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Business News/ Markets / Stock Markets/  Buy or sell: Osho Krishan of Angel One recommends buying KEC Intl and Va Tech Wabag stock today

Buy or sell: Osho Krishan of Angel One recommends buying KEC Intl and Va Tech Wabag stock today

Buy or sell stocks: Osho Krishan has recommended two stocks to buy today - KEC International Ltd and Va Tech Wabag Ltd

Buy or sell stocks: Osho Krishan recommends buying KEC International Ltd and Va Tech Wabag Ltd. (iStock)Premium
Buy or sell stocks: Osho Krishan recommends buying KEC International Ltd and Va Tech Wabag Ltd. (iStock)

Stock Market News: The domestic benchmark equity indices, the Nifty 50 and the Sensex, on Wednesday's trading session recovered from the day's low and ended in green supported by buying in banking stocks.

Analysts pointed out that Public Sector Undertakings (PSU) banks were drawn to the government's ongoing emphasis on fiscal prudence  and improving asset quality, but questions remained about their high valuations. Favourable inflation data from the UK added to the confidence and helped spark an overall recovery.

Also Read: Stock market today: Sensex, Nifty 50 rise for second straight day; investors earn over 4 lakh crore in a day

Nonetheless, selling pressure on information technology (IT) stocks surfaced when the US CPI data exceeded expectations, raising questions about possible delays in lowering interest rates and their effect on client spending.

There was fresh interest in today's trade despite the fact that the broader markets appeared to struggle in recent sessions.

The 30-share BSE Sensex ended higher by 267.64 points or 0.37% at 71,822.83 level while the Nifty 50 closed at 21,840.05 level, up 96.80 points or 0.45%.

Also Read: IT cos soar, dull entry for SFBs in IPO mkt

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Nifty 50 Outlook

Correspondingly to the negative developments in the US markets, the Nifty 50 benchmark index began the day with a significant drop of over 150 points. However, aside from the initial half-hour of weakness, there was no further decline. As the day progressed, prices gradually recovered, with a surge in buying during the last hour resulting in the complete recovery of earlier losses. The day ended with gains of 0.42%, tad below 21,850, said Osho Krishan, Sr. Analyst, Technical & Derivatives, Angel One.

Also Read: Red Sea Crisis leads shipping rates to spike; Should you Buy, Sell or Hold the shipping stocks?

Nifty 50 once again held onto the support levels of 21,500, marked by the 61.8% retracement of the recent rally from 21,137 to 22,126. On the hourly chart, Nifty 50's closure above 21,800, surpassing the last three sessions' high, resembles a price breakout. Sustained positive momentum, without significant global escalations, could lead Nifty to retest levels of 22,000–22,100. However, a strong upward trend would require surpassing 22,100 to initiate a fresh upside. Support levels have shifted higher, with immediate support around 21,650, and 21,500 has gained significant credibility as a support level. As previously mentioned, a sharp sell-off would only occur if these support levels were breached, explained Krishan.

Stock Recommendations For Today by Osho Krishan

KEC International Ltd

KEC International Ltd has been in a stellar bull run for the last 3 months, positioned well above all its major EMAs on the daily time frame. And with the highest-ever closure in the last trading session, it looks poised to be propelled into uncharted territory in the near period. The technical parameters are strongly aligned with the bullish view, adding to the robust undertone.

"Hence, we recommend to BUY KEC International Ltd around 690–680, keeping a stop loss of 655 for a positional target of 745-750," said Krishan.

Va Tech Wabag Ltd

Va Tech Wabag has seen a consolidation breakout in the near period, after which it has undergone corrections to re-test the same. At present, the counter has taken support from its 21 DEMA, coinciding with the neckline, and is likely to witness a strong northward march in the comparable period. Also, the technical parameters have turned strongly bullish with a positive crossover on the 14-period RSI, which could be seen as a substantial development in the counter.

"Hence, we recommend to BUY  Va Tech Wabag on dips of 710–700, keeping a stop loss of 665 for a positional target of 770–780," said Osho.

Also Read: NSE to conduct special live trading session on March 2 with intraday switch to DR site

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.

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Published: 15 Feb 2024, 06:54 AM IST
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