Amidst a tumultuous trading day, Anand Rathi’s seasoned analyst, Ganesh Dongre, espouses three stock selections. Despite favorable global indicators, the Indian market relinquished gains, with the Nifty 50 and BSE Sensex witnessing disparate trajectories. The Bank Nifty, likewise, succumbed to downward pressure.
Anand Rathi’s Insight Ganesh Dongre, in his capacity as Senior Manager — Technical Research at Anand Rathi, posits a lateral market trajectory, citing the Nifty 50’s pivotal breach of the 22,500 to 22,600 threshold. He asserts the index’s substantive foothold between 22,200 and 22,100, cautioning against localized profit-taking. Dongre’s curated selection for day trading encompasses Tata Chemical, Kotak Mahindra Bank, and Dr Lal Pathlabs.
Market Prospects Dongre prognosticates on the Nifty 50’s fortunes, highlighting a precarious support breach and impending resistance at 22,800-22,900. He elucidates on the day’s chart dynamics, punctuated by an initial bullish surge tempered by subsequent profit-taking, culminating in negative closures. Akin observations extend to the Bank Nifty, characterized by an ephemeral gain and subsequent retracement, delineating resistance at 49,000 and support at 48,500.
Stock Recommendations 1] Tata Chemical: Entry at ₹1085, target ₹1135, stop loss ₹1055. A discernible support floor at ₹1055 underscores a prospective rally, epitomized by bullish price action at ₹1085, propelling momentum towards ₹1135, contingent on the abeyance of ₹1055. Traders are advised to maintain a stop loss at ₹1055, targeting ₹1135 in the immediate term.
2] Kotak Mahindra Bank: Entry at ₹1625, target ₹1675, stop loss ₹1590. A bullish reversal portends Kotak Mahindra Bank’s ascent to ₹1675, buttressed by a support base at ₹1590. The prescribed strategy advocates for entry at ₹1625, safeguarded by a stop loss at ₹1590, with a target of ₹1675.
3] Dr Lal Pathlabs: Entry at ₹2340, target ₹2360, stop loss ₹2280. A resurgence in Dr Lal Pathlabs is heralded by a breakout at ₹2340, signaling a trajectory towards ₹2360, contingent on the sustenance of ₹2280. Traders are encouraged to enter at ₹2340, with a stop loss at ₹2280, targeting ₹2360 in the near term.
