Indian benchmark extended its weakness for another trading session as muted Q2 earnings and weak inflation numbers dented the sentiments at Dalal Street.
BSE Sensex tanked 297.07 points, or 0.36 per cent, to settle at 82,029.98, while NSE’s Nifty50 dropped 81.85 points, or 0.32 per cent, to close at 25,145.50 for the day.
Select buzzing stocks including Samman Capital, Multi Commodity Exchange of India (MCX), Tata Communications are likely to remain under the spotlight of traders for the session today. Here is what Rajesh Palviya, SVP of Research at Axis Securities has to say about these stocks ahead of Wednesday’s trading session:
Multi Commodity Exchange of India | Buy | Target Price: Rs 9,670-9,950 | Stop Loss: Rs 8,850
The price action has confirmed MCX the ’rounding formation’ breakout at Rs 9,100 levels along with huge volumes. The stock is well placed above its 20, 50,100 and 200-day SMA, which reconfirms a bullish trend, and these averages are also inching up along with the price rise, which reconfirms a bullish trend. The daily ‘band Bollinger’ buy signal indicates increased momentum. The daily, weekly and monthly strength indicator RSI indicates rising strength. The daily ‘band Bollinger’ buy signal indicates increased momentum. Investors should consider buying, holding, and accumulating this stock. Its expected upside is Rs 9,670-9,950, and its downside support zone is the Rs 9,000-8,700 levels.
Tata Communications | Buy | Target Price: Rs 2,000-2,100 | Stop Loss: Rs 1,815
With the previous week’s strong price action, Tata Communications has decisively surpassed an ‘inverse head and shoulder’ breakout at the Rs 1,800 levels. Above-average volumes signify increased participation. The stock is well placed above its 20, 50,100 and 200-day SMA, which reconfirms a bullish trend, and these averages are also inching up along with the price rise, which reconfirms a bullish trend. The daily, weekly and monthly strength indicator RSI indicates rising strength. The weekly ‘band Bollinger’ buy signal indicates increased momentum. Investors should consider buying, holding, and accumulating this stock. Its expected upside is Rs 2,000-2,100, and its downside support zone is the Rs 1,830-1800 levels.
Samman Capital | Buy | Target Price: Rs 185-200 | Stop Loss: Rs 150
Recently, Samman Capital has experienced a trend reversal on the daily and weekly time frames, which shows bullish sentiments. The past 3-4 weeks’ rising volumes signify increased participation. The stock is well placed above its 20, 50,100 and 200-day SMA, which reconfirms a bullish trend, and these averages are also inching up along with the price rise, which reconfirms a bullish trend. The weekly ‘band Bollinger’ buy signal indicates increased momentum. Investors should consider buying, holding, and accumulating this stock. Its expected upside is Rs 185-200, and its downside support zone is the Rs 155-145 levels.