Stocks in focus: Ruchit Jain of 5paisa recommends buying NTPC, and Greaves Cotton today

  • Stocks in focus: Ruchit Jain of 5paisa has recommended two stocks today - NTPC Ltd and Greaves Cotton Ltd.

Dhanya Nagasundaram
Published17 Sep 2024, 10:03 AM IST
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Stocks in focus: Ruchit Jain of 5paisa has recommended two stocks today - NTPC Ltd and Greaves Cotton Ltd.
Stocks in focus: Ruchit Jain of 5paisa has recommended two stocks today - NTPC Ltd and Greaves Cotton Ltd.

Stock Market News: On Tuesday, the Nifty 50 and Sensex, the domestic benchmark indices, commenced trading near a record high, but investors are adopting a cautious approach as they await the Fed rate cut announcements.

The Nifty 50 index saw an opening at 25,416.90 points, marking a 0.13% increase of 33 points, while the Sensex opened at 83,084.63, registering a gain of 95 points.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, claims that yesterday's flat global equity markets indicate that investors are holding back in front of tomorrow's Fed rate decision. The incoming data and changing outlook will determine the Fed's rate action, thus the words of Fed Chairman Powell will be quite important. Lower interest rates are good for the markets, and larger rate cuts are even better.

Also Read | Stock market today: Five stocks to buy or sell on Tuesday — Sept 17

Market Review and Outlook - Ruchit Jain

In spite of the market consolidating, individual stocks showed specific movement. The Nifty 50 is currently positioned near the upper boundary of a 'Rising Wedge' pattern, making it a critical juncture. However, there are no signs of weakness, as the market breadth remains positive. Traders are advised to align with the primary trend's direction. Immediate support for the Nifty 50 is around 25,220, followed by 25,100, with resistance levels at approximately 25,500 and 25,700. With the upcoming global event of FED's policy decision, it is anticipated that the index will continue to trade within this range.

Also Read | Birlasoft, GNFC, Granules India among ten stocks in F&O ban list today

Stocks in focus today - Ruchit Jain

On stocks in focus on Tuesday, Ruchit Jain recommends NTPC Ltd, and Greaves Cotton Ltd.

NTPC Ltd

In last few weeks, the stock witnessed a corrective phase where prices corrected from 426 to a low of 385. At the recent low, the 89 DEMA has acted as a support and prices have rebounded from the support. The price volume action and the RSI set up hints at a continuation of the uptrend.

Hence, short term traders are advised to buy the stock in the range of 410-405 for potential targets of 434 and 448. The stoploss on long positions should be placed below 385.

Greaves Cotton Ltd

The stock has given a breakout from a consolidation with rising volumes which is a bullish sign. The RSI oscillator too has a positive setup and hence, we expect the stock to rally higher in the near term. Traders can buy the stock around current market price of 188 for potential targets of 198 and 205. The stop loss on long positions should be placed below 177.

Also Read | Indian stock market: 6 key things that changed for market overnight

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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First Published:17 Sep 2024, 10:03 AM IST
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