Buy or sell: Anuj Gupta recommends these five stocks to buy on Tuesday — May 2
Buy or sell stocks: Driven by positive global sentiments, Indian stock market ended higher on sixth day in a row. 50-stock index Nifty ended 149 points higher at 18,065 mark while 30-stock index Sensex shot up 463 points and closed at 61,112 levels. Nifty Bank index finished 233 points northward at 43,233 on Friday last week. In broad market, both small-cap and mid-cap indices outperformed key benchmark indices of Dalal Street. The small-cap index shot up 0.91 per cent whereas mid-cap index skyrocketed 1.32 per cent on the weekend session.
Buy or sell stocks on Tuesday
Anuj Gupta, Vice President — Research at IIFL Securities believes that Nifty and Bank Nifty indices are showing optimism followed by higher top higher bottom formation on the chart pattern. The IIFL Securities expert went on to add that both indices have recently given inverse head and shoulder pattern breakout that signals further uptrend in Indian stock market when it opens on Tuesday.
On Monday there will be no action on NSE and BSE as there will be stock market holiday falling on Monday for Maharashtra Day celebration.
Asked about stocks to buy on Tuesday,, when Dalal Street opens after stock market holiday, Anuj Gupta recommended five buy or sell stocks for Tuesday — Wipro, Federal Bank, Tata Motors, IEX and IOC.
Speaking on stock market outlook, Anuj Gupta said, “On the technical charts, Nifty and Bank Nifty are showing optimism followed by higher top higher bottom formation. Volumes are increasing and we also observed inverse head and shoulder pattern breakout on the daily charts. As per the technical chart pattern, Nifty has immediate support at 17,800 and then 17,500 levels while resistance at 18,200 levels and then 18,500 levels. Bank Nifty has immediate support at 42,600 levels and then 42,000 levels while resistance at 43,700 levels and then 44,200 levels.”
“As per the technical breakout and fundamental supportive factors are indicating that the market may trade positive further. We are expecting that Nifty may test 18,200 levels and then 18500 levels. Bank Nifty may test 43,700 to 44,000 levels in the next week,” Anuj Gupta of IIFL Securities added.
Stocks to buy on Tuesday
As mentioned above, Anuj Gupta has recommended 5 buy or sell stocks for Tuesday, here we list out full details in regard to those shares:
1] Wipro: Buy at CMP, target ₹410, stop loss ₹366;
2] Federal Bank: Buy at CMP, target ₹148, stop loss ₹128;
3] Tata Motors: Buy at CMP, target ₹515, ₹464;
4] IEX: Buy at CMP, target ₹170, stop loss ₹147; and
5] IOC: Buy at ₹88, stop loss ₹77.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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