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Business News/ Markets / Stock Markets/  Stocks to buy: PNB and Havells among top choices for short-term, here's why
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Stocks to buy: PNB and Havells among top choices for short-term, here's why

The buy-on-dips strategy is likely to persist as long as it remains above 22,400. On the upside, a decisive move above 22,500 could trigger buying interest in the market, potentially pushing the index towards 22,700 in the short term.

Investors are piling into FAANG shorts as US stocks continue to breach new records, with the Nasdaq Composite Index surging above 8,000 for the first time Tuesday.Premium
Investors are piling into FAANG shorts as US stocks continue to breach new records, with the Nasdaq Composite Index surging above 8,000 for the first time Tuesday.

Indian stock market: The Nifty stayed below the psychological 22,500 mark, with call writers at the 22,500 strikes significantly increasing their positions. On the downside, support is expected to hold at 22,400. The buy-on-dips strategy is likely to persist as long as it remains above 22,400. On the upside, a decisive move above 22,500 could trigger buying interest in the market, potentially pushing the index towards 22,700 in the short term.

Bank Nifty

Meanwhile, Bank Nifty faced resistance at the 48,000 level, finding support at 47,750. Nevertheless, the weekly closure indicates a resilient bullish momentum, with pivotal support identified at 47,500 and resistance at 48,200. A conclusive breach above the 48,200 threshold, confirmed by a closing basis, could catalyze a bullish upswing towards levels of 48,500 and 48,800.

Stocks to buy

PNB: Buy at 130 | Target price: 135/139 | Stop Loss: 124.80

Experiencing a rebound, the stock made contact with its short-term 14-day EMA, indicating a possible uptrend. The RSI displays a bullish crossover, comfortably situated at 65, suggesting the ongoing rally may persist. Consider opening a long position at the current market price, maintaining support at 124.8. Target levels are identified at 135 and 139. It's advisable for traders to closely observe the support level and stay attuned to market conditions.

Chambal Fertilisers and Chemicals Ltd: Buy at 373 | Target price: 400 | Stop Loss: 363

In the weekly chart analysis, the stock has exhibited a breakout from a flag pattern, signaling a bullish trend. This upward movement is accompanied by robust trading volume. Furthermore, the Relative Strength Index (RSI) has undergone a bullish crossover. Anticipating further upward momentum, the stock could potentially advance towards the 400 level. Meanwhile, downside support is positioned at 363.

Havells India Ltd: Buy at 1544 | Target price: 1650 | Stop Loss: 1497

The stock has been moving in a range as the participants looked confused after a sharp rally on the daily chart. However, on the latest candle the stock has formed a bullish harami pattern which suggests bullish reversal in the trend. On the higher end, the stock might move towards 1650. On the lower end, support is placed at 1497.

The author, Rupak De, is Senior Technical Analyst at LKP Securities.

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: 10 Mar 2024, 03:57 PM IST
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