Brokerage firm Motilal Oswal has identified three stocks—ABB, Exide Industries, and Glenmark Pharma—as strong buy candidates for this week, offering decent upside potential amidst current market volatility. As of October 16, 2024, the Indian stock market has faced challenges, with the Sensex and Nifty 50 experiencing declines due to weak global signals.
Market Overview
On October 16, the Sensex fell by 319 points (0.39%) to close at 81,501.36, while the Nifty 50 dropped 86 points (0.34%) to settle at 24,971.30. The Nifty index fell below the 25,000 mark and traded sideways throughout the session. Most sectors ended in the red, with notable exceptions in Oil & Gas, Realty, and Financials. The market is currently consolidating amid relentless selling by Foreign Institutional Investors (FIIs), who have pulled out approximately ₹63,875 crores so far in October.
Stock Recommendations
ABB Share
Motilal Oswal recommends buying ABB at a price of ₹8,553, with a target price of ₹9,200 and a stop loss set at ₹8,200. The stock has recently shown a range breakout on a weekly scale after twelve weeks and is forming higher lows. The momentum oscillator RSI indicates continued upward momentum, suggesting strong buying interest.
Exide Industries Share
For Exide Industries, the recommended buy price is ₹530, with a target of ₹575 and a stop loss at ₹505. The stock has formed a solid base near the ₹500 level and recently broke out of consolidation. It has shown resilience despite market volatility and is trading well above its 50-day exponential moving average (DEMA).
Glenmark Pharma Share
Lastly, Motilal Oswal suggests buying Glenmark Pharma at ₹1,790, targeting ₹1,950 with a stop loss at ₹1,720. The stock is trading near its lifetime highs and has recently achieved a channel breakout on a weekly scale after seven weeks. Strong buying interest is evident in the pharmaceutical sector, positioning Glenmark for potential outperformance.
Conclusion
As investors navigate through a challenging market landscape characterized by mixed global cues and domestic uncertainties, these three stocks—ABB, Exide Industries, and Glenmark Pharma—present viable opportunities for those looking to capitalize on potential upside in the coming week.Disclaimer: This article is for informational purposes only and should not be considered as investment advice. Always conduct thorough research or consult with a financial advisor before making investment decisions.
