Synopsis: The Indian stock market began positively on Tuesday, driven by gains in realty and IT sectors amid favorable global cues. Market expert Ruchit Jain shared insights on the market's outlook and suggested two stocks for consideration: Hindustan Unilever Ltd (HUL) and Havells India Ltd, highlighting potential entry points, targets, and stop-loss levels.
The Sensex and Nifty 50 indices began Tuesday's session positively, buoyed by gains in realty and IT sectors and positive global cues.
According to Dr. V K Vijayakumar of Geojit Financial Services, the Nifty has seen a substantial rise of 486 points from Friday's lows, indicating a strong underlying bullish trend despite external factors such as high US bond rates and geopolitical tensions in the Middle East.
The NSE Nifty 50 opened at 22,447.05, up 110.60 points, while the BSE Sensex started at 74,048.94 level, up 400.48 points.
Market Review and Outlook:
Ruchit Jain, Lead Research Analyst at 5paisa, noted that the Nifty 50 started the week positively, consolidating above the 22,300 mark. However, the overall derivatives data remains mixed, suggesting a possible pullback in the market.
While the index ended around 22,350 with gains, there are indications of resistance around the 22,400 level. Traders should monitor this closely, with immediate support seen around 22,000.
Stocks in Focus:
Ruchit Jain recommended two stocks for consideration: Hindustan Unilever Ltd (HUL) and Havells India Ltd.
Hindustan Unilever Ltd (HUL): Despite recent corrections, signs of reversal are evident on the daily charts, making it a potential short-term buying opportunity in the range of ₹2,240–2,220, with a target of ₹2,380–2,400.
Havells India Ltd: With a positive structure and strong support at 89 DEMA, traders are advised to consider buying in the range of ₹1,550–1,530, targeting ₹1,650 and ₹1,720.
Disclaimer: The views and recommendations provided are those of individual analysts, experts, and broking companies, and readers are advised to consult certified experts before making investment decisions.
