Market Overview
On September 27, the Nifty 50 index experienced a decline following several sessions of continuous growth in the stock market. Approximately 1,243 shares saw a dip in the National Stock Exchange (NSE), while 1,231 shares rose. Experts suggest that further consolidation in the Nifty 50 index may be anticipated in the upcoming sessions. In this context, we present several trading ideas for stocks to consider in the near future.
Expert Insights
Rajesh Palviya, Senior Vice President, Research, Axis Securities
Vedanta
Current Market Price (CMP): Rs 513
Advice: Buy
Target Prices: Rs 555, Rs 600
Stop Loss: Rs 480
The Vedanta stock has demonstrated an upward trend, breaking out of a five-month consolidation range between Rs 480 and Rs 400. This suggests a potential for significant price movement in the near future.
Westlife Foodworld
Current Market Price (CMP): Rs 930.5
Advice: Buy
Target Prices: Rs 1,000, Rs 1,095
Stop Loss: Rs 900
The company’s Relative Strength Index (RSI) across daily, weekly, and monthly time frames is positive, indicating strong bullish momentum and rising share prices.
Dr. Reddy’s Lab
Current Market Price (CMP): Rs 6,750
Advice: Buy
Target Prices: Rs 7,000, Rs 7,150
Stop Loss: Rs 6,600
With a consistently positive RSI on daily and monthly charts, Dr. Reddy’s Lab appears poised for a price increase, enhancing the investment’s attractiveness.
Additional Recommendations
Osho Krishnan, Senior Analyst, Technical & Derivatives Research, Angel One
Canara Bank
Current Market Price (CMP): Rs 113.1
Advice: Buy
Stop Loss: Rs 104
Canara Bank shows signs of a bullish trend, making it an appealing option for prospective investors.
Coal India
Current Market Price (CMP): Rs 516.1
Advice: Buy
Target Price: Rs 574
Stop Loss: Rs 486
Investors are advised to consider purchasing Coal India shares within the range of Rs 515 to Rs 510, capitalizing on its favorable price points.
Tata Steel
Current Market Price (CMP): Rs 166.55
Advice: Buy
Target Price: Rs 180
Stop Loss: Rs 154
Tata Steel has shown impressive growth in recent trading sessions, indicating a likely continuation of this trend. Investors are encouraged to buy Tata Steel shares in the range of Rs 164-162.
Conclusion
As the stock market undergoes consolidation, staying informed about potential investment opportunities is crucial. The recommendations outlined above are based on market analysis and technical indicators, making them worth considering for anyone looking to make informed investment decisions.
