As the Indian stock market opens on November 18, 2024, Rajesh Bhosale, a prominent analyst at Angel One, has identified two stocks that investors should consider buying: Indian Hotels Company Ltd and Eicher Motors Ltd. These recommendations come amid ongoing market volatility and provide potential opportunities for traders looking to capitalize on current trends.
Market Context
The Nifty 50 index has been under pressure, closing lower for six consecutive sessions prior to the holiday on November 15 due to Guru Nanak Jayanti. The index recently settled at 23,532.70, reflecting a decline of 0.11%. Market sentiment remains cautious as traders navigate through broader economic concerns, including inflation and foreign institutional selling.
Stock Recommendations by Rajesh Bhosale
1. Indian Hotels Company Ltd (INDHOTEL)
- Current Price: ₹741
- Recommendation: Buy
- Target Price: ₹820
- Stop Loss: ₹709
Rajesh Bhosale highlights that Indian Hotels has shown exceptional strength, outperforming the broader market despite recent weakness. The stock has recently broken out of a consolidation range between ₹720 and ₹640, indicating a strong continuation pattern. The surge in trading volume alongside the upward price movement further validates this breakout, suggesting that the stock is poised for continued outperformance in the near term.
2. Eicher Motors Ltd (EICHERMOT)
- Current Price: ₹4,884
- Recommendation: Buy
- Target Price: Not specified
- Stop Loss: Not specified
Bhosale notes that Eicher Motors found solid support at the crucial ₹4,500 level, which aligns with its 200-day simple moving average (SMA). The stock recently formed a bullish reversal pattern known as a “Bullish Kicking,” indicating strong buying momentum. The robust rebound observed in the stock suggests that positive momentum is likely to continue, making it an attractive buy for investors.
Technical Analysis Insights
According to Bhosale’s analysis:
- The Nifty 50 index is currently facing resistance at 23,700 points, with support at 23,400 points.
- A decisive breach above the 23,700 to 24,000 range is necessary to improve market sentiment.
- The Bank Nifty index is expected to trade within a range of 49,700 to 50,700, with key support at the 49,750 level.
Conclusion
As traders prepare for today’s session, Rajesh Bhosale’s recommendations of Indian Hotels and Eicher Motors provide actionable insights amid a challenging market environment. Investors should consider these stocks as potential opportunities while remaining vigilant about overall market conditions.Disclaimer: This article is intended for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with certified financial advisors before making any investment decisions based on market trends or stock performances.
