14 hrs ago
Jigar Patel Recommends Castrol, HDFC Life and Gabriel Short-Term
The stock market has been falling for six weeks in a row.
Several things are making investors nervous, including expensive crude oil, global tensions and possible interest-rate increases.
Jigar Patel says the Nifty may find support between 23,000 and 23,100.
He also says the market could improve if it moves above 23,700.
Patel recommended three stocks for short-term traders.
Castrol India has a target of ₹215.
HDFC Life has a target of ₹580.
Gabriel India has a target of ₹1,410, but each recommendation includes a price level to limit losses.
The Nifty recorded its sixth consecutive weekly decline amid crude prices, geopolitical tensions, rate-hike concerns and weak retail liquidity.
Jigar S. Patel identified 23,000–23,100 as key Nifty support and 23,500–23,700 as immediate resistance.
Patel recommended Castrol India at ₹195–₹197, targeting ₹215 with a stop loss at ₹186.
HDFC Life was recommended at ₹540–₹550, with a ₹580 target and ₹530 closing-basis stop loss.
Gabriel India was recommended at ₹1,300–₹1,320, targeting ₹1,410 with a stop loss at ₹1,260.
- Who
- Jigar S. Patel, Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers.
- What
- He recommended Castrol India, HDFC Life and Gabriel India for short-term trading, with specified targets and stop losses.
- Where
- The recommendations concern Indian equities, including the Nifty and Bank Nifty indexes.
- When
- The market commentary followed the week ended 18 September and referred to Monday morning trade.
- Why
- The recommendations were based on technical signals such as breakouts, support zones, bullish divergences and improving momentum.
Key facts
- Nifty support
- 23,000–23,100
- Nifty resistance
- 23,500–23,700; 24,500 is an important level for a stronger recovery
- Bank Nifty range
- 55,500–57,000; a weekly close below 55,500 could trigger further selling
- Castrol India
- Buy at ₹195–₹197; target ₹215; stop loss ₹186
- HDFC Life
- Buy at ₹540–₹550; target ₹580; stop loss ₹530 on a closing basis
- Gabriel India
- Buy at ₹1,300–₹1,320; target ₹1,410; stop loss ₹1,260
- Market trend
- The Nifty posted its sixth consecutive weekly decline for the week ended 18 September
Quotes
Jigar S. Patel
Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers
“The combination of prolonged consolidation, support from the 200-week EMA and a breakout with improving RSI makes the technical structure constructive. Traders can monitor the breakout zone for sustained price action, as holding above this area would strengthen the possibility of further upside.”
livemint.com
“The stock can be accumulated in the ₹550 to ₹540 zone for an upside target of ₹580, while maintaining a stop-loss at ₹530 on a closing basis.”
livemint.com
Sources
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