Nifty Outlook Today
“Technically, despite of high volatility, Nifty defended its 21-Days Simple Moving Average (21-DSMA) support and formed a hammer candle on a daily scale, indicating strength. The 21-DSMA is placed near 23,270 levels, which will act as immediate support for index followed by 23,000 levels, while 23,640 will serve as short-term resistance for index. As long as the index holds 23,000, traders are advised to follow a buy-on-dips strategy,” said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd. (A Pantomath Group Company).
Bank Nifty Outlook Today
“Technically, the Bank Nifty has found support around 21-Days Simple Moving Average (21-DSMA) and formed a green candle on the daily chart, indicating strength. Resistance is placed around 50,000, with immediate support at 48,900, and a breakout in either direction will determine the next move for the index,” said Hrishikesh Yedve.
Stocks To Buy Today
On Tuesday, February 4, Choice Broking’s executive director, Sumeet Bagadia, recommended buying two stocks after Budget 2025.
Max Healthcare Institute
Buy in MAXHEALTH in Cash @ 1145, Stop-loss @ 1105, Target @ 1225
MAXHEALTH is currently trading at ₹1,145, having recently rebounded from a key support zone. The stock has formed a bullish hammer candlestick pattern, signaling strong bullish momentum. This reversal is further supported by increased trading volumes, indicating strong buying interest from investors. In the short term, the stock appears poised to target ₹1,225.
The Relative Strength Index (RSI) stands at 59.48, reflecting a healthy uptrend with room for further growth. Additionally, MAXHEALTH is trading above its 20-day, 50-day, and 200-day exponential moving averages (EMAs), suggesting strong support across both short-term and long-term trends. Sustaining above the critical resistance level of ₹1,160 could provide an ideal entry point for long positions. On the downside, key support is observed at ₹1,118.
Traders may consider entering at the current price of ₹1,145, with a target of ₹1,225 and a stop-loss at ₹1,105 to manage risk effectively. While the trade setup appears promising, caution is advised due to potential short-term volatility. Adhering to robust risk management practices will be crucial for executing this trade successfully.
Indian Hotels Company
Buy in INDHOTEL in Cash @ 816.20, Stop-loss @ 788, Target @ 873
INDHOTEL is currently trading at ₹816.20, exhibiting a strong bullish reversal from its support zone. The stock has broken out of a falling trendline on the daily timeframe, demonstrating robust upward momentum. A sustained move above the critical resistance level of ₹830 could provide an ideal entry point for long positions, with a potential target of ₹873. This breakout scenario is further supported by rising trading volumes, indicating increased buying interest among investors.
The Relative Strength Index (RSI) stands at 54.59 and is trending upward, signaling a healthy uptrend with room for further growth. Additionally, INDHOTEL is trading comfortably above its 20-day, 50-day, and 200-day Exponential Moving Averages (EMA), reinforcing the positive trend.
Traders may consider entering at the current price of ₹816.20, aiming for a target of ₹873, with a stop-loss set at ₹788 to manage risk effectively. While the trade setup appears promising, it is crucial to remain cautious of potential short-term volatility and adhere to proper risk management practices for successful execution.
Disclaimer
The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.
fbq('track', 'PageView');
Original news source Credit: www.goodreturns.in
You must be logged in to post a comment Login