According to reports from Business Standard, the Nifty declined for the second straight session, falling 24 points to close at 24,055. The index faces continued resistance at the 24,200–24,250 band, where multiple moving averages are clustered. A sustained close below 24,000 could drag the index toward the next support band of 23,823–24,890. Market analysts and brokerage firms have identified high-conviction trading ideas for the second session of September, spanning across diverse sectors.
As reported by Business Standard, KSB Ltd has broken out from the narrow consolidation that was held for the last three weeks. The stock is currently trading at ₹828.20 with a stop loss of ₹790 and a target of ₹890. The price rise is accompanied by a rise in volumes, indicating strong buying interest. The stock is placed above the 20 DEMA, which indicates a bullish trend on the short-term time frame, while the daily RSI has been sustaining above 50. Vinay Rajani, CMT, Senior Technical & Derivative Analyst at HDFC Securities, has a 'buy' call on KSB at ₹828.20, with a target price of ₹890, implying an upside of 7.47% from the suggested entry level.
According to Business Standard, Stove Kraft has broken out from the narrow consolidation which was held for the last ten weeks. The stock is currently trading at ₹847 with a stop loss of ₹798 and a target of ₹900. The price rise is accompanied by a rise in volumes, indicating strong buying interest. The stock is placed above all key moving averages, with the daily RSI sustaining above 50. Additionally, the daily MACD is placed above the equilibrium and signal line, reinforcing the bullish momentum. Vinay Rajani, CMT, Senior Technical & Derivative Analyst at HDFC Securities, has a 'buy' call on Stove Kraft at ₹853, with a target price of ₹900, implying an upside of 6.25% from the suggested entry level.
Multiple brokerage firms have issued additional buy recommendations for Wednesday's trading session. HCL Technologies receives a 'buy' call at current market price with a target of ₹1,420, implying an upside of 5.08% and stop loss at ₹1,310. ONGC is recommended for purchase between ₹234-₹238 with a target of ₹250, offering upside potential of 5.04%-6.84% depending on entry price. Caplin Point Laboratories is suggested with a target price of ₹2,800 and stop loss at ₹2,640, implying an upside of up to 3% from current market price.
