India’s stock market ended positively on Wednesday, marking the fourth consecutive day of gains. The S&P BSE Sensex posted profits but ended above the 59,000 mark, while the Nifty50 recovered to touch 17,500 points.
In terms of sectors, purchasing activity was observed in the energy, consumer goods, real estate, oil and gas, as well as capital goods segments. On the other hand, there was a selling trend in utilities, energy, metals and information technology stocks.
Specific stocks that attracted attention included, which posted a decline of more than 1%, which closed with a decline of more than 2% following the release of its results, and, which finished almost 2% above its results.
Here are CapitalVia Research equity analyst Rahul Goad’s recommendations for investors to consider when the market resumes trading today:
IDFC First Bank: Buy IDFC First Bank shares have been in a descending channel since March 2021 but recently broke out of that pattern.
They are currently trading at 52-week highs with significant supply volume, indicating investor confidence.
The MACD momentum indicator signals optimism regarding stocks. Investors can consider buying the stock on any price correction around Rs 54, with a stop loss at Rs 50 in the near term and a target of Rs 61.
Nestlé India: Buy The Indian division of Swiss multinational Nestlé is known as Nestlé India Limited and offers products such as food, beverages, chocolates and confectionery.
From a technical standpoint, the stock exhibited a bullish crossover between the 100-period simple moving average (SMA) and the 200-period simple moving average (SMA), indicating possible further gains in the stock price.
Furthermore, the ADX momentum indicator suggests an uptrend, with a level of 18.
In the short term, an investor can consider buying the stock at the current market price, around Rs 19,740, with a stop loss at Rs 19,000 and a price target of Rs 20,300.
ITC: Buy ITC Limited is a multinational company with operations in several sectors, including consumer goods, hospitality, software, packaging, paper, cardboard, specialty papers and agribusiness. It exports products to 90 different countries.
The company is expected to report solid results for the July-September quarter of the fiscal year, with revenue and profits expected to rise, although margins could face pressure.
ITC shares crossed the Rs 322 mark on monthly charts, indicating expectations of further gains.
The ADX momentum indicator, with support at 51, reinforces the uptrend. With a target price of Rs 395 in the near term, investors can consider buying the stock at the current market price of around Rs 347 with a stop loss at Rs 320.
( Disclaimer: Expert recommendations, suggestions, opinions and analysis are their own and do not necessarily reflect the views of Economic Times.)
