By Riyank Arora
On Wednesday, the benchmark index opened with a gap up of around 15 points and fell almost 262 points towards closing. The Nifty ended 247 points lower, while the Sensex was down massively by 790 points.
Among sectors, the Nifty Media Index fell the most nearly 3.46% with the Auto stocks falling by almost 2%. Most of the realty saw profit booking as well with the Realty index falling nearly 2.11%. Technically, the market has broken its support and a major support is now placed at 21,875 levels. The major resistance lies at 22,075 mark and overall trend looks sideways to slightly negative.
Stock Recommendations:
JSW Infra
BUY | CMP: 250.00 | TARGET: 300.00 | SL: 230.00
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The stock has given a good re-test to the breakout mark on its daily charts. Previously, the level of 247.50 was an important resistance, which should likely serve as a strong support going forward. A stoploss should be kept at 230 for upside potential targets of 300 and above. Overall, the risk-reward looks favourable on the buying side at the current market price.
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Havells India
BUY | CMP: 1518.00 | TARGET: 1650.00| SL: 1480.00
The stock has given a good breakout above its October 2021 highs and now giving a pull-back towards its Anchor VWAP support levels. At current market price of 1517, any pull-back towards 1510-1515 zone should offer a good buy opportunity with a set stoploss below 1480 mark, for potential targets of 1600 and 1650.
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Tata Motors
BUY | CMP: 951.20 | TARGET: 1000.00 | SL: 930.00
The stock has given a good breakout above its recent resistance and all-time high mark of 950. It successfully managed to close above the same and now giving a re-test to the breakout level. Overall, momentum looks strong with a sharp volume pick-up on the counter, and it looks like a good buy with a stoploss of 930 for potential upside towards 1000 and above.
(Riyank Arora, Technical Analyst, Mehta Equities. Views expressed are author’s own. Please consult your financial advisor before investing.)
