Stock Market Insights: Key Stock Recommendations for Monday
Last Friday, the Indian stock market reached all-time highs thanks to strong advances in the banking and automotive industries. The NSE Nifty50 closed over 25,750, while the S&P BSE Sensex surged 1.63% to close at an all-time high of 84,544.
“The short-term trend for Nifty is sharply positive,” says HDFC Securities Senior Technical Research Analyst Nagaraj Shetti. Although Friday’s rise shows strength, more increases are anticipated after a temporary pullback. With immediate support at 25,650, the next upward objective is approximately 26,250.
Here are Monday’s seven stock recommendations:
1. Buy M&M at ₹2,947
- Target Price: ₹3,150
- Stop Loss: ₹2,790
Following a recent pullback, M&M is currently on a solid upswing. With higher-than-average volumes supporting it, it has recovered from the 20-week SMA and closed above the 20-day and 50-day SMAs. An increasing trend is indicated by the rising 14-day RSI.
2. Buy IRB Infra Developers at ₹65
- Target Price: ₹73
- Stop Loss: ₹59
IRB Infra has been stabilizing over the last few weeks, but robust volumes this week allowed it to bounce back from the 200-day EMA, suggesting that interest is once again high. Additionally, the RSI has bounced back from oversold levels, indicating that the stock is about to resume an upward trend.
3. Buy Tata Tech at ₹1,125
- Target Price: ₹1,245
- Stop Loss: ₹1,065
Recently, Tata Tech broke out of a trend of rounding, indicating a significant change in direction. With significant volume, the stock closed above an important resistance level, indicating a bullish move. This upward trend is supported by the increasing RSI and trading above the Base and Conversion Lines.
4. Buy Reliance Industries at ₹2,972
- Target Price: ₹3,036
- Stop Loss: ₹2,940
Reliance has broken out of its range and closed above important levels following a period of consolidation. Currently serving as strong supports, these levels are underpinned by the 100 and 20 EMAs. An increase in volume indicates increased purchasing activity, and the price action is supported by the upward-trending RSI.
5. Buy DLF at ₹877
- Target Price: ₹950-₹1,000
- Stop Loss: ₹820
On the daily chart, DLF recently broke clear of a declining trendline, and increasing trade volume suggested that a breakout may be approaching. At 60, the RSI is going higher, indicating increasing purchasing momentum.
6. Buy VMart at ₹3,698
- Target Price: ₹3,900-₹4,000
- Stop Loss: ₹3,400
On the daily chart, VMart has been collecting close to a resistance level. The RSI is at 59.35 and heading upward, indicating a possible breakout, and the increasing volume points to a strengthening buying momentum.
7. Buy JSW Steel at ₹981
- Target Price: ₹1,040-₹1,050
- Stop Loss: ₹930
On the daily chart, JSW Steel has broken out of an ascending triangle pattern with high volume supporting it. With the RSI currently at 63.48, an upward trend is seen suggesting strong purchasing pressure.
These stock suggestions are based on current market trends and profit-seeking technical indicators. When you make your weekly investment decisions, pay close attention to the target prices and stop-loss levels.
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