By Riyank Arora
On Wednesday, the benchmark index opened with a neutral opening and rose by nearly 146 points by the close. The Nifty ended 146 points higher, and the Sensex increased by 550 points.
The Media Index led the rally, with the Oil & Gas Index performing relatively well. Realty and Metal stocks experienced significant profit booking during the session. Technically, the market is trading well above its major support level of 23,800.
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The key resistance is now at 24,000 – 24,100, and the overall trend remains positive with a buy-on-dips strategy. The market is likely to move towards the 24,000 level as this uptrend rally continues.
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Stock Recommendations:
Varroc Engineering | Buy |CMP: 670.50 | SL: 630.00 | TARGET: 750.00
Varroc Engineering has broken out above its recent swing high resistance at 632.00 and has managed to close above this level. The stock is currently experiencing a healthy consolidation around its breakout level, making it an appealing low-risk buy. Setting a stop-loss at 630.00, the stock presents potential upside targets of 750.00 and higher.
Bajel Projects Ltd | Buy | CMP: 304.35 | SL: 290.00 | TARGET: 340.00
Bajel Projects Ltd has successfully re-tested its breakout level, presenting an attractive risk-to-reward ratio at its current price.
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The stock is trading comfortably above all key moving averages and its anchor VWAP support level. With a strict stop-loss at 290.00, it offers potential upside targets of 340.00 and beyond.
Granules India | Buy | CMP: 487.80 | SL: 480.00 | TARGET: 520.00
Granules has achieved a robust breakout above its all-time high of 485.95 and has successfully closed above this level. During Tuesday’s trading session, the stock re-tested the breakout point, presenting a favorable risk-reward scenario at its current price.
With the RSI (14) near 65, the stock shows strong momentum and is well-positioned for an upside toward the target of 520.00. A strict stop-loss should be set at 480.00.
(Disclaimer: Riyank Arora, Technical Analyst, Mehta Equities. Views expressed are author’s own. Views, recommendations, opinions expressed are personal and do not reflect the official position or policy of Financial Express Online. Readers are advised to consult qualified financial advisors before making any investment decisions. Reproducing this content without permission is prohibited.)
