6 days ago
Nagaraj Shetti Recommends Bank of Maharashtra, Ashok Leyland
Indian stock markets were slightly lower on Thursday.
The Nifty 50 and Sensex both lost a small amount.
HDFC Bank shares fell after a lawsuit was filed in the United States.
Cheaper oil helped markets because lower oil prices can reduce pressure on businesses.
Investors were also watching diplomatic efforts involving Iran and Oman.
Asian markets performed better, helped by technology stocks and strong Nvidia results.
Analyst Nagaraj Shetti said the Nifty is moving inside a narrow range.
He recommended Bank of Maharashtra and Ashok Leyland as possible short-term trades, each with specific targets and stop-loss levels.
Nifty 50 fell 0.20% to 24,158.45, while the Sensex declined 0.28% to 77,258.75 on Thursday.
HDFC Bank shares slipped about 1% after a US securities lawsuit was filed against the bank and two senior executives.
Brent crude fell 0.5% to around $87.40 per barrel as Iran and Oman worked toward an agreement involving the Strait of Hormuz.
Nagaraj Shetti said Nifty remains subdued between 24,100 and 24,400, with a breakout above 24,400–24,500 needed for stronger upside.
Shetti recommended Bank of Maharashtra at ₹85.55 and Ashok Leyland at ₹179.30 for one- to two-week trades.
- Who
- Indian benchmark indices, HDFC Bank, analyst Nagaraj Shetti, Bank of Maharashtra, and Ashok Leyland were central to the report.
- What
- Indian stocks traded lower, while Shetti issued short-term recommendations for Bank of Maharashtra and Ashok Leyland.
- Where
- The trading activity concerned Indian markets; the lawsuit was filed in the United States, while oil-related diplomacy involved Iran and Oman.
- When
- Thursday, 27 August; the recommendations were for a one- to two-week timeframe.
- Why
- Markets were pressured by weakness in HDFC Bank, partly offset by lower crude prices and stronger Asian technology stocks.
Cautious Market Signals
Bullish Short-Term Opportunities
Nifty outlook
Cautious Market Signals
Shetti said the Nifty’s underlying trend remains subdued and that a fall below 24,100–24,000 could trigger fresh weakness.
Bullish Short-Term Opportunities
A decisive move above 24,400–24,500 could confirm a breakout and open the possibility of more sustainable near-term gains.
Individual stocks
Cautious Market Signals
HDFC Bank weakness and the broader decline in domestic benchmarks showed that some major stocks were under pressure.
Bullish Short-Term Opportunities
Shetti recommended Bank of Maharashtra and Ashok Leyland, citing breakout patterns, improving volume signals, and positive RSI readings.
Global market influence
Cautious Market Signals
Weakness in HDFC Bank offset the benefit of softer crude prices in Indian trading.
Bullish Short-Term Opportunities
Lower oil prices and stronger Asian technology stocks, following Nvidia’s results, provided supportive factors for markets.
Key facts
- Nifty 50
- Down 0.20% at 24,158.45 as of 11:37 IST.
- BSE Sensex
- Down 0.28% at 77,258.75 as of 11:37 IST.
- Nifty range
- Support was identified at 24,100–24,000, with resistance at 24,400–24,500.
- Bank of Maharashtra trade
- Buy at ₹85.55; target ₹92.50; stop-loss ₹81.50; timeframe one to two weeks.
- Ashok Leyland trade
- Buy at ₹179.30; target ₹190; stop-loss ₹174; timeframe one to two weeks.
- Brent crude
- Down 0.5% to around $87.40 per barrel.
Sources
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