Best Stocks to Buy Today: Cummins India, Expected 12% Short Term Profit
Best Stocks to Buy Today
Resurgence of IT Stocks Marks a 15-Month High, While BFSI Stocks Lag in the Rally
Nifty Reaches Year’s High, Powered by Reliance Industries and IT Stocks
IT stocks have made a remarkable comeback after approximately 15 months, reclaiming their shine in the market.
While BFSI stocks have also played a role in the rally, their contribution has been comparatively less than usual.
Notably, Nifty has surged to its highest level of the year, surpassing the 18,500 mark, primarily driven by the strong performance of Reliance Industries and the resurgence of IT stocks.
These IT stocks were previously lagging behind, but have now regained momentum. Although BFSI stocks have participated in the rally, they haven’t demonstrated the same level of impact as seen in similar market surges.
Meanwhile, the Banking Index appears to be taking some time before surpassing its previous all-time high.
Nifty Shows Breakout on Daily Chart, Setting Stage for Further Uptrend
The Nifty index has exhibited a breakout on the daily time frame chart, indicating a positive outlook for the market.
The next phase of the uptrend is expected to propel the index towards the 18,700 level initially. If the momentum persists, new highs are likely to be achieved.
In case of a temporary decline this week, support levels are identified at 18,350 and 18,200. Market participants have been observed engaging in buying activities from these mentioned zones.
Traders are advised to maintain an optimistic stance and consider executing bullish trades during any market dips throughout the week.
Promising Stocks to Consider for Potential Profits in the Next 2-3 Weeks, According to Sameet Chavan of Agnel One.
JM Financial Stock Analysis: Potential for 12% Short-Term Profit with Target Price of Rs 80, Stoploss at Rs 66.20.
JM Financial’s last trading price (LTP) is currently at Rs 71.30, and it presents an opportunity for a 12% profit in the short term.
The stock has established a strong support level around Rs 60, showcasing a promising foundation. In recent weeks, it has displayed a notable upward momentum, accompanied by increased trading volumes—a positive indication for a bullish trend.
Another encouraging aspect is that the stock has managed to stay above the 200-SMA (Simple Moving Average), a level that previously acted as a significant resistance.
This indicates a shift in market dynamics and suggests a favorable outlook. Additionally, the weekly chart’s RSI (Relative Strength Index) signals a fresh buying opportunity, supporting a positive trajectory for the stock and indicating renewed investor interest.
Cummins India Stock Analysis: Potential for 5% Profit in 2-3 Weeks with Target Price of Rs 1,820, Stoploss at Rs 1,688.
The last trading price (LTP) of Cummins India’s share is currently at Rs 1,735, offering an opportunity for a 5% profit within a span of 2-3 weeks.
This stock has consistently performed well in the capital goods sector over the past few months. It has demonstrated a pattern of forming “higher high, higher low” on all timeframe charts, indicating a bullish trend.
Remarkably, the stock has maintained its upward momentum without experiencing any major corrections. Previously, there was a phase of price-wise and time-wise corrections. However, considering the increasing trading volumes, it is anticipated that the bullish trend will continue in this stock.
Traders are advised to set the target price at Rs 1,820 and establish a stoploss level at Rs 1,688 to manage potential risks effectively.
Disclaimer: The opinions provided on our website are solely the views of the experts. The website and its management are not liable for any investment decisions made based on the information provided. Readers are advised to consult their own investment advisor before making any investment decisions.
