By Riyank Arora
On Tuesday, the benchmark index witnessed some selling pressure near the 21,000 mark. The Nifty ended 90 points lower while the Sensex was down by 377 points. Among Sectors, The Nifty Oil & Gas and Nifty Realty are under the most pressure. Technically, the market has been struggling to sustain levels above 21,000, facing constant selling pressure. Immediate support for Nifty lies at the 20,850 mark. Below this level, we can expect increased selling pressure in the indices. Any upside would only come if we surpass the 21,050 mark now.
Stock Recommendations
Zaggle Prepaid Ocean Services
BUY | CMP: 239.55 | TARGET: 275 | SL: 227.50
The stock has touched an important trendline support on its daily charts, and with the overall trend being positive, the risk-reward ratio looks favorable on the buying side. With the stock consistently making higher highs and higher lows, it appears to be a good, low-risk buy, with a stop-loss placed at 227.50, aiming for potential targets of 275.00 and above.
Zomato
BUY | CMP: 116.75 | TARGET: 140 | SL: 110
The stock is trading well above its recent anchor VWAP support zone and retested it in Tuesday’s trading session. With the overall trend being positive and the stock continuously in an uptrend, it looks poised for an upward move towards 140, with a strict stop-loss placed at 110.
Century Plyboards (India)
BUY | CMP: 776.35 | TARGET: 900 | SL: 720
The stock has experienced a strong breakout above the March 2022 highs, successfully closing above its multi-year highs with a sharp spike in volumes. With the overall trend being positive and the momentum strong, the stock appears to be a good buy on any pullback towards 750-760, with a stop-loss placed slightly below 720 for potential targets of 850 and 900.
(Riyank Arora, Technical Analyst, Mehta Equities. Views expressed are author’s own. Please consult your financial advisor before investing.)
