The bears continued to be at the helm, and the Indian equities witnessed selling pressure in the second half of the session on February 1. Nifty remains in a sell-on-rise mode with immediate resistance at 17,700-17,750. The immediate downside support level is at 17,400, and a breach will lead to further selling pressure towards 17,200-17,000 levels.
The Bank Nifty witnessed a highly volatile session as the index hovered within a 2,500-point range. On the daily chart, the index has sustained below the 50 EMA (daily exponential moving average - 42,081).
The sentiment is likely to remain weak as long as Bank Nifty remains below 41,150. On the lower end, the support is placed at 39,500-38,800. On the higher end, resistance is visible at 41,150.
Here are three buy calls for next 2-3 weeks:
Indian Hotels: Buy | LTP: Rs 327 | Stop-Loss: Rs 305 | Target: Rs 355-362 | Return: 11 percent
With a sharp surge in volumes, Indian Hotels has given a strong breakout from a falling trend line. The stock momentum oscillators have sharply overturned from oversold territory, confirming the buy signal.
The lower-end support is visible at Rs 305, which will act as a cushion for the bulls, and the potential upside targets are Rs 355 and Rs 362.
Jindal Steel & Power: Buy | LTP: Rs 608 | Stop-Loss: Rs 580 | Target: Rs 635-650 | Return: 7 percent
The stock has given a downward consolidation breakout on the daily chart, suggesting a rise in optimism. Furthermore, the price has remained above the 50 EMA on a daily basis.
The RSI is in bullish crossover. On the higher end, the stock may move up towards Rs 635-650. The immediate downside support level is at Rs 580.
Britannia Industries: Buy | LTP: Rs 4,371 | Stop-Loss: Rs 4,300 | Target: Rs 4,500-4,550 | Return: 4 percent
The stock has formed a Bullish Harami pattern on the daily chart, suggesting a rise in optimism. Furthermore, the price has remained above the 50EMA on daily basis.
The RSI is in bullish crossover. On the higher end, the stock may move up towards Rs 4,550. The immediate downside support level is at Rs 4,300.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
