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Day Trading Guide: Bharti Airtel among 4 stock ideas for Wednesday – Stock Ideas – Economic Times

Updated: 26 Apr 2022, 08:21 PM IST

1/5

Stock Ideas

Markets continued to remain choppy. Post two days’ swift decline, the Nifty opened gap up and remained above 17,000 throughout the session. Nifty filled its downward gap, which it formed on 25th April and managed to surpass 17,200.

“Nifty’s sharp recovery ensures immediate support near 16,800-16,900 zone and sustenance above for the same is likely to attract some consolidation/bounce-back action to digest recent decline. Bank Nifty surpassed 36,500, but erased some early gains. Stocks specific rally within banking space is possible,” said Amit Trivedi, Technical Analyst – Institutional Equities, YES Securities.

FMCG index saw positive traction, with almost 90% of its components settling in green — a stock specific rally is expected. The pharma index recovered but lacked the required momentum on the upside, while the IT index erased intraday gains.

Below are key recommendations for Wednesday

ETMarkets.com

Bharti Airtel

2/5

Bharti Airtel

Buy 770 May Call option near Rs 17-18 (premium)
Stop Loss: Rs 9
Target: Rs 35

After losing 8% from the recent high, the stock regained momentum on the upside. The appearance of a bullish candle at the current juncture ensures resumption of the uptrend.

Analyst: Amit Trivedi, YES Securities

Agencies

Power Finance

3/5

Power Finance

Buy near Rs 117-118
Stop Loss: Rs 112
Target: Rs 128

Defending support of Rs 115, the stock has formed a bullish candle. Sustenance at current levels could lead to a short-term bounce to Rs 128.

Analyst: Amit Trivedi, YES Securities

Agencies

Hindalco Industries

4/5

Hindalco Industries

Buy between Rs 492-495
Stop Loss: Rs 480
Targets: Rs 545/560

Hindalco Industries corrected 25 per cent from a recent high in 18-20 trading sessions. With the transition from April to May series, volumes are settling with narrowed IV differential. This indicates the possibility of a bounce. Option concentration range is 500 -550. OTM CE strike at max congestion 560 – 570. OTM PE strike at max concentration 490 -500.

Analyst: Kruti Shah, Equirus

Manappuram Finance

5/5

Manappuram Finance

Buy between Rs 112-116
Stop Loss: Rs 105
Targets: Rs 145/160

Consolidation at the lower range suggests the possibity of polarity shifting upward. Favourable risk-adjusted return. The seller’s WAP is far higher than the current level (170 -180). OI at 36 million shares versus 25 million shares (three-month average). We expect the stock to move higher from the current level (Rs 112 -116) with demand below Rs 105 (closing basis) and a tentative target towards 145/160.

Analyst: Kruti Shah, Equirus

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times.)

Agencies

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