Indian benchmark indices reversed their early gains to lower on Wednesday on the back of muted global cues and fall in the global commodity prices. The sentiments continued to remain cautious. BSE Sensex tanked 398.13 points or 0.49 per cent, to end the session at 81,523.16. NSE's Nifty50 tumbled 122.65 points, or 0.49 per cent, to close at 24,918.45 for the day.
Some buzzing stocks including JK Paper Ltd , Sunteck Realty Ltd and Aavas Financiers Ltd are likely to remain under the spotlight of traders for the session today. Here is what a host of brokerage firms have to say on these stocks ahead of Thursday's trading session:
JK Paper | Buy | Target Price: Rs 535 | Stop Loss: Rs 405
In July 2024, JK Paper experienced a significant rise, peaking around Rs 632. However, since then, the stock has declined Rs 203, reflecting a 32 per cent reduction in its price. Currently, the stock seems to be stabilizing as it finds support near its 200-day DEMA. This support level aligns with the 0.618 Fibonacci retracement level, indicating that the current price levels may be attractive for potential buyers. On the technical side, the daily RSI shows an impulsive V-shaped structure near the oversold zone, suggesting a potential bullish reversal in the coming weeks. Given these technical signals, investors might consider buying the stock in the Rs 440-460 zone, with an upside target of Rs 535. However, a stop-loss at Rs 405 on a daily closing basis should be maintained to manage risk.
Recommended by: Anand Rathi Shares & Stock Brokers
Aavas Financiers | Buy | Target Price: Rs 2,090-2,165 | Stop Loss: Rs 1,703
Aavas has demonstrated a breakout above the downward sloping trendline at Rs 1,855 on the weekly chart, signalling the onset of an uptrend. The stock found support at the 38 per cent Fibonacci retracement level of the rally from Rs 1,307 to Rs 1,979, positioned at Rs 1,720, confirming a short-term support base. Since the end of March 2024, the stock has been trending within a rising channel and recently found support at the lower band, heading toward the upper band of the channel. The Weekly RSI strength indicator has crossed above its reference line, generating a buy signal. The above analysis indicates an upside of Rs 2,090-2,165 levels.
Recommended by: Axis Securities
Sunteck Realty | Buy | Target Price: Rs 620 | Stop Loss: Rs 560
Sunteck Realty has shifted into an upside bounce, after showing minor declines/sideways consolidation. Current up move could be considered as an upside breakout of the narrow range movement/immediate resistance. The short-term trend seems to have turned positive. We observe a formation of positive candlestick patterns as per intraday/daily/weekly timeframe chart. The volume has started to rise along with the up move in the stock price. The intraday/daily RSI is showing positive indication. The overall bullish chart pattern of the stock price indicates a long trading opportunity. One may look to buy as per the levels mentioned above.
Recommended by: HDFC Securities