Stocks to buy: BHEL, IRCON looking attractive, here’s why

Indian stock market: The Nifty remained volatile within a narrow range during the day as investors awaited the election results. The highest call writing is visible at 23000, while there is significant put writing at 22500, indicating that the Nifty might oscillate between 22500 and 23000 in the next few days. However, a fall below 22500 might trigger a correction towards 22000.

Bank Nifty

Meanwhile, Bank Nifty saw a sharp recovery from its 21-day EMA, closing near the resistance level of 49000. The RSI is making higher lows and heading towards a bullish crossover. A buy-on-dips strategy is advisable with a stop loss at the 21-day EMA, placed at 48500. Thus, 48500 is strong support and 49200 is the first resistance. If Bank Nifty breaks 49200 on the daily chart, it could soon reach 50000.

Stocks to buy

BHEL: Buy at ₹300 | Target Price: ₹320 | Stop Loss: ₹290

The stock has experienced a consolidation breakout on the daily chart, indicating a potential shift in momentum. Additionally, it is currently sustaining above the critical moving average, the 21EMA, suggesting bullish sentiment. Moreover, the Relative Strength Index (RSI) is on the verge of entering a bullish crossover, further supporting the outlook for upward movement. Based on the technical chart, the stock looks good to rally towards 320 in the short term, while support is placed at 290.

IRCON: Buy at ₹272 | Target Price: ₹290 | Stop Loss: ₹262

The stock has undergone consolidation following a rally on the daily chart, suggesting a period of price stabilization. It is currently maintaining above the critical moving average, the 21EMA, indicating potential bullish sentiment. Moreover, on the hourly chart, the Relative Strength Index (RSI) has entered a bullish crossover, further supporting the possibility of upward movement in the short term. Based on the technical chart, the stock looks good to rally towards 290 in the short term, while support is placed at 262.

Great Eastern Shipping Company: Buy at ₹1082 | Target Price: ₹1170 | Stop Loss: ₹1039

The stock has undergone a two to three-day consolidation period and has maintained its position above the critical moving average, confirming a bullish trend. Additionally, the daily Relative Strength Index (RSI) is showing a bullish crossover, indicating increasing momentum and potential for further upward movement. Based on the technical chart, the stock looks good for rally towards 1170 in the short term, while support is placed at 1039.

Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.