Market trading guide: BEL, Kansai Nerolac among 4 stock recommendations for Tuesday

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1/5

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Domestic equities saw a turbulent beginning to the new Samvat year as the benchmark Nifty tumbled 500 points during the day to test a fresh 4-month low.
“From a technical point of view, the benchmark index has shown signs of a consolidation breakdown, and a similar move in a follow-up session could be devastating in the short term. Simultaneously, the derivative and technical parameters are in extremely oversold territory, and some respite from sell-off could uplift the overall sentiments,” said Osho Krishan, Senior Analyst – Technical & Derivatives, Angel One.

Here are 4 stock recommendations for Tuesday:

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Buy BEL at Rs 273

2/5

Buy BEL at Rs 273

Target Price: Rs 290 | Stop Loss: Rs 265
The stock has formed a doji-like pattern on the daily chart, suggesting a mild possibility of a bullish reversal in the near term. Additionally, the stock found support at the 200-DMA before the rally. The RSI has entered a bullish crossover. In the short term, the stock might move toward 290, with support placed at 265.

Rupak De, Senior Technical Analyst, LKP Securities

Agencies

Buy Kansai Nerolac Paints at Rs 280

3/5

Buy Kansai Nerolac Paints at Rs 280

Target Price: Rs 300 | Stop Loss: Rs 269
The stock has moved above the consolidation high on the hourly chart, suggesting a rise in optimism. Additionally, the stock has moved above the 55EMA on the hourly timeframe. The RSI has entered a bullish crossover. In the short term, the stock might move toward 300, with support placed at 269.

Rupak De, Senior Technical Analyst, LKP Securities

ET Bureau & Agencies

Buy Abbot India at Rs 29,620

4/5

Buy Abbot India at Rs 29,620

Target Price: Rs 31,000-31,500 | Stop Loss: Rs 28,500
Abbott India has given a breakout from a symmetrical triangle pattern, signaling an uptrend. The increase in volume during the breakout indicates strong buyer interest. The price trading above the 50 and 100 EMA further supports this upward trend.

Kunal Kamble, Sr Technical Research Analyst, Bonanza

ETMarkets.com

Buy Gufic BioSciences at Rs 467

5/5

Buy Gufic BioSciences at Rs 467

Target Price: Rs 520-550 | Stop Loss: Rs 435
On the daily time frame, the stock has broken out of its range and reached an all-time high, indicating a continuation of the uptrend. The increase in volume over the past week supports this price action. Additionally, the price is trading above all major EMAs, affirming the uptrend.

Kunal Kamble, Sr Technical Research Analyst, Bonanza

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

ETMarkets.com

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