By Shrikant Chouhan
The benchmark indices bounced back sharply, the Nifty 50 ended 214 points higher while the BSE Sensex was up by 750 points. After an early morning selling pressure one more time the Nifty/ Sensex held the level of 17000/56900 and recovered sharply. From the day’s lowest level, the Nifty/ Sensex rallied over 325 /1100 points. Among sectors, strong buying was seen in IT, Energy and Auto stocks whereas Reality and Selective FMCG stocks witnessed technical selloff.
Technical stocks to buy
Bharat Petroleum Corporation Ltd (BPCL)Buy, CMP: Rs 368.4, TARGET: Rs 389, SL: Rs 360
The stock is trading into a rising channel pattern forming the higher top and higher bottom series continuously on the weekly scale. The strong bullish candlestick formation on the daily chart suggests that the counter is likely to maintain bullish continuation in the near term.
WiproBuy, CMP: Rs 610.05, TARGET: Rs 640, SL: Rs 596
On the daily chart, post reversal from its multiple support zone the stock is into a gradual up move. Currently it is sustaining above its resistance levels which suggest upward movement from the current level is very likely to continue in the coming horizon.
IndusInd BankBuy, CMP: Rs 927.7, TARGET: Rs 975, SL: Rs 909
From the last few weeks, the counter is trading in a broad range which exhibits accumulation in its demand zone. The counter has formed an inverse head and shoulder chart pattern on daily charts. Therefore, sustaining above the breakout of the range indicates a new leg of uptrend from current levels.
Adani Ports and Special Economic ZoneBuy, CMP: Rs 739.15, TARGET: Rs 780, SL: Rs 720
The counter is seen trading in a rectangular range from the last few weeks. However, the bullish activity on intraday charts near its upper boundary of the trading range indicates stock is likely to start a fresh leg of upward movement in the coming trading sessions.
(Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities, Views expressed are the author’s own.)
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