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Business News/ Markets / Stock Markets/  Stocks in focus: Ruchit Jain of 5paisa recommends HUL and Havells today

Stocks in focus: Ruchit Jain of 5paisa recommends HUL and Havells today

Stocks in focus: Ruchit Jain of 5paisa has recommended two stocks today - Hindustan Unilever Ltd (HUL) and Havells India Ltd.

Stocks in focus: Ruchit Jain of 5paisa recommends buying Hindustan Unilever Ltd (HUL) and Havells India Ltd.Premium
Stocks in focus: Ruchit Jain of 5paisa recommends buying Hindustan Unilever Ltd (HUL) and Havells India Ltd.

Stock Market News: The domestic benchmark equity indices, the Sensex and the Nifty 50 started off Tuesday's session on positive note amid positive global cues and led by gains in realty and information technology (IT) stocks. 

According to Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the market's underlying bullishness has been strengthened during the past two trading days, as the Nifty has risen 486 points from Friday's lows. The fundamental positive trend is unaffected by external variables such as the high US bond rates (the 10-year is above 4.6%) and geopolitical worries in the Middle East.

Also Read: Sensex Today Live Updates : Sensex up 200pts, Nifty at 22,400; Q4 earnings, Vi, RIL shares in focus

The NSE Nifty 50 opened at 22,447.05, up 110.60 points, or 0.50%, while the 30-share BSE Sensex started off at 74,048.94 level, up 400.48 points, or 0.54%.

The Nifty 50 and Sensex gained during Monday's trading session as investors found some respite from global tensions. The positive trigger was the decline in WTI Oil to $81.66. Analysts said that declining oil prices made it quite evident that there may not be many chances for Iran-Israel tensions to rise. All sectoral indices closed higher, with Nifty PSU Bank up 3.3%.

The 30-share BSE Sensex closed at 73,648.62 level, up 560.29 points, or 0.77%. The NSE Nifty 50 ended at 22,336.40, up 189.40 points, or 0.86%.

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Also Read: Stock market today: Sensex, Nifty extend gains into 2nd straight session; investors earn over 4 lakh crore in a day

Market Review and Outlook - Ruchit Jain

The Nifty 50 started the week on a positive note above the 22,300 mark. The index consolidated within a range throughout the day and ended around its day’s high above 22,350 with gains of a percent, said Ruchit Jain, Lead Research Analyst at 5paisa.

Markets have started the week positively and have continued the momentum seen at the end of last week. However, the overall derivatives data has not turned positive as the FIIs have recently formed short positions and the RSI readings on the daily and weekly charts are not positive yet. Thus, this seems to be a pullback move as of now, and we could see resistance around the 61.8 percent retracement level, which is seen around 22,400. It would be crucial to see how the index trades around this hurdle, and hence, traders should keep a keen watch on the same. A sustained move above this with a change in data would confirm a continuation of the uptrend. On the flipside, the immediate support for the index is placed around 22,000, where high open interest in put options is seen, while positional support is around the recent swing low of 21,750, which coincides with the 89 DEMA support, explained Ruchit.

Also Read: Day trading stocks to buy: Anand Rathi expert recommends three shares to buy today — 23rd April

Share market tips today

Traders should look for stock-specific trading opportunities but also look to book profits on rallies around the resistance zones, advised Jain. 

Stocks in focus today - Ruchit Jain

On stocks in focus on Tuesday, Ruchit Jain recommends buying two stocks: Hindustan Unilever Ltd (HUL) and Havells India Ltd. 

Hindustan Unilever Ltd (HUL)

Ruchit stated that the stock has been correcting since last few months and has underperformed the benchmark. However, there are some signs of reversal visible on the daily charts as the prices have formed a ‘Falling Wedge’ pattern and is on the verge of a breakout. The RSI oscillator has shown a positive divergence, which is a sign of reversal too. Hence, we expect a pullback move in the near term. Short-term traders can look to buy the stock in the range of 2,240–2,220 for a potential target of 2,380–2,400. The stop loss on long positions should be placed below 2,150.

Also Read: Nifty 50, Sensex today: What to expect from Indian stock market in trade on April 23

Havells India Ltd

Jain explained that the overall structure of the stock is positive, as prices have witnessed buying interest on declines and the 89 DEMA has been acting as a good support. Hence, we advise traders to buy the stock in the range of 1,550–1,530 for a potential target of 1,650 and 1,720. The stop loss on long positions should be placed below the support of 1,450.

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 decisions.


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Published: 23 Apr 2024, 10:05 AM IST
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