Stocks to buy: Nykaa and Concor looking attractive, here’s why

Estimated read time 10 min read

Indian stock market: The Nifty remained within the defined range of 23,300-23,500. The short-term sentiment is likely to remain more or less positive. Support levels are seen at 23,400/23,300, where put writers have built significant positions. A decisive fall below these levels might shift the market balance in favor of the bears. Until then, it’s a buy-on-dips market. On the higher end, a decisive move above 23,500 might lead to a sharp upside in the near term.

Bank Nifty

The BankNifty continued its consolidation phase and was unable to surpass the 50000 mark, where the highest open interest is built up on the call side. The index needs to decisively surpass the 50200 mark to confirm an upside breakout towards the 51000 level. The lower-end support is placed at the 49500-49400 zone, and a break below this will open gates for further downside towards 49000.

Stocks to buy

Piramal Pharma Ltd: Buy at 157 | Target Price: 180/200 | Stop Loss: 150

The stock is on the verge of a breakout from its consolidation phase on the daily chart. The momentum indicator RSI is sustaining above the level of 60, indicating strong momentum. The stock is trading above its short-term moving average of 20DMA, which is placed at 150 and acts as support in case of any declines. Once the stock surpasses the mark of 160, it is likely to see an acceleration of momentum towards the 180/200 mark.

Nykaa: Buy at 170 | Target Price: 180/200 | Stop Loss: 160

The stock is showing early signs of bottom formation on the long-term chart, evidenced by volume-based buying. It has taken strong support at its 100DMA and 200DMA, confirming the bottom formation. Additionally, the momentum indicator RSI is on the verge of a breakout from a falling trendline on the daily chart, which will accelerate momentum going forward.

Container Corporation of India: Buy at 1135 | Target Price: 1240/1360 | Stop Loss: 1060

The stock is trading in a strong uptrend, maintaining higher high and higher low formations on the daily chart. It has surpassed its 20DMA with significant volumes, indicating a bullish undertone. The lower-end support is placed at 1060, which will act as a cushion in case of any declines.

The author Kunal Shah, is the Senior Technical & Derivative Analyst at LKP Securities.

Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.


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Published: 16 Jun 2024, 04:10 PM IST

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