Day Trading Guide: 6 stock recommendations for Tuesday – Stock Ideas – Economic Times

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25 Apr 2022, 08:14 PM IST

1/7

Stock Ideas

Once again, the domestic markets were irked by the global selloff and as a result, our benchmark index Nifty started the session with a downside gap. The index ended the session with a loss of over 200 points.

“Despite the sharp correction, the swing low of 16,825 is defended by the markets and indicates that till this support is held, we can expect some relief pullback in the markets. On the other hand, markets would be out of the woods only above the 17,400 mark since we are witnessing a death crossover of moving averages on the daily time frame of Nifty,” said Mehul Kothari, AVP – Technical Research, Anand Rathi.

Below are key recommendations for Tuesday:

Agencies

Genus Power

2/7

Genus Power

Buy between Rs 105-102
Stop Loss: Rs 95
Target: Rs 120

Recently, the stock confirmed a multiyear breakout above Rs 95 mark and that too at its life time high. The breakout was supported with exceptional volumes. The theoretical target for breakout comes around Rs 130-140 in the coming few months.

Analyst: Mehul Kothari, Anand Rathi

Agencies

JSW Steel

3/7

JSW Steel

Buy between Rs 715-705
Stop Loss: Rs 680
Target: Rs 760

After a one-sided rally from Rs 570 to Rs 790, the stock has been in a corrective mode since past few sessions. In recent session, the stock displayed sharp recovery and the pattern resembles a reversal candlestick. On the daily scale we are witnessing golden crossover of 50-Day SMA with 200-Day SMA, which indicates a bullish move for medium term.

Analyst: Mehul Kothari, Anand Rathi

Agencies

Syngene

4/7

Syngene

Buy between Rs 635-630
Stop Loss: Rs 605
Targets: Rs 660/670

After a recent breakout, the stock has retested the support zone of Rs 630-620. On the daily chart, it has formed a reversal candle near its 20-day moving average. RSI indicator on the daily chart is showing signs of a fresh breakout.

Analyst: Kunal Shah, LKP Securities

Agencies

Balkrishna Industries

5/7

Balkrishna Industries

Sell May futures in the range of Rs 2,040-2,050
Stop Loss: Rs 2,110
Targets: Rs 1,980/1,960

The stock has given a consolidated range breakdown with massive volumes. It also witnessed a fresh short position with an open interest increase by 18 per cent and a price decrease by 4.26 per cent. The downside momentum is likely to continue in the short term.

Analyst: Kunal Shah, LKP Securities

Agencies

Linde India

6/7

Linde India

Buy above Rs 3,480
Stop Loss: Rs 3,430
Target: Rs 3,550

The stock is making consolidation in a 15-minute time frame.

Analyst: Vijay Danotiya, CapitalVia Global Research

Agencies

Dixon Tech

7/7

Dixon Tech

Buy above Rs 4,312
Stop Loss: Rs 4,375
Target: Rs 4,400

The stock is making consolidation in a 15-minute time frame. We see a close above 50 and 100 moving averages. It is sustaining above the resistance level and a good movement with a large volume can happen in the coming week.

Analyst: Vijay Danotiya, CapitalVia Global Research

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times.)

Agencies

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