Weekly picks: From TVS Motor to MCX - Motilal Oswal recommends ...
Indian stock market: The Sensex and Nifty 50, India's key benchmark indices, ended Wednesday's trading with mixed results following a somewhat volatile session. The Nifty IT index stood out, outperforming the other 13 major industry indices in response to positive US economic data. The 30-share BSE Sensex rose by 149.85 points, or 0.19%, to finish at 79,105.88, while the Nifty 50 increased by 4.75 points, or 0.02%, closing at 24,143.75.
"Indian benchmark indices ended on a flat note and traded sideways on August 14th. At the close, the Sensex was up by 149.86 points or 0.19 percent at 79105.89, and the Nifty was up by 4.75 points or 0.02 percent at 24143.75.
On the daily chart, the Nifty opened with a gap-up but couldn't sustain the higher levels, and selling pressure dragged it to lower levels. The Index is facing rejection at higher levels for the third consecutive day, indicating a sideways to bearish momentum. Nifty has immediate support near the 24050 and 23950 levels. On the other hand, 24300 and 24400 will act as immediate resistance levels, with the price likely to remain sideways in this range. If the price manages to hold above the 24400 level, it could potentially rise to 24550 and 24600 levels," said brokerage firm Choice Broking on Wednesday.
Brokerage firm Motilal Oswal has listed three stocks - Alkem Laboratories, TVS Motor and MCX - to buy this week with decent upside move.
Alkem lab is trading at life time high territory and strong momentum is seen across Pharma stocks. Technically the stock is forming higher highs on monthly scale and gave a range breakout on weekly scale after twenty four weeks. On daily scale the stock retested the previous breakout zone and gave highest daily close. Momentum indicator RSI is also giving moving higher which indicates momentum to pick up in coming sessions. Thus looking at the overall chart structure we are recommending to buy the stock with keeping stop loss below 5555 levels on closing basis for a new life time high target towards 6300 zones.
TVS Motor is in overall uptrend and perfectly respecting to its rising trend line from past sixteen weeks. On daily scale the stock is holding well above 2500 zones and trading above its short term moving averages. Good buying interest is visible across Auto stocks and holding in spite of market volatility. Momentum indicator RSI is also on the verge of trend line breakout which suggests momentum to pick up in coming sessions. Thus looking at the overall chart structure we are recommending to buy the stock with keeping stop loss below 2480 levels on closing basis for a new life time high target towards 2750 zones.
MCX is trading at life time high territory and gave range breakout on weekly scale after fifteen weeks. On daily scale as well the stock gave consolidation breakout after four sessions and formed a strong bullish candle. It is holding well above its short term moving averages and been huge outperformer within midcap space. Thus looking at the overall chart structure we are recommending to buy the stock with keeping stop loss below 4150 levels on closing basis for a new life time high target towards 4850 zones.
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.
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First Published:
14 Aug 2024, 08:20 PM IST
HomeMarketsStock MarketsWeekly picks: From TVS Motor to MCX - Motilal Oswal recommends three stocks to buy
