Tata Capital, Orient Electric: HDFC Securities shares trading strategy

Technical picks: Vinay Rajani of HDFC Securities has recommended two stocks to buy today -- Tata Capital and Orient Electric.

Disclaimer: This article is written by Vinay Rajani, senior technical and derivative analyst at HDFC Securities. Views expressed are his own. Readers' discretion is advised.

 

Nifty View

 

Having declined more than 300 points from its recent peak of 24,774, the Nifty has moved closer to its 200-day DEMA support at 24,384. A decisive close below this level could drag the index towards the next support at 24,000. On the upside, 24,630 and 24,750 are likely to act as key resistance levels.

 

Stocks to buy today

 

Orient Electric | Rating: Buy | CMP: ₹190 | SL: ₹184 | Target: ₹199

 

 

Orient Electric has surpassed multiple moving average resistances and has been sustaining above them. Indicators and oscillators have turned bullish on the daily and weekly charts. The price rise was accompanied by a jump in volumes on the daily charts. 

 

Tata Capital | Rating: Buy | CMP: ₹367 | SL: ₹350 | Target: ₹399

 

Tata Capital has broken out from the downward-sloping trend line on the daily chart. The price rise is accompanied by a rise in volume. The stock is placed above all key moving averages. The daily RSI has been sustaining above 50. The daily MACD has risen above the equilibrium and signal lines.