Stock market today: 5 trading ideas for retail investors
Riches Vanara, Technical and Derivatives Analyst, StoxBox, shares five trading ideas for the day.
Benchmark stock markets opened on a negative note on Friday as investors worried about the possibility of rising inflation in the near future.
The BSE S&P Sensex was down over 200 points at around 10 am, while the NSE Nifty 50 fell over 70 points. Broader market indices also fell in line with the benchmarks.
In such a scenario, analysts believe markets to see more stock-specific action. Riches Vanara, Technical and Derivatives Analyst, StoxBox, shares five trading ideas for the day.
JINDAL WORLDWIDE
The price action on the daily outlook saw a sharp spurt following a tight volatility compression in the previous two trading sessions. The move came on a relatively stronger volume and relative strength compared to Nifty. We reckon to initiate long on an intraday basis for the target of Rs 380 and Stop Loss (SL) at 367.
JINDAL STAINLESS
The price action marked a new life-high at Rs 415 as it staged a bullish breakout from a smaller but constructive base and saw an uptick in positive momentum. We reiterate a buy on Jindal Stainless on an intraday basis for the target of Rs 423 and SL at Rs 409.
RITCO LOGISTICS
The price in the daily timeframe spurted 6.8 per cent amidst a basing pattern. The move came on price showing relative outperformance as compared to the Nifty 50. This indicates strength in the price action. We reckon to buy Ritco Logistics from an intraday point of view for the target of Rs 279 and SL at Rs 276.
SH KELKAR AND COMPANY
The price action staged a bullish breakout from a multi-month trendline on the highest volume recorded for the year. We recommend initiating long for a short target of Rs 150.50 and SL at Rs 145.30.
SUVEN PHARMA
The price action has staged a bullish breakout from the rounding bottom pattern on a strong volume node. The mentioned pattern is a potential sign of trend continuation. We anticipate the price action to surge to the level of Rs 550 against the risk up to Rs 485.
(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts are their own and do not necessarily reflect the views of the India Today Group.)
