Joshs Finance

Day Trading Guide: 4 stock recommendations for Wednesday – Stock Ideas – Economic Times

, ETMarkets.com|

12 Apr 2022, 07:56 PM IST

1/5

Stock Ideas

The domestic equity market extended its losses on Tuesday, following the gap-down start amid the rising volatility. The benchmark indices made attempts to reverse the previous supports but were unsuccessful.

The Nifty50 slipped lower as it broke the support of 17,600. On the lower end, the index found support around 17,400 before closing about 90 points off the day’s low, said Rupak De, Senior Technical Analyst at LKP Securities.

“The bias remains weak as the Nifty ended below the support of 17,600, which is likely to act as resistance. On the lower end, 17,400 may continue to act as support below which the Nifty may witness serious correction,” he added.

Below are four stock recommendations by analysts for the next trading session:

Agencies

Crompton Greaves

2/5

Crompton Greaves

Buy in the range of Rs 375 -378
Target: Rs 415-420
Stop Loss: Rs 365

Correction from September 2021 high is getting absorbed near previous support. The recent structure of consolidation & incremental highs is showing a different setup from its previous unstable rise.

Analyst: Kruti Shah, Equirus

Agencies

Pidilite Industries

3/5

Pidilite Industries

Sell in the range of Rs 2,380 -2,340
Target: Rs 2,200-2,150
Stop Loss: Rs 2,460

On a weekly timeframe, the stock is trading near the exhaustion zone. It has reacted sharply from the previous supply zone. Stock is garnering weakness below 2,400, suggesting an opportunity to create a short.

Analyst: Kruti Shah, Equirus

Agencies

Axis Bank

4/5

Axis Bank

Buy in the range of Rs 796 -799
Target: Rs 855
Stop Loss: Rs 762

Stock is trading in the higher top and higher bottom formation and is above key moving averages.

Analyst: Aamar Deo Singh, Angel One

Agencies

NTPC

Buy in the range of Rs 151.7 -152.7
Target: Rs 172
Stop Loss: Rs 141

The stock has given a breakout on rising volumes in the last few sessions. Thus further up move is possible.

Analyst: Aamar Deo Singh, Angel One

Agencies

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