Buy PNB, Nalco shares; sell Tata Motors stock, says Arihant Capital

Buy PNB, Nalco shares; sell Tata Motors stock, says Arihant Capital

An analyst from Arihant Capital is observing that prices of PNB have taken support at Rs 94 level after a prolonged downtrend and are in making higher highs on the daily chart.

Advertisement
We are observing a higher high formation on the daily charts of Nalco. RSI is positively poised and even the stock is outperforming the benchmark indices, said the analyst.We are observing a higher high formation on the daily charts of Nalco. RSI is positively poised and even the stock is outperforming the benchmark indices, said the analyst.
https://akm-img-a-in.tosshub.com/businesstoday/2023-12/whatsapp-image-2023-12-17-at-8.39.51-am.jpeg
Pawan Kumar Nahar
  • Nov 25, 2024,
  • Updated Nov 25, 2024 7:26 AM IST

Indian benchmark indices posted solid gains on Friday, thanks to the broad based buying at the lower levels. Assembly election results and expectations of a strong earnings season in the second half of the current fiscal supported the sentiments. BSE Sensex zoomed 1,961.32 or 2.54 per cent to end the session at 79,117.11. NSE's Nifty50 rallied 557.35 points or 2.39 per cent, to settle at 23,907.25 for the day.

Advertisement

 

Some buzzing stocks including Punjab National Bank (PNB), National Aluminium Company Ltd (Nalco) and Tata Motors Ltd are likely to remain under the spotlight of traders for the session today. Here is what Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets has to say on these stocks ahead of Monday's trading session:

 

After a prolonged downtrend, we are observing that prices of PNB have taken support at Rs 94 level and are in making higher high formation on the daily chart. At present the stock is underperforming the benchmark indices. However, the momentum indicator RSI is positively poised. Hence a bounce is in offing. One can buy the stock at current levels with a stop loss of Rs 92 for targets Rs 113–120 levels in a couple of weeks.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

Indian benchmark indices posted solid gains on Friday, thanks to the broad based buying at the lower levels. Assembly election results and expectations of a strong earnings season in the second half of the current fiscal supported the sentiments. BSE Sensex zoomed 1,961.32 or 2.54 per cent to end the session at 79,117.11. NSE's Nifty50 rallied 557.35 points or 2.39 per cent, to settle at 23,907.25 for the day.

Advertisement

 

Some buzzing stocks including Punjab National Bank (PNB), National Aluminium Company Ltd (Nalco) and Tata Motors Ltd are likely to remain under the spotlight of traders for the session today. Here is what Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets has to say on these stocks ahead of Monday's trading session:

 

After a prolonged downtrend, we are observing that prices of PNB have taken support at Rs 94 level and are in making higher high formation on the daily chart. At present the stock is underperforming the benchmark indices. However, the momentum indicator RSI is positively poised. Hence a bounce is in offing. One can buy the stock at current levels with a stop loss of Rs 92 for targets Rs 113–120 levels in a couple of weeks.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Read more!
Advertisement