2024-08-20 06:47:32
New Delhi: Rupak Day is a senior technical analyst at LKP Securities. He has suggested three great stock ideas for this week. These include Balrampur Sugar, Tata Motors and ICICI Lombard. Day believes that the shares of Balrampur Sugar can see a rise. It has given a swing high breakout on the weekly chart. This shows the growing confidence in the market towards it. Shares of Tata Motors and ICICI Lombard are also expected to rise. Day has also shared his opinion on Nifty. It can be expected to rise only after crossing the level of 24,550. He has also expressed the possibility of a rise in Bank Nifty. Rupak Day said that in recent days, Nifty has been moving in the range of 24000 and 24400 points. However, on Friday, Nifty showed early signs of breaking out of the recent consolidation. Day said that while the IT sector has the potential to continue to outperform Nifty in the near term. At the same time, Bank Nifty appears ready to move forward in the coming weeks after a weak performance. Charts of many banking stocks suggest a good recovery in the near term. This could lead to a rally in Bank Nifty. Let us now know about the three stocks that Day recommends betting on this week.
1. Buy Balrampur Sugar above Rs 525. Target price: Rs 550/570. Stop loss: Rs 500.
According to Day, Balrampur Sugar has given a swing high breakout on the weekly chart. This suggests increased optimism. The weekly RSI is in a bullish crossover which is a sign of strong price momentum. In the short term, this trend can take the stock towards Rs 570. Support at the lower end is placed at Rs 500.
2. Buy Tata Motors above Rs 1,100. Target price: Rs 1,160. Stop loss: Rs 1,069.
According to Rupak Dey, the stock has given a consolidation breakout on the daily chart. This suggests an increase in confidence. The daily RSI has entered a bullish crossover with the price momentum indicating improved strength. In the short term, this trend can take the stock towards Rs 1160. Support at the lower end is placed at Rs 1,069.
3. Buy ICICI Lombard above Rs 2,045. Target price: Rs 2,200. Stop loss: Rs 1,974.
Rupak Dey says that the stock has moved above consolidation on the daily chart. This suggests increased optimism. The daily RSI has entered a bullish crossover indicating strength of improvement in price momentum. In the short term, this trend can take the stock towards Rs 2200. Support at the lower end is placed at Rs 1,974.
Disclaimer: The suggestions given in this analysis are those of the individual analysts or broking companies, not of NBT. We advise investors to consult certified experts before making any investment decision as stock market conditions can change rapidly.