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Day Trading Guide: 2 stock recommendations for Tuesday – Economic Times

With no respite in the recent past, MSCI emerging markets index continued its southward journey at a 52-week lower zone. However, within emerging markets, MSCI India index is holding ground when compared with major other EM countries.

Nifty registered positive close for the straight fifth session and managed to surpass prior week’s high. Nifty revisited its 25-day average. Since February multiple pullback rallies stalled near the 25-day average. Hence, follow-up action needs to be closely watched out as sustenance above 16,800 is essential to gain further momentum on upside.

On the sectoral front, metal and energy index snapped the recent winning streak, while IT index was holding ground. Bank Nifty outperformed the benchmark index, however, it ended below its prior week’s high.

Midcap100 and Smallcap100 indices traded within a narrow range, thereby lacking required momentum on either side.

Recommendations:
NATIONAL FERTILIZER LIMITED (NFL)

Buy near Rs 51

Stop loss at Rs 47

Target at Rs 59

Last week, the stock gained significant positive traction, surpassing hurdle near Rs 47. Sustenance above levels of Rs 50 is likely to lift the stock till 59 zone

GREAT EASTERN SHIPPING (GESHIP)

Buy near Rs 345

Stop loss at Rs 330

Target at Rs 375

Consolidation breakout ensures shift of range on upside. Sustained move above short-term averages and sustenance above Rs 340 is likely to unlock further upside potential.

(The author, Amit Trivedi, CMT is Technical Analyst-Institutional Equities at YES Securities)

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