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NIFTY PERFORMANCE SENSEX PERFORMANCE

Nifty 50 BSE Sensex
₹21725.7 203.6 0.95% ₹71752.11 612.21 0.86%

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Business News / Market / Cafeinvest / INOX India And

INOX India and HFCL

remain Mehta Equities’ top
stock recommendations for
the week
Technically, the market is now touching a
crucial support zone, as per technicals, and
looks poised for a good move. With the
benchmark trading near the 21,500 zone,
strong support lies near the 21,450 mark
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Written by Guest

January 31, 2024 11:16 IST

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Mehta Equities’ top stock recommendations for the week.

{Photo: Freepik}

By Riyank Arora

On Tuesday, the benchmark index

opened with a gap up of around 38
points and fell almost 275 points from
the opening. The Nifty ended 215 points
lower, while the Sensex was down by 758
points. Among sectors, the Nifty PSU
Bank Index led the rally, with Consumer
Durable stocks and the FMCG Sector
being among the most beaten down.

Pharma stocks saw good profit booking

as well. Technically, the market is now
touching a crucial support zone, as per
technicals, and looks poised for a good
move. With the benchmark trading near
the 21,500 zone, strong support lies near
the 21,450 mark. On the upside,
resistance would be near 21,750 and
21,800 levels.

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Stock Recommendations:

INOX India Ltd

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BUY | CMP: 895.35 | TARGET: 990.00 |

SL: 850.00

The stock has given a strong breakout,

successfully reversing its downtrend. An
immediate support lies at the 850 mark,
below which the stock would become
weak. On the upside, the stock should
likely extend its rally towards 990 and
above in a spree of a momentum rally.
Overall, the stock looks poised for a big
upside move in the coming few weeks.

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STOCK ACTION
NSE BSE Nifty 50

Top Performing Indices Top Gainers Top loser

Name LTP Chg

21,725.70 203.60
Nifty 50 AD Ratio: 11.50 0.95%

45,996.80 629.05
Nifty Bank AD Ratio: 0.00 1.39%

55,299.25 473.05
Nifty Next 50 AD Ratio: 1.94 0.86%

22,051.55 205.35
Nifty 100 AD Ratio: 3.81 0.94%

11,953.80 124.20
Nifty 200 AD Ratio: 4.43 1.05%

VIEW ALL

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HFCL Ltd.

BUY | CMP: 101.05 | TARGET: 125.00 | SL:

95.00

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The stock gave a good breakout above

its Jan 2022 highs and is now re-testing
its breakout level. With the overall trend
being positive and the stock re-visiting
its anchor VWAP support zones, it
appears that the stock should likely head
higher towards 125 and above – in a
spree of a momentum rally. A set stop
loss at 95 should be placed for managing
the risk effectively.

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BUY | CMP: 3345.40 | TARGET: 3700.00 |

SL: 3200.00

The stock has given a good breakout

from its recent last 2 months
consolidation phase. Post its successful
breakout, the stock is now re-testing its
breakout zone. The overall trend looks
bullish, and strong support lies near the
3200 mark, below which the stock would
become weak. Calculative upside targets
of 3700 and 3750 look likely in a matter
of the next few weeks.

(Riyank Arora, Technical Analyst,

Mehta Equities. Views expressed are
author’s own. Please consult your
financial advisor before investing.)

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First published on: 31-01-2024 at 11:16 IST

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