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    Market Trading Guide: Maruti Suzuki, Infosys futures are 2 stock recommendations for Tuesday

    Synopsis

    Benchmark equity indices in India rose for the second consecutive session, driven by strong performances from index heavyweight Reliance Industries and IT stocks. The 30-share BSE Sensex rose 234 points to settle at 61,963.68, while the Nifty surpassed the 18,300 level. Despite strong market gains, caution is advised around the important retracement resistance zone. Experts recommend buying Maruti Suzuki Futures and Infosys Futures, due to bullish indications and patterns on daily and 4-hourly time frames.

    Market Trading Guide:  Maruti Suzuki, Infosys Fut are 2 stock recommendations for TuesdayAgencies
    Benchmark equity indices rallied for a second straight session on Monday following buying in index heavyweight Reliance Industries and IT stocks. Improving sentiments with hopes of the US debt ceiling negotiation to advance in the positive direction helped the 30-share BSE Sensex climb 234 points to settle at 61,963.68 as 19 of its components closed in green. Nifty topped 18,300 levels.

    From the Nifty pack, top gainers were Adani Enterprises, Adani Ports, Divi’s Labs, Apollo Hospital and Tech Mahindra, while laggards included Nestle, Hero MotoCorp, Eicher Motors and Axis Bank.

    “Overall, the market has shown positive signs with a strong bounce back, supported by the performance of specific sectors. However, caution is advised around the important retracement resistance zone, and traders should monitor the levels mentioned for potential market movements. Nifty has strong support at 18200 range while having resistance on higher side at 18375 to 18400 range,”Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities, said.

    Here are the stock recommendations for Tuesday:

    Maruti Suzuki Futures
    Buy | CMP: Rs 9,156.65 | Target: Rs 9,300 |Stop Loss: Rs 9,300

    On a daily chart , the price has given a breakout of the Double Bottom pattern, indicating bullish strength. The price has successfully retested the breakout level with Hammer candlesticks indicating bullish trend may continue in the near term. Currently, the stock has been trading above the 50 EMA, which adds more strength to the price.

    The indicator Stochastic also suggested a positive crossover confirming a long position.

    (Mahesh Prakot, Research Analyst, Bonanza Portfolio)

    Infosys Futures
    Buy | CMP: Rs 1,292.80 | Target: Rs 1,315 | Stop Loss: Rs 1,270

    On a 4-hourly time frame, the price has given a Descending Broadening Wedge pattern, indicating Bullish strength in the counter. Prices shifted just above the Prior Supply Zone, which adds more strength to the price. In addition, the MACD also suggested positive crossover confirming long position.

    (Mahesh Prakot, 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)



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    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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