The results of Jharkhand and Maharashtra assembly elections have come out. In which the present government has returned to power in both the states. Which is being seen as a positive sign for the stock market. In such a situation, it is expected that there may be increased activity on Dalal Street. Global trends and activities of foreign institutional investors (FIIs) will decide the direction of stock markets this week.
In such a situation, Arihant Capital Markets Senior Technical Analyst Milen Vasudeo has advised buying and selling of some stocks. He says that traders should pay attention to these stocks in today’s session.
National Aluminum Company – Buy | Target Price: ₹308-330 | Stop Loss: ₹230
We are seeing the formation of higher highs on the daily charts of NALCO. Furthermore, the momentum indicator RSI is positioned positively and the stock is also outperforming the benchmark indices. Given all these factors, it is clear that the upward momentum may continue. Therefore, you can buy the stock at current levels and achieve a target of ₹308-330 in 2 weeks with a stop loss of ₹230.
Tata Motors | Sell | Target Price: ₹730-690 | Stop Loss: ₹840
We are seeing the formation of a Lower Top Lower Bottom on the daily charts of Tata Motors. Furthermore, the momentum indicator RSI is positioned negatively. The stock is also underperforming the benchmark indices. Currently the stock is facing resistance at ₹830. Hence, you can sell the stock with a stop loss of ₹840 for a target of ₹730-690, which can be achieved in the next 2 weeks.
Punjab National Bank Buy | Target Price: ₹113-120 | Stop Loss: ₹92
After a long downtrend, we see PNB stocks taking support at ₹94 level and forming higher highs on the daily charts. The stock is currently underperforming the benchmark indices. However, the momentum indicator RSI is positioned positively. Hence, a bounce is expected. You can buy the stock at current levels with a stop loss of ₹92 and a target of ₹113-120 in the next 2 weeks.
Disclaimer: Investing in the stock market can be risky. Be sure to consult your financial advisor before investing.