Top Stock Recommendations: Aakash Hindocha of Nuvama suggests Patanjali, KNR Constructions, and Renuka Sugars today

  • Top Stock Recommendations: Aakash K Hindocha of Nuvama Professional Clients Group recommends these three stocks for today - Patanjali Foods Ltd, KNR Constructions Ltd, and Shree Renuka Sugars Ltd.

Dhanya Nagasundaram
Published31 Jul 2024, 10:01 AM IST
Trade Now
Top Stock Recommendations: Aakash K Hindocha of Nuvama Professional Clients Group recommends these three stocks for today - Patanjali Foods Ltd, KNR Constructions Ltd, and Shree Renuka Sugars Ltd.
Top Stock Recommendations: Aakash K Hindocha of Nuvama Professional Clients Group recommends these three stocks for today - Patanjali Foods Ltd, KNR Constructions Ltd, and Shree Renuka Sugars Ltd.

Stock Market News: Wednesday's session saw a little increase in the domestic benchmark indices, the Sensex and the Nifty 50, due to Maruti Suzuki India's impressive start ahead of its quarterly releases. Analysts predict that as long as the benchmark indices are around all-time highs, profit booking will persist.

As of 9:27 a.m. IST, the Sensex gained 0.18% to 81,587.17, while the Nifty 50 was up 0.16% at 24,899.55 points.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, believes that SEBI's action against F&O trade is very desirable and has the potential to make the current rise less speculative and more healthy. Global indications are probably going to be favorable for those anticipating a September rate decrease from the Fed. There's a good chance the Fed's scheduled remarks tonight will hint to a September rate decrease.

It's time for investors to reduce their expectations to reasonable levels and make a long-term call on the market. Safety is crucial in the industry right now.

Also Read | Indian stock market: 8 key things that changed for market overnight

Nifty 50 Outlook by Aakash K Hindocha, DVP - WM Research, Nuvama Professional Clients Group

Nifty 50 has recovered nearly 1,000 points, roaring back to fresh all-time highs from its budget day lows. Overall, the dips below 24,400 acted as a demand zone for the index to return to fresh uncharted territory. Given the ongoing momentum, gains could further elevate, pulling Nifty 50 higher to 25,200 / 25,350. Support on the index can be trailed higher to the 24,500 – 24,550 zone. Consolidation on the Nifty 50 at these higher levels appears to be ending, given the formation on daily charts. Repeated demand has been seen as soon as the Nifty 50 nears its 20-day exponential moving average, which is likely to act as dynamic support, with the current reading at 24,500.

Also Read | Stock market today: Nifty 50, Sensex end flat; focus shifts to Fed meet outcome

Bank Nifty

Bank Nifty has retraced 50% of its past 1,900 point rally witnessed between Friday and Monday’s trading session. Structure suggest that dips below 51,500 are likely to emerge as support zone and the index could catch upward momentum once today’s monthly futures and options expiry is over for the index. With fresh start on August contract for Bank Nifty, could mark end of underperformance for the index given the structure on ratio charts of Bank Nifty versus Nifty 50. Ratio charts are indicating that Bank Nifty could now outperform Nifty 50 in the days to come. 52,300 and 53,000 on the upside are seen as potential targets on Bank Nifty once the reversal unfolds with 51,100 acting as support for the short term.

Top Stock Recommendations by Aakash K Hindocha

On top stock recommendations for Wednesday, Aakash K Hindocha has recommended three stocks:

Patanjali Foods Ltd (Buy): LCP : 1,707.85; Stop Loss : 1,650; Target Price: 1,835

Highest ever closing clubbed with a cup and handle breakout seen on daily charts is likely to given the needed push on price charts of Patanjali Foods. Though historically a slow mover, the stock seems to be ending its sideways consolidation and breakout of a huge triangle formation on weekly charts as well. The life time high closing could act as catalyst for the stock to give it the required momentum on the upside. Expecting another 7-8% uptick in the current leg looks possible given the chart set up.

Also Read | Stock market today: Five stocks to buy or sell on Wednesday — July 31

KNR Constructions Ltd (Buy): LCP : 409.80; Stop Loss : 395; Target Price: 448

Ending its 8-week consolidation, KNR Constructions has broken out into new life time highs, after a flag pattern breakout was seen on the first trading day of this week. Historically after a flag pattern breakout stocks do repeat its previous up move which had been unfolding before the stock entered into a phase of consolidation. We expect KNR Constructions to replicate the same and a follow up move to the tune of 10% odd could further be seen from CMP as well.

Shree Renuka Sugars Ltd (Buy): LCP : 52.16; Stop Loss : 50.10; Target Price: 57.00

Sugar stocks have been forming sweet formations on daily as well as weekly charts across the board. Sectoral leaders have been popping out of their multi year highs, ending their consolidation to proceed high. Renuka Sugar has given a flag pattern breakout in last week’s trade and the same is set to breakout further from a huge downward sloping trendline which has been in place for the past 100 odd weeks Momentum is likely to pick up further once it starts trading above 52.50 while the ongoing move can result into a quick 10% move in favour of longs.

 

Also Read | Buy or sell: Vaishali Parekh recommends three stocks to buy today — July 31

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.

 

Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

MoreLess
First Published:31 Jul 2024, 10:01 AM IST
Business NewsMarketsStock MarketsTop Stock Recommendations: Aakash Hindocha of Nuvama suggests Patanjali, KNR Constructions, and Renuka Sugars today

Most Active Stocks

Bandhan Bank share price

201.60
12:17 PM | 14 OCT 2024
-9.4 (-4.45%)

Tata Steel share price

159.20
12:17 PM | 14 OCT 2024
-1.5 (-0.93%)

Wipro share price

542.30
12:17 PM | 14 OCT 2024
13.35 (2.52%)

Indian Oil Corporation share price

164.10
12:17 PM | 14 OCT 2024
0.9 (0.55%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

Tech Mahindra share price

1,685.85
12:14 PM | 14 OCT 2024
40.1 (2.44%)

National Aluminium Company share price

225.65
12:14 PM | 14 OCT 2024
2.95 (1.32%)

HCL Technologies share price

1,848.00
12:14 PM | 14 OCT 2024
8.45 (0.46%)

Divis Laboratories share price

6,148.35
12:11 PM | 14 OCT 2024
7.2 (0.12%)
More from 52 Week High

Avenue Supermarts share price

4,196.25
12:14 PM | 14 OCT 2024
-376.1 (-8.23%)

Tata Chemicals share price

1,128.55
12:14 PM | 14 OCT 2024
-55.7 (-4.7%)

Bandhan Bank share price

201.80
12:14 PM | 14 OCT 2024
-9.2 (-4.36%)

Sapphire Foods India share price

355.10
12:12 PM | 14 OCT 2024
-16 (-4.31%)
More from Top Losers

Aptus Value Housing Finance India share price

393.65
12:14 PM | 14 OCT 2024
32.65 (9.04%)

Poly Medicure share price

2,466.40
12:13 PM | 14 OCT 2024
122 (5.2%)

Oberoi Realty share price

2,000.70
12:14 PM | 14 OCT 2024
81.4 (4.24%)

Raymond share price

1,667.95
12:14 PM | 14 OCT 2024
65.05 (4.06%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    77,675.00-10.00
    Chennai
    77,681.00-10.00
    Delhi
    77,833.00-10.00
    Kolkata
    77,685.00-10.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.86/L0.00
    Chennai
    100.75/L0.00
    Kolkata
    104.95/L0.00
    New Delhi
    94.72/L0.00

    Popular in Markets

      HomeMarketsPremiumInstant LoanMint Shorts