Ruchit Jain of Motilal Oswal suggests Tata Power, Siemens shares to buy in the near-termAI Quick ReadStock market today: The domestic benchmark indices, the Nifty 50 and Sensex, rose on Wednesday, April 15, influenced by gains in other Asian markets, as oil prices dipped below $100 a barrel due to rising hopes for the resumption of U.S.-Iran peace negotiations.
By 12:52 IST, the Nifty 50 had risen by 1.53% to 24,205 . 70, while the Sensex gained 1.62%, reaching 78,092.74.
Other Asian markets also saw a rise of 1.7%, and Wall Street stocks moved upward after U.S. President Donald Trump indicated that discussions with Iran could restart in Pakistan over the next two days, following a halt in negotiations the previous weekend.
Officials from Pakistan and Iran suggested that talks might be on the verge of restarting, leading to lower Brent crude prices and boosting expectations for a reduction in conflict.
Our markets have recently started forming a ‘Higher Top Higher Bottom’ structure along with a broad market participation which is a bullish sign. The Nifty 50 is now trading around the 50 percent retracement level of the entire correction from the high which is seen around 24,250. Also, the 50 DEMA is placed around 24,450 and thus 24,250-24,450 is the immediate hurdle for the index. However, as the broader market is witnessing good buying interest, we might see a continuation of the uptrend in the benchmark as well and hence, traders are advised to keep a buy on dip strategy and use declines as buying opportunities.
On shares to buy or sell in the near-term, Ruchit Jain recommends Tata Power, and Siemens.
The stock has given a breakout from its consolidation phase of more than a year. The recent price action have witnessed rising volumes and thus a breakout with good volumes indicates possibility of a trended phase ahead. The RSI oscillator is also hinting at a positive momentum and hence, short term traders should look for buying opportunities. Traders can buy the stock in the range of ₹420-417 for possible target around ₹446. The stoploss on long positions should be placed below ₹405.
Siemens had seen a time wise corrective phase in last couple of months and prices have now given a breakout from its resistance with higher than average volumes. Hence, positional traders can look to buy Siemens in the range of ₹3,480-3,460 for potential target around ₹3,660. The stoploss on long positions should be placed below ₹3,380.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
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