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Market View
Markets remained volatile and ended nearly flat, extending Tuesday’s trend. After opening on a steady note, Nifty drifted lower in the first half, but a recovery in select heavyweights helped trim most losses, closing at 22,470.50. Sectoral trends remained mixed, with pharma, banking, and auto seeing gains, while IT and realty lagged. Meanwhile, broader indices faced pressure amid consolidation, losing nearly half a percent each.
Despite weak global cues, markets are displaying resilience, though pressure in key sectors is limiting the upside. Further consolidation is likely in the coming sessions, with heightened volatility expected due to the weekly expiry. Traders should maintain a stock-specific approach, focusing on large caps and prominent midcaps.
Stocks Recommendations
HDFC Bank Limited | LTP: 1711.15 | Buy | Target: 1810 | Stop-loss: 1660
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Selective private banking majors are showing notable strength with HDFC Bank among the key performers. The HDFC Bank stock has been holding firm above its long-term moving average the 200 DEMA while forming a base over the past one and a half months. This consolidation supported by strong volumes signals accumulation and suggests a potential resumption of the uptrend soon.
Tata Motors Limited | LTP: 668.30 | Buy | Target: 698 | Stop-loss: 654
The auto sector is exhibiting a mixed trend, with Tata Motors now attempting a recovery after a seven-month corrective phase. The stock has rebounded after testing its major support at the long-term moving average, the 200 WEMA, and has recently reclaimed its short-term moving average, the 20 DEMA, forming a strong bullish candle with a notable surge in volumes. This indicates a strengthening recovery momentum.
Tata Power Company Limited | LTP: 356.25 | Buy | Target: 374 | Stop-loss: 345
Power stocks have shown a strong recovery and are displaying resilience against the broader market. In line with this trend, Tata Power stock is holding steady at its short-term moving average support. The consistent rebound on dips highlights strength in its chart structure. Given the price action and sector outlook, long positions can be considered at current levels.
(Disclaimer: Ajit Mishra is SVP or research at Religare Broking. Views expressed are his own.)
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