Stocks to Buy: Here's why GPPL and PNC Infra are looking attractive
Indian Stock Market: A tough battle unfolded in the market as the Nifty remained highly volatile throughout the day. The sentiment may continue to lean towards the bears as the Nifty struggled to surpass the 21500 mark, where call writers held substantial positions. Looking ahead, the trend is likely to remain sideways, fluctuating within the range of 21300 and 21500.
Nevertheless, a decisive breakthrough above 21500 could propel the index towards 21700/22000 in the short term. Meanwhile, the bulls successfully defended the crucial support level of 44500, establishing it as a critical line of defense. If the index sustains above this support, a potential pullback rally towards the resistance levels of 45500/46000 is anticipated in the near term.
However, a breach below this support on a closing basis could lead to further downside pressure, with the index targeting levels around 44000-43500. GPPL stock is exhibiting a bullish trend with a consistent pattern of higher highs and higher low , indicating a strong uptrend. Currently trading above its 20-day moving average, the stock demonstrates resilience.
The Relative Strength Index (RSI) is in a positive crossover, further supporting a positive outlook. Investors may consider initiating a long position in the range of 160-163, setting a stop-loss at 154, and targeting levels of 169/175 for potential gains. PNC Infra has exhibited a robust bullish scenario, breaking out from a symmetrical triangle pattern on both daily and monthly charts, accompanied by significant volumes.
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