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Business News/ Markets / Stock Markets/  Stocks to Buy: Here's why GPPL and PNC Infra are looking attractive

Stocks to Buy: Here's why GPPL and PNC Infra are looking attractive

Stocks to buy: GPPL, PNC Infra and West Coast Paper are the top picks by Rupak De of LKP Securities.

Stocks to BuyPremium
Stocks to Buy

Indian Stock Market: A tough battle unfolded in the market as the Nifty remained highly volatile throughout the day. The sentiment may continue to lean towards the bears as the Nifty struggled to surpass the 21500 mark, where call writers held substantial positions. Looking ahead, the trend is likely to remain sideways, fluctuating within the range of 21300 and 21500. Nevertheless, a decisive breakthrough above 21500 could propel the index towards 21700/22000 in the short term.

Bank Nifty

Meanwhile, the bulls successfully defended the crucial support level of 44500, establishing it as a critical line of defense. If the index sustains above this support, a potential pullback rally towards the resistance levels of 45500/46000 is anticipated in the near term. However, a breach below this support on a closing basis could lead to further downside pressure, with the index targeting levels around 44000-43500.

Stocks to Buy

GPPL | Recommendation: Buy | CMP: 163 | Target: 169/175 | Stop Loss: 154

GPPL stock is exhibiting a bullish trend with a consistent pattern of higher highs and higher low , indicating a strong uptrend. Currently trading above its 20-day moving average, the stock demonstrates resilience. The Relative Strength Index (RSI) is in a positive crossover, further supporting a positive outlook. Investors may consider initiating a long position in the range of 160-163, setting a stop-loss at 154, and targeting levels of 169/175 for potential gains.

PNC Infra | Recommendation: Buy | CMP: 410-400 | Target: 460/500 | Stop Loss: 370

PNC Infra has exhibited a robust bullish scenario, breaking out from a symmetrical triangle pattern on both daily and monthly charts, accompanied by significant volumes. The momentum indicator, RSI, has confirmed this bullish momentum with a positive crossover. Additionally, on the daily chart, the stock has surged above a flag pattern, further substantiating the bullish setup.

WestCoastPaper | Recommendation: Buy | CMP: 730-720 | Target: 775/800 | Stop Loss: 695

WestCoastPaper has been consolidating within a wide range of 695 to 750, and there are indications of a breakout from this range. The momentum indicator RSI has shown a positive crossover, signifying bullish momentum. On the lower time frame, the stock has also broken above its 20-day moving average (20DMA) and found support at its 50-day exponential moving average (50 EMA).Multiple bullish candlestick patterns indicates strong buying interest at lower levels which sets the bullish undertone.

The author, Rupak De is Senior Technical analyst at LKP Securities

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

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Published: 28 Jan 2024, 11:02 AM IST
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