given the favorable chart appearance and the RSI’s renewed indications of improvement.
4- LIC
Sell between ₹877.25 and ₹875.25
Target- ₹833
Stop loss of ₹9206.
The daily time frame of the LIC share price has created a bearish engulfing pattern. A short-term reversal pattern that signals a break in an upward trend is known as a bearish engulfing pattern. A four-day closing has been absorbed by today’s close, suggesting profit booking in the security. An immediate reversal is also suggested by the RSI divergence. Declining volume during the climb suggests that purchasers are becoming disinterested. Therefore, a short-term negative position in LIC shares can be established based on the situation described above.
5- HCL
Sell- ₹1525 to ₹1523
Target- ₹1440
Stop loss ₹1587.
A bearish engulfing pattern has formed on the daily time frame for HCL Tech’s future at resistance. This pattern is followed by a negative candle that closes below the previous low, indicating a short-term downward move. The price action is being supported by an increase in resistance volume, indicating that sellers are willing to sell the future at the current market price. The short-term negative move is supported by the divergence in the RSI, which shows a pause in the uptrend. Therefore, a negative stance in HCL TECH Future can be made based on the technical configuration mentioned above.
Before making any financial decisions, we suggest investors to consult with qualified specialists.
