GMR Airports and HAL recommended for short-term buying
HDFC Securities analyst Nagaraj Shetti suggests specific targets and stop-loss levels for two stocks over a two to three week horizon.
The BSE Sensex rose 383.55 points, or 0.50 per cent, to settle at 77,301.40 on Wednesday, marking its highest closing level in over two months, according to a Mint report.
The Nifty 50 also ended the session higher, gaining 149.75 points, or 0.63 per cent, to close at 23,960.60. This marked the fifth consecutive session of an uptrend for the index.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, recommended buying GMR Airports at ₹94.45 with a target of ₹103 and a stop-loss of ₹89.50. He noted a sharp reversal in the recent downtrend and a bottom reversal pattern at ₹85.
Shetti also suggested buying Hindustan Aeronautics Ltd (HAL) at ₹5,077, with a target of ₹5,500 and a stop-loss of ₹4,830. He stated the stock is near a breakout at the ₹5,100 level.
Both stock recommendations carry a trading timeframe of two to three weeks. Shetti observed that the Nifty 50 formed a long bull candle on the daily chart, surpassing the 200-day EMA near 23,900 levels.
The analyst indicated that the Nifty 50 could potentially reach the 24,300-24,400 range soon, while support may be found around 23,700 during dips.