Shares to buy or sell: Sachin Gupta of 5paisa recommends Balrampur Chini, Metropolis Healthcare shares today
The Nifty 50 index started at 25,427.85, down 33.45 points or 0.13%, while the Sensex experienced a slight dip, opening at 83,387.03, down by 55.47 points or 0.07%.
Experts noted that the market's reaction was mild and not panicked, unlike the period from April 2nd to April 9th. In the last 90 days, the markets have shown increased resilience, moving past the uncertainties surrounding Trump's policies to focus on his actions.
On the technical front, Sachin Gupta of 5paisa believes Nifty 50's near term support and resistance to be at 25,180/25,000 and 25,600/25,740. Gupta recommends two stocks to buy in the near-term. Here's what he says about the overall market.
The Nifty 50 index ended the session nearly flat to close at 25,461.3, as the market struggled to find direction. The overall market sentiment remained subdued, with 28 constituents declining and 22 advancing, indicating a cautious tone among investors. Most of the other indices ended in red. Midcap and Smallcap indices were marginally down. Sectorally too, apart from FMCG and Oil & Gas, others witnessed weak performance.
Technically, Nifty 50 started the week on an uncertain note as investors searched for a fresh set of triggers. 20D EMA continues to offer support and RSI is supportive of bullish momentum. Near term support and resistance are at 25,180/25,000 and 25,600/25,740.
On shares to buy on Tuesday, Sachin Gupta recommends two stocks on Tuesday — Balrampur Chini Mills Ltd, and Metropolis Healthcare Ltd.
On the daily scale, the stock is displaying a strong bullish setup, having recently confirmed an Inverse Head & Shoulders pattern breakout, which is a classic reversal signal indicating potential upside.
Following the breakout, the stock is consolidating around the neckline, suggesting strength and a healthy base formation before the next leg higher.
Additionally, the stock is trading above its 21-day EMA, reflecting short-term momentum in favour of the bulls. A positive crossover in the MACD further reinforces the bullish bias, while rising volume during the breakout and consolidation phase adds credibility to the uptrend, signaling increasing investor interest and potential for continued upward movement.
Hence, traders are advised to hold their existing positions, with short-term support placed at 570 levels and immediate resistance seen near 630 levels. A decisive move above this resistance could open the door for further gains.
On the daily timeframe, the stock has given a consolidation breakout, accompanied by a positive moving average crossover between the 50-day and 100-day EMAs, signaling a strengthening trend. This breakout is supported by a surge in volume and bullish price action, confirming strong buying interest.
Additionally, a positive crossover in the RSI further reinforces the bullish momentum.
On the weekly chart, the stock has managed to move above the 50% Fibonacci retracement level, indicating a recovery of prior losses and the potential for a sustained uptrend. These combined signals suggest strong upside potential in the near term.
Traders are advised to maintain their holding positions and also consider fresh buying around 1,820, with upside targets of 1,945 and 2,040, while maintaining a strict stop loss at 1,700 on a closing basis.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
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