“Nifty Surges Above 22,000, Bank Nifty Bulls Dominate: Stock Recommendations by Analyst”
In a bullish start to the month of March, the Nifty index remained above the 22,000 mark in the early hours of trading, setting the tone for a positive day in the market. The index’s consolidation breakout and sustained movement above the moving average fueled a robust rally, with the Relative Strength Index (RSI) confirming a bullish crossover, indicating positive momentum.
The Bank Nifty bulls also maintained their dominance, overcoming significant hurdles with notable volumes. The current support for the index is seen in the range of 47,000-46,900, with any pullback towards this support zone viewed as a favorable buying opportunity. There is strong indication that the index is poised to surpass its all-time high levels at 48,500 in the near term.
Senior Technical Analyst Rupak De from LKP Securities has provided stock recommendations for investors looking to capitalize on the current market trends.
Firstly, De recommends buying Indian Hotels around ₹590-595 with a target of ₹640 and a stop loss at ₹569. The stock has experienced a breakout from a flag pattern on the daily chart, indicating increased investor optimism.
Secondly, De suggests buying GAIL at the current market price of ₹184.50 with a target of ₹205 and a stop loss at ₹176. The stock is exhibiting a consistent uptrend pattern with higher highs and higher lows intact on the daily chart.
Lastly, De recommends buying Jamna Auto at the current market price of ₹135 with a target range of ₹160-179 and a stop loss at ₹117. The stock has surpassed its previous swing high on the monthly chart, indicating heightened buying interest among investors.
It is important to note that the views and recommendations provided by individual analysts or broking companies are not endorsed by Mint. Investors are advised to consult with certified experts before making any investment decisions.
In summary, the market outlook remains positive with expectations of upward movements, and investors are advised to consider the stock recommendations provided by Rupak De to capitalize on the current market trends.
