📷 Image Credits: Moneycontrol
As the Nifty 50 continues to defend 24,300, traders are keeping a close eye on key support and resistance levels for potential trading opportunities. The benchmark indices have seen notable recoveries from the day’s low, with the Nifty closing flat with a negative bias on July 11. With 1,403 shares advancing and 924 shares declining on the NSE, traders are strategizing for the near term.
Amol Athawale, VP-Technical Research at Kotak Securities, recommends a buy strategy for Voltas at a current market price of Rs 1,512.8. Voltas has been showing a robust rally with an ascending triangle chart formation, indicating a potential breakout for a new leg of an up move.
LIC Housing Finance, after a sharp uptrend rally, is suggested as a buy by Athawale, with a target price of Rs 850 and a stop-loss at Rs 760. The stock has given a fresh breakout from a sloping trendline.
Chandan Taparia, Head – Equity Derivatives & Technicals at Motilal Oswal Financial Services, advises buying strategy for Bharat Petroleum Corporation (BPCL) at a current price of Rs 306.6. Taparia highlights a breakout from a symmetrical triangle chart formation, indicating a strong upside movement.
Bharat Heavy Electricals (BHEL) is recommended as a buy by Taparia at a CMP of Rs 332.7. BHEL has given a range breakout on the daily chart, holding gains at higher zones, with buying visible across the CPSE Index.
For Tata Motors, a buy strategy is proposed by Taparia at a CMP of Rs 1,020.8. Tata Motors is in an overall uptrend and trading above crucial moving averages, with gradual shifts in support levels.
Engineers India is highlighted by Mandar Bhojane, Equity Research Analyst at Choice Broking, for a buy strategy at a current market price of Rs 290.25. Engineers India has recently seen a breakout of an ascending triangle on the daily chart, indicating potential targets of Rs 370 and Rs 400.
In conclusion, with trading ideas and strategies from market experts for Tata Motors, Voltas, BPCL, BHEL, EIL, ITC, and other stocks, traders are poised to make informed decisions in the market on Friday.
