Market Analysts Recommend Stock Picks Amid Ongoing Market Volatility

On Thursday, October 17, 2024, several market analysts provided their insights on stock picks for the short term trading period. Technical analysts, Nagaraj Shetti from HDFC Securities, Sacchitanand Uttekar from Tradebulls, and Mitessh Thakkar from earningwaves.com, released their recommendations for buying and selling shares in the current market environment.

Nagaraj Shetti recommended buying Chennai Petro, with a target price of ₹1,020 and a stop loss set at ₹920. He also advised selling BHEL for a target price between ₹248 to ₹246, with a stop loss at ₹264. These recommendations were made by Shetti at around 12 pm.

Sacchitanand Uttekar suggested buying shares of Hindustan Aeronautics Limited (HAL) and Voltas. The target price for HAL is ₹4,300, with a stop loss of ₹4,085, while for Voltas, the target price is ₹1,740, with a stop loss of ₹1,585. Uttekar conveyed these recommendations at 11:00 am.

Mitessh Thakkar proposed purchasing shares of companies including Gujarat Fluorochemicals and Tech Mahindra, setting target prices of ₹4,800 and ₹1,945, respectively. He mentioned a stop loss of ₹4,595 for Gujarat Fluorochemicals. Thakkar’s sell recommendation was for Coforge, with a target price of ₹7,000 and a stop loss of ₹7,285. The recommendations were made at 9:15 am.

Meanwhile, the Indian stock markets showed a declining trend for the third consecutive session on Thursday. The Nifty 50 index saw a decrease of 221 points, closing at 24,749, while the BSE Sensex fell by 494 points to settle at 81,006. Additionally, the Nifty Bank index dropped by 512 points, ending the day at 51,288. All sectors, except Information Technology, concluded on a lower note, with Realty, Consumer Durables, and Auto being the most affected sectors.

Deepak Jasani, Head of Retail Research at HDFC Securities, observed that the sharp decline and a “long bear candle” formation in Nifty could indicate a potential further drop in the index. “A breach of 24,694 could take the Nifty down to the 24,367 mark,” he warned, adding that resistance could be encountered at the 24,920 level.

Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta, commented on the Bank Nifty’s performance: “Technically, the index has formed a big bearish candle on a daily scale, indicating weakness.” He noted that support could be found between 51,000-51,050 levels, based on the 100-day Exponential Moving Average.

Amidst the overall market downturn, stock experts Sumeet Bagadia from Choice Broking and Ganesh Dongre from Anand Rathi highlighted several buy opportunities. They recommended stocks including Gujarat Fluorochemicals, Tech Mahindra, ICICI Lombard, Ambuja Cements, and LT, each with specified target prices and stop losses.

The article underscores the importance of evaluating market conditions and risks before making investment decisions, as per the CNBC TV18 team’s advisory. Furthermore, it cautions investors to consider seeking advice from certified experts and confirmed its independent stance in regard to the views provided by the analysts.