Tata Steel, GAIL, M&M Among Other Top Stock Recommendations for Tuesday’s Trading Session. Image Source: CanvaPro
Benchmark indices Sensex and Nifty opened in red in Tuesday’s trading session tracking global cues. The 30-share Sensex pack opened gap-down at 72,462.94, down by over 285 points. The broader Nifty 50 opened at 21,946.45.
“The resilience of the mother market US, supported by the surprisingly robust economy, is the foundation of the ongoing global market. The end of the decades-long deflation in Japan and the Nikkei index posting record highs also has been a supporting factor. In the near-term a change in the global market construct will happen if the Fed sends a hawkish message stronger than market expectations. This cannot be ruled out since the declining trend in US inflation has been arrested in the last two months and the Fed is always known to respond to “ incoming data and evolving outlook.” The spike in the dollar index and the US bond yields reflect this concern. Investors may wait for clarity to emerge on the Fed response tomorrow. Large caps like RIL, Bharti, Tata Motors, M&M and Sun Pharma appears strong even in an indecisive market,” noted Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Top Stock Ideas
Tata Steel Share Price Target – BUY
The stock has experienced a consolidation breakout after a sharp price correction. The recent rally was supported by a significant increase in volume, indicating broad-based participation. The RSI indicator is showing a bullish crossover. In the short term, the stock could potentially move towards 163, with support situated at 144.
BUY M&M 1859 TGT 1960 SL 1805
The stock exhibits an inside bar candlestick pattern, and has taken support at its 50-day EMA, it signals continued bullish momentum. RSI aligns with support levels, indicating a favorable entry point. Consider initiating a long position at current levels, setting a stop loss at 1805 for targets of 1960 on the upside.
BUY GAIL 120.40 TGT 135 SL 116
The stock has experienced a consolidation breakout following a sharp correction in price. The recent price increase occurred after it found support at the 50EMA. The RSI indicator shows a bullish crossover on the hourly chart. Over the short term, the stock might move towards 135, with support placed at 116.
(Stock recommendations by Rupak De, Senior Technical Analyst at LKP securities.)
Archean Chemical Industries Ltd – Buy – Target Price Rs 693
Axis Securities recommend a BUY on the stock for a target price of Rs 693/ implying an upside of 12% from CMP.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of TN Network.)
