On Tuesday, Sensex and Nifty ended slightly lower in a volatile session due to the government’s proposal to increase the securities transaction tax on futures and options.
Key stocks that were active include:
- Indian Hotels: Gained 0.79%
- JSW Steel: Rose 0.61%
- BPCL: Declined 0.73%
Here’s what Kushal Gandhi, Technical Analyst at StoxBox, suggests investors do with these stocks:
Indian Hotels
- Current Situation: The stock has been trading sideways after a 67% increase from its October 2023 lows. It showed a positive move after crossing the pivot at 620 levels and is trying to reclaim this resistance with strong volumes.
- Recommendation: Buy
- Target Price: 715
- Stop Loss: 573
JSW Steel
- Current Situation: The stock is correcting due to profit booking. It has fallen below the 50-day moving average with high volume, indicating a bearish trend. This moving average now acts as resistance.
- Recommendation: Avoid buying at the current price.
BPCL
- Current Situation: After a more than 100% rise from its October 2023 lows, the stock is in a consolidation phase within a 20% range. Despite this, there is strong bullish sentiment and increasing buyer demand.
- Recommendation: Buy
- Target Price: 345
- Stop Loss: 290
These recommendations can help guide your investment decisions when the market opens today.
Disclaimer: The views and investment tips expressed by investment experts on Sharepriceindia.com are their own and not those of the website or its management. Sharepriceindia.com advises users to check with certified experts before taking any investment decisions.
