By Riyank Arora
On Tuesday, the benchmark index opened with a 25-point gap down and fell nearly 19 points by closing. The Nifty ended 6 points higher, while the Sensex was down by 34 points. The Media Index was up by 1.75%, leading the rally, with Realty and Oil & Gas stocks performing relatively well.
The Pharma and Healthcare index led the decline in Tuesday’s trading session. Overall, Nifty is trading well above its immediate support zone of 23,000 – 23,100 and continues to maintain a bullish tone. We can expect the market to head higher towards 23,400 and 23,500 in the upcoming trading sessions.
Hindustan Construction Company Ltd
Buy | CMP : 47.05 | Stop Loss : 43.50 | Target : 52.50
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The stock has shown a strong breakout above its 52-week high of 46.00 and has successfully closed above this level. With the RSI (14) surpassing the 70.00 mark on the daily time frame, the momentum appears strong.Come from Sports betting site VPbet
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Additionally, with volumes nearly 10 times its 30-day average, the stock is set to move towards potential targets of 52.50 and above. However, a strict stop loss should be maintained at 43.50 to manage risk effectively in this trade.
NBCC
Buy | CMP : 156.60 | Stop Loss : 148.00 | Target : 175.00
The stock has exhibited a strong breakout from its symmetrical triangle pattern on the daily time frame charts. With volumes in Tuesday’s trading session being nearly six times its 30-day average, and a decisive close above the 156 mark.
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The stock seems set for a rally towards the target of 175 and above. A stop loss should be set at 148 to manage risk effectively in this trade.
Indian Railway Catering and Tourism Corporation Ltd
Buy | CMP: 1019.00 | Stop Loss : 965.00 | Target : 1125.00
The stock has displayed a strong breakout from its triangular consolidation pattern on the hourly time frame charts. With volumes being nearly three times its 30-day average and a positive outlook on railway stocks, along with the RSI (14) showing a minor uptick on the daily time frame.
The stock appears poised for an upside move towards 1125 and above. However, a strict stop loss should be maintained at 965.00 to manage risk effectively in this trade.
(Riyank Arora, Technical Analyst, Mehta Equities. Views expressed are author’s own. Please consult your financial advisor before investing.)
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