Kotak Securities' Amol Athawale Recommends Three Stocks for Short-Term Investment

Global Market Update: US-Iran Conflict Truce Boosts Indian Stock Market

Key Highlights:

• The Indian stock market benchmarks, Sensex and Nifty 50, have jumped 3.5% each over the last two trading sessions due to positive news flows about the US-Iran war.
• Despite reported negotiations, significant uncertainty remains about the conflict's resolution.

Market Analysis:

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The Nifty 50 formed a long bullish candle on the daily charts, indicating a potential uptrend continuation. According to Amol Athawale, VP - Technical Research at Kotak Securities, the market has completed one leg of the pullback move, suggesting buying on intraday corrections and selling on rallies as an ideal strategy for traders.

Support and Resistance Zones:

• Key support zones: 23,100/74,700 and 23,000/74,500
• Crucial resistance areas: 23,500-23,700/76,000-76,500

Stock Picks for the Short Term:

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Vedanta

• Previous close: ₹669.65
• Target price: ₹720
• Stop loss: ₹645
• Bullish reversal signal on the daily chart, with a potential trend reversal indicated by breaking out of a downward-sloping channel.

Crompton Greaves Consumer Electricals

• Previous close: ₹242.55
• Target price: ₹260
• Stop loss: ₹233
• Bullish continuation chart structure, with a potential uptrend resumption in the coming sessions.

Canara Bank

• Previous close: ₹136.53
• Target price: ₹147
• Stop loss: ₹131
• Rounding bottom chart pattern on the daily scale, indicating a steady upward move and further bullish momentum.