Nagaraj Shetti suggests PCBL Chemical, BLS International shares to buy in the short term; do you own?
The Nifty 50 decreased by 0.38% to reach 25,386 . 35 levels, while the Sensex slipped by 0.37% to 83,227.95 as of 13:55 IST.
Analysts noted that the markets continue to trade within a limited range, and the commencement of the earnings season is likely to provide the next catalyst for movement.
In terms of technical analysis, Nagaraj Shetti of HDFC Securities noted that if Nifty 50 experiences additional declines from this point, it is likely to encounter solid support near 25,300. Furthermore, any upward rebound might face immediate resistance at around 25,550 in the short term.
Shetti recommends two stocks to buy on Thursday. Here's what he says about the overall market.
The attempt of upside breakout of small range movement of previous session has been thwarted in the last couple of sessions, as Nifty 50 slipped into weakness amidst range bound action. The market is on the way down to the crucial lower support of 25,300 levels as per the concept of change in polarity. The underlying short-term trend of Nifty 50 remains choppy. Further weakness from here could find strong support around 25,300 and any bounce back could encounter immediate hurdle around 25,550 for the short term.
Nagaraj Shetti of HDFC Securities recommends these two stocks to buy in the short-term - PCBL Chemical Ltd, and BLS International Services Ltd.
After witnessing a decisive breakout on Wednesday, the stock price is currently showing follow-through upmove so far today. Currently in an attempt of moving above the resistance of ₹ 435-440 levels. Bullish pattern like higher tops and bottoms is intact.
After showing consolidation movement in the last couple of sessions, the stock price has shifted into an upside breakout of 200day EMA at ₹ 385 in today's session and is trading higher. We observe consistent higher bottom formation in the last few weeks. Volume has started to expand during upside breakout in the stock price and daily RSI shows positive indication.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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