Vinay Rajani of HDFC Securities has recommended two stocks for buying today - Tata Capital and Orient Electric. According to reports from Business Standard, these technical picks come as part of the analyst's daily market strategy recommendations.
The Nifty has declined more than 300 points from its recent peak of 24,774 and has moved closer to its 200-day DEMA support at 24,384. As reported by Business Standard, a decisive close below this level could drag the index towards the next support at 24,000. On the upside, 24,630 and 24,750 are likely to act as key resistance levels.
Orient Electric has surpassed multiple moving average resistances and has been sustaining above them. According to the analysis reported by Business Standard, indicators and oscillators have turned bullish on the daily and weekly charts. The price rise was accompanied by a jump in volumes on the daily charts, supporting the technical bullish outlook.
Tata Capital has broken out from the downward-sloping trend line on the daily chart. As reported by Business Standard, the price rise is accompanied by a rise in volume, with the stock placed above all key moving averages. The daily RSI has been sustaining above 50, while the daily MACD has risen above the equilibrium and signal lines.
Orient Electric is rated as a buy with a current market price of ₹190, stop loss at ₹184, and target price of ₹199. Tata Capital is also rated as a buy with a current market price of ₹367, stop loss at ₹350, and target price of ₹399. These recommendations are based on technical analysis and chart patterns as reported by HDFC Securities analyst Vinay Rajani.
