Rupak De, Senior Technical Analyst at LKP Securities said the broader sentiment has not changed significantly despite Nifty witnessing a decent recovery as the index did not sustain below 23,000 and quickly moved back above this level. He does not rule out a near-term technical pullback. “On the higher side, the index may witness a recovery towards 23,800 or even higher. On the lower end, immediate support is placed at 23,200; a break below this level could push the index back into weakness,” De said.
Here are 2 stock recommendations for Tuesday:
Buy Adani Power at Rs 155 | Upside: 12%
Stop Loss: Rs 145
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Target: Rs 174
The technical structure of Adani Power Ltd is showing signs of bullish momentum as the stock is attempting a breakout from a descending trendline formed over the past few months. The price has rebounded strongly from the rising trendline support near 136 and is now trading above key short-term moving averages, indicating improving strength. The recent bullish candle supported by increased volumes reflects renewed buying interest. Additionally, RSI has moved above the 60 level, signaling strengthening momentum.(Kunal Kamble, Sr. Technical Research Analyst, Bonanza Portfolio)
Buy UltraTech Cement at Rs 11,100 | Upside: 10%
Stop Loss: Rs 10,530
Target: Rs 12,200
The technical outlook for UltraTech Cement Ltd suggests a potential buying opportunity as the stock is approaching a strong long-term rising trendline support near 10,600–10,800. The recent sharp correction appears to be a pullback within the broader uptrend, where buyers may emerge near the channel support zone.
Historically, the stock has shown strong rebounds from this trendline area. Additionally, oversold RSI levels indicate weakening selling momentum and the possibility of a technical bounce.
(Kunal Kamble, Sr. Technical Research Analyst, Bonanza Portfolio)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)