Eight stocks to buy and sell today — 27 January
Subscribe to enjoy similar stories. FMCG stocks outperformed the market on Friday. If we analyse the chart of Britannia, it has given a head & shoulders breakout on a smaller time frame.
A good rally is expected with a low-risk stop loss. On a longer time frame, the stock is trading within a range despite a major sell-off in the broader market, which highlights its strength. The stock has taken support from a major demand zone ( ₹5,752-5,712) and we can expect a pullback up to ₹5,820.
If this level sustains, a further move of 80-100 points in the stock is anticipated. Also read: Market may make pre-budget bottom at 22,800 In the 15-minute time frame, the stock has given a head & shoulders breakout. Additionally, as discussed, the FMCG sector is outperforming the broader market.
One can consider making a long trade here. • Jindal Worldwide Ltd: Buy above ₹415 | Stop ₹404 | Target ₹460 The textile sector is going through a rough patch but this counter has been able to show some resolve and head higher. The reaction from lower levels is now showing a resumption in the bullishness as this stock is showing some signs of bottoming out with some steady buying at lower levels thus highlighting the genuine buying emerging.
Post a reaction from higher levels the stock is finding buyers. • Hindustan Petroleum Corp. Ltd: Sell below ₹350 | Stop ₹367 | Target ₹320 After forming a strong base at lower support levels, muted Q3 numbers resulted in the breach of important supports. A strong long body red candle that is playing out is inviting more selling into the system.
Read more on livemint.com
