Five Stocks To Look Out For Today: APL Apollo Tubes Ltd, SAIL And More
The Nifty 50 opened at 24,652.65 points, up by 33.65 points or 0.14 per cent, while the Sensex began the day at 81,575.96, gaining 67.50 points or 0.08 per cent
The domestic benchmarks, Sensex and Nifty 50 showed minimal movement at the start of trading on Tuesday as investors adopted a cautious stance, awaiting key inflation data from both India and the US later this week. The Nifty 50 opened at 24,652.65 points, up by 33.65 points or 0.14 per cent, while the Sensex began the day at 81,575.96, gaining 67.50 points or 0.08 per cent.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated that the market is likely to undergo a narrow consolidation period in the short term. He noted that there are no major catalysts to propel the market into a new bull phase, nor are there significant factors that could trigger a sharp decline from current levels. During this phase, fluctuations in both directions are expected. FMCG stocks are currently facing selling pressure due to sluggish growth, while the strength of banking and IT stocks is likely to persist, supported by favourable conditions that may continue to drive their upward momentum.
Stock Recommendations By Kunal Kamble, Senior Technical Research Analyst At Bonanza
APL Apollo Tubes Ltd
APL Apollo Tubes Ltd has broken out of a descending triangle pattern, signalling a potential upside move. The pattern's shortfall suggests that market participants anticipated a breakout to the upside, indicating expectations of continued upward momentum. The increase in volume on buying days further emphasises strong buyer interest in the stock. Moreover, the Fast 20 EMA crossing above the Slow 50 EMA confirms the emergence of an uptrend.
The stock presents a buying opportunity as long as the price stays above Rs 1480, with potential target ranges of Rs 1830 to Rs 2030.
Bajaj Holdings & Investment Ltd
Bajaj Holdings & Investment Ltd has broken out of a Rectangle Pattern, signalling the start of an uptrend. The surge in volume during the breakout highlights strong buyer interest at current levels. The price trading above the Fast 21 EMA and the Slow 50 EMA further supports the uptrend.
The analyst recommends considering a long position in the stock as long as it stays above Rs 10,470, with potential target levels of Rs 11,700 to Rs 12,000.
Metropolis Health Care Ltd
Metropolis Health Care Ltd has broken out of a falling wedge pattern, indicating the start of an uptrend. The surge in volume over the past two trading days highlights strong buyer interest at current levels. The stock has successfully closed above the Fast 21 EMA and the Slow 50 EMA, confirming the uptrend. The RSI has also broken through its resistance, supporting the bullish price movement. Furthermore, the DI+ trading above the DI- strengthens the positive outlook for the stock.
The analyst recommends initiating a long position as long as the stock remains above Rs 2,055, with potential target levels of Rs 2,380 to Rs 2,460.
Steel Authority of India (SAIL)
SAIL has broken out of the ADAM and ADAM patterns, showing a trend reversal to bullishness. The above-average volume indicates strong buyer interest in the stock. The price is trading above both the Fast 21 EMA and the Slow 50 EMA, confirming the bullish trend, with both EMAs trending upward, further supporting the uptrend.
A long position can be initiated in the stock as long as the stock stays above Rs 120, with potential target levels of Rs 135 to Rs 142.
Gujarat Ambuja Exports
Gujarat Ambuja Exports has broken out of a Descending Triangle pattern, indicationg the start of an uptrend. The increase in volume during the breakout reflects strong buyer interest at current levels. The stock is trading above the Base Line, Conversion Line, and Ichimoku Cloud, confirming the bullish trend.
Kamble recommends a long position can be considered as long as the stock stays above Rs 127, with potential target levels of Rs 160 to Rs 180.
Disclaimer: The views and recommendations provided above are those of individual analysts or brokerage firms, and do not reflect the opinions of ABP Live. We recommend that investors consult certified experts before making any investment decisions.
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