Brokerages Release New Stock Recommendations: Anand Rathi's Jigar Patel Selects 3 Key Holdings
Nifty 50 Technical Outlook
The Nifty 50 benchmark stock market index closed at 23,114 on Friday, after extending losses for the fourth consecutive week due to concerns over the ongoing US-Iran war, rising crude oil prices, the rupee's weakness, and heavy foreign capital outflows.
Key Support Zone
According to Jigar S. Patel, Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers, the index has now retraced nearly 70.7% of the entire upmove from 21,743 to 26,373, placing it near a crucial support zone that could act as a potential base.
Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data
Momentum Indicator RSI
The momentum indicator RSI has shown signs of recovery, rising from a recent swing low of 24.15 to 29.74, indicating the formation of a possible bullish divergence.
Stock Picks for the Short Term
Jigar Patel recommends buying the following three stocks for the next one to two weeks:
Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline
Hindustan Copper
- Previous close: ₹489.45
- Buying zone: ₹490–₹480
- Target price: ₹560
- Stop loss: ₹450
Gujarat Ambuja Exports
- Previous close: ₹134.51
- Buying zone: ₹135–₹130
- Target price: ₹151
- Stop loss: ₹122
Britannia Industries
- Previous close: ₹5,618.50
- Selling zone: ₹5,800–₹5,700
- Target price: ₹5,350
- Stop loss: ₹6,000
Investor Takeaway
Investors should consider the technical outlook and potential support zone for the Nifty 50.
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