Buy or sell Granules, HAL, HUL shares? Ajit Mishra of Religare Broking suggests trading strategies for these stocks
Ajit Mishra from Religare Broking shares crucial trading strategies for Granules India, Hindustan Aeronautics Limited (HAL), and Hindustan Unilever Limited (HUL). Discover whether to buy or sell based on current market dynamics and projections.
Stocks to buy and sell for the short term: Ajit Mishra of Religare Broking suggests trading strategies for three shares. (Religare Broking)
The domestic market ended higher on Thursday, with the benchmarks snapping their three-day losing run. However, gains were capped due to rising oil prices amid escalating US-Iran tensions. The Sensex and the Nifty 50 rose by 0.20%.
On Friday, the market is expected to remain under pressure as crude oil prices, benchmark Brent crude, are at $108 per barrel as fighting between Yemen-based Houthi militants and Saudi-backed forces intensified.
"The Nifty may witness some consolidation following the recent decline; however, the overall tone is likely to remain cautious given the pressure from elevated crude prices, geopolitical uncertainty and persistent FII outflows," said Ajit Mishra, SVP of Research at Religare Broking.
"The immediate support remains around 23,100–23,300, while 23,600–23,800 is likely to act as the key resistance zone. We maintain a cautious-to-negative stance, favouring a stock-specific approach with positions on both sides and strict risk management, while avoiding aggressive directional exposure," Mishra said.
Mishra underscored that Granules India has delivered an upside breakout from a flag pattern, accompanied by rising volumes, while maintaining a sequence of higher highs and higher lows, indicating a sustained uptrend.
The stock continues to trade above its short-, medium- and long-term moving averages, suggesting further upside potential in the near term.
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Granules India technical chart(Religare Broking)
Momentum indicators also remain constructive, supporting the positive outlook.
"Investors may consider accumulating the stock within the recommended range," said Mishra.
According to Mishra, HAL has maintained its underlying strength after defending the key weekly long-term moving average during the recent corrective phase.
The stock subsequently staged a strong recovery and broke out of a broader triangular consolidation, signalling renewed buying interest.
The breakout has been followed by the formation of a fresh buying pivot, with the stock continuing to hold above the 20-WEMA, keeping the short- to medium-term structure firmly positive.
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HAL technical chart(Religare Broking)
The positive price structure, supported by healthy volumes and a favourable indicator setup, further strengthens the outlook.
"Considering the overall technical setup, the stock offers a favourable accumulation opportunity and can be considered for accumulation on a cash-delivery basis," said Mishra.
Mishra pointed out that the FMCG sector continues to underperform, and within the space, HUL remains in a lower-top, lower-bottom formation.
"The stock is trading below all its major moving averages and has consistently faced resistance around the 20-EMA, indicating a weak technical structure. It has also slipped below its key support zone and formed a fresh shorting pivot," said Mishra.
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HUL technical chart(Religare Broking)
"We expect selling pressure to persist, and hence, traders can look for selling opportunities through futures," Mishra said.
Disclaimer: This article is for educational purposes only and does not constitute investment advice. The views and recommendations expressed are those of the expert, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
