The Indian stock market is facing some challenges as the Nifty index closed below its rising trendline, signaling weakness in market sentiment. Immediate support lies around 21,900 for the Nifty, while resistance is seen around 22,200-22,250.
Bank Nifty, another important index, is experiencing volatility, with resistance at 47,000 and support at 46,300-46,500.
Here are some stocks that are considered good bets:
IRCTC: Buy between ₹900-890 | Target: ₹950/1000 | Stop Loss: ₹860
IRCTC stock has historically found strong support around ₹860. The current correction reaffirms this support level. The momentum indicator RSI also suggests a buy signal. The immediate target for IRCTC is ₹950, with potential to reach ₹1000.
Bharti Airtel: Buy between ₹900-890 | Target: ₹1260 | Stop Loss:
₹1174 Bharti Airtel has remained above critical moving averages and recent consolidation levels, defying market trends. The RSI indicates a positive trend, with potential to reach ₹1250-1260 in the short term.
ITC: Buy at ₹420 | Target: ₹460 | Stop Loss: ₹400
ITC stock has broken out of consolidation after forming a base on daily charts. Increased volume supports this recent uptrend. The stock has also moved above short-term moving averages, with a positive divergence in the RSI. In the short term, ITC may continue its upward movement with a target of ₹460.
Rupak De, Senior Technical Analyst at LKP Securities, provided these insights.
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