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stock recommendations: 2 top stock recommendations from Swati Ananda Hotkar

flyynews by flyynews
March 31, 2023
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stock recommendations: 2 top stock recommendations from Swati Ananda Hotkar
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“Taking into consideration that today’s closing will be a positive, next week we need to see whether this leg is likely to be continued or not. But, as long as, both the indices stay above the mentioned support level, definitely this pullback rally is likely to continue,” says Swati Ananda Hotkar, Nirmal Bang Securities.

What are the levels that you are looking out for Nifty as well as Bank Nifty because since the morning we are seeing good upside coming in on the markets, there was a bit of a sluggishness in the middle of the session but once again we are inching upwards? So, in the second half, what do you expect, the markets should remain at the same levels, there could be some moderation or we can either see some more upside? What are you picking up?
Definitely today the market strength has remained intact. We have got a gap up opening and after that also we have seen a very positive momentum remaining intact on the higher side. As of now, Nifty manages to surpass its resistance level which was coming at around 17,000. 17,100 level that was acting as a strong resistance level has given a breakout of the same level and I believe this pullback rally is likely to be extended towards 17,400 levels, probably it is going to touch a bit of 200-DMA.

So, as long as, Nifty sustains above 17,100 level, this pullback rally is likely to be extended.

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Coming towards the Bank Nifty, the only concern is that Bank Nifty is almost about nearby its resistance level. It is nearby its 50 days moving average which comes at around 40,800, 40,850 levels, so that will be the resistance zone for the Bank Nifty, whereas on the downside as of now it has a very strong support at around 40,400 levels.
Probably, we might witness some sort of a profit booking in the next week because today’s closing will be a very on a positive end because it is the end of the financial years also, the mutual funds have to show the positive NAVs and all that.

Taking into consideration that today’s closing will be a positive, next week we need to see whether this leg is likely to be continued or not. But, as long as, both the indices stay above the mentioned support level, definitely this pullback rally is likely to continue.

As of now, the sentiments and the overall data on the technical perspective also is positive. Taking that into consideration, I am giving two buy call. One is on Tata Communication as Tata Comm is really doing very well. If you look towards the last four-five-week data, this particular counter was trading in a downward sloping channel and today it has given a breakout of the same levels.

So, I believe it has a very strong potential to reach up to at least Rs 1310, 1320 levels on the higher side. So, one can take a long position into Tata Communications at the current market price. Rs 1220 will be the stop loss and the upside target can be kept at Rs 1310.

Second buy call is on Grasim. The cement stocks are really doing very well from the last one week. So, I believe it has a very strong potential to reach up to at least 1700 levels on the higher side. Currently the stock is trading at Rs 1637, one can take a long position at the current market price, stop loss can be kept at Rs 1610 for immediate target of Rs 1700.



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