Rupak De, Senior Technical Analyst at LKP Securities said Nifty reclaimed the 200SMA on Wednesday after closing above the 50SMA in the previous session. The sentiment going forward may remain positive, with the Nifty potentially moving towards 24,265, which is a crucial resistance level where the index may once again face selling pressure, he added. However, any fallout from the truce talks could trigger panic among investors, potentially pushing the Nifty towards lower levels.
Here are 2 stocks to buy:
Buy Hindustan Copper at Rs 526.25 | Upside: 5%
Stop Loss: Rs 513
Target: Rs 552
Hindustan Copper is currently trading around ₹526.25 (CMP) and showing early signs of a bounce after consolidating near support. Traders can consider buying at CMP with a well-defined risk–reward setup. Place a stop-loss at Rs 513 (approximately 2.5% below entry) to limit downside risk. On the upside, aim for a target of Rs 552 (around 5% gain), which aligns with the recent resistance zone. The improving RSI and price holding above short-term moving averages add confidence to the setup. However, ensure volume supports the move. Stick strictly to the defined levels and avoid holding if the stop-loss is triggered to maintain disciplined trading.
(Kunal Kamble, Sr. Technical Research Analyst, Bonanza Portfolio)
Buy Hindustan Petroleum at Rs 364.25 | Upside: 6%
Stop Loss: Rs 354
Target: Rs 382/385
Buy Hindustan Petroleum Corporation Limited in the Rs 362–366 range as the stock is showing a short- term rebound after a sharp correction, with price bouncing from strong support near Rs 320–330 and RSI recovering from oversold levels, indicating improving momentum; a pullback toward the 20 EMA suggests buyers are stepping in, though the broader trend is still cautious, so confirmation above Rs 370 will add strength; keep a strict stop loss at Rs 354 (2.5%) and aim for a target of Rs 382–385 (5%), maintaining disciplined risk management since the stock is still trading below its 200 EMA
(Kunal Kamble, Sr. Technical Research Analyst, Bonanza Portfolio)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
