Stocks to buy: Here's why IRCTC and JSW Energy are among top choices
Indian Stock Market: Nifty opened higher but failed to sustain the morning momentum, leading to a closing at the day's low due to profit booking. However, the sentiment remained positive for the short term as the index closed above the crucial resistance level of 22,200, with the next resistance seen at 22,400. Short-term support is positioned at 21,900.
As long as Nifty maintains levels above 21,900, the index may continue to be considered a buy on dips. The Bank Nifty index maintained its robust momentum, breaking past the 46,500 level, which is now established as a formidable support. Any retracement towards this support zone presents an ideal opportunity to initiate long positions, targeting an upside of 48,000.
The immediate hurdle for the index is situated at 47,100, and a conclusive break above this level would signify a resumption of the uptrend toward the mentioned targets of 48,000. RATIONALE: IRCTC stock has recently experienced a significant breakout on the daily chart, accompanied by a notable surge in volumes. The stock successfully surpassed its 20-day moving average (20DMA) with strong volume support, signaling robust momentum.
Additionally, the momentum indicator has provided a positive crossover, further confirming the bullish outlook for the stock. RATIONALE: IBULHSGFIN has recently experienced a robust breakout on the daily chart, marked by a sharp surge in volumes, particularly from a falling trendline. The stock is currently trading above its critical short-term moving averages, affirming a bullish undertone in its trend.
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