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Short-Term Stock Picks: Buy Jindal Stainless, M&M; Sell Adani
The Indian stock market had a difficult week and the Nifty fell for seven weeks in a row.
On September 28, the Nifty also dropped sharply during the day.
One technical analyst said the market could remain uncertain because of higher bond yields, expensive crude oil, a weaker rupee and selling in financial stocks.
He suggested buying Jindal Stainless because its price appeared supported, with a possible target of ₹800.
He suggested buying Mahindra & Mahindra because its chart showed signs that buyers might return, with a target of ₹3,180.
He suggested selling Adani Enterprises because its upward momentum appeared to be weakening.
Each recommendation included a stop-loss level to limit potential losses.
These are technical trading views, not guarantees of what the stocks will do.
Indian equities weakened during September 21–25, with the Nifty falling for a seventh consecutive week.
The Nifty dropped 1.4% on September 28 to an intraday low of 22,807 and remained below 23,000 support.
Jigar S. Patel recommended buying Jindal Stainless at a target of ₹800, with a ₹725 stop loss.
Patel recommended buying Mahindra & Mahindra for a ₹3,180 target, using a ₹2,950 closing-basis stop loss.
Patel recommended selling Adani Enterprises between ₹2,950 and ₹2,900, targeting ₹2,650 with a ₹3,050 stop loss.
- Who
- Jigar S. Patel, Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers, provided the trading views.
- What
- Patel outlined short-term buy recommendations for Jindal Stainless and Mahindra & Mahindra, and a sell recommendation for Adani Enterprises.
- Where
- The recommendations concern Indian equities and the Nifty market index.
- When
- The market discussion covered the September 21–25 week and intraday trading on September 28.
- Why
- The views were based on technical signals, including support levels, candlestick patterns, moving averages and momentum indicators.
Bullish Trading Views
Bearish Trading Views
Jindal Stainless and Mahindra & Mahindra
Bullish Trading Views
Patel recommended buying both stocks, citing support, positive momentum or reversal signals, and potential upside targets.
Bearish Trading Views
The broader market remained weak and volatile, creating a risk that individual bullish setups may not succeed.
Adani Enterprises
Bullish Trading Views
A trader could wait for the stock to recover above the cited selling zone or stop-loss level before taking a bearish position.
Bearish Trading Views
Patel recommended selling between ₹2,950 and ₹2,900 because of bearish RSI divergence, a negative moving-average cross and weakening momentum.
Broader market direction
Bullish Trading Views
The Nifty’s positive daily-chart divergence in Bank Nifty could allow some stabilization, according to Patel.
Bearish Trading Views
The Nifty had fallen for seven straight weeks, traded below 23,000 support and faced pressure from global and domestic market factors.
Key facts
- Nifty weekly performance
- The Nifty extended its losing streak to seven consecutive weeks.
- Nifty September 28 move
- The index fell 1.4% intraday to 22,807.
- Nifty levels
- Support was identified at 23,000–22,700, with resistance at 23,300–23,600.
- Jindal Stainless strategy
- Buy; target ₹800; stop loss ₹725.
- Mahindra & Mahindra strategy
- Buy; target ₹3,180; stop loss ₹2,950 on a closing basis.
- Adani Enterprises strategy
- Sell between ₹2,950 and ₹2,900; target ₹2,650; stop loss ₹3,050.
- Market pressures
- The article cited rising global bond yields, crude oil above $100, a weaker rupee and selling across financial stocks.
Quotes
Jigar S. Patel
Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers
“The combination of price action and momentum indicators improves the probability of a recovery from current levels. Traders can consider buying M&M with a stop-loss at ₹2,950 on a closing basis. If the stock sustains above the immediate resistance levels and buying momentum continues, it could move towards the ₹3,180 target.”
livemint.com
“Considering the combination of weakening price momentum and negative technical signals, the stock may remain vulnerable to a corrective move. Traders can consider selling in the ₹2,950–2,900 zone, with a stop loss at ₹3,050 and a target of ₹2,650.”
livemint.com
Sources
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