Shares to buy or sell: Sachin Gupta of 5paisa recommends L&T, HCL Tech shares today
Stock market today: Indian stock markets began the day on a weak note on Tuesday, following the robust rally observed in the previous trading session.
The initial decline was linked to profit-taking as the markets sought to stabilize the recent gains. However, the indices quickly diminished their losses and turned positive, signaling underlying investor confidence.
The major indices opened slightly lower, with the Nifty 50 starting at 24,864.05, down by 60.65 points or 0.24%, while the Sensex fell by 180.30 points or 0.22% to commence the day at 82,249.60.
Market analysts noted that Monday's significant rally was fueled by high net-worth individuals (HNIs), while the involvement of foreign portfolio investors (FPIs) and domestic institutional investors (DIIs) remained low. A broader market recovery could occur if institutional buying increases in tandem with HNI interest.
Sachin Gupta of 5paisa recommends L&T, HCL Tech shares today. Here's what he says about the overall market.
The Nifty 50 witnessed strong bullish momentum today, driven by improved sentiment following geopolitical developments, notably the India-Pakistan ceasefire agreement. This led to a gap-up opening and a broad-based rally across sectors. Robust buying interest in key heavyweights such as HDFC Bank, ICICI Bank, Infosys, Reliance Industries, TCS, L&T, ITC, and M&M contributed significantly to the index's upward move.
Technically, a bullish breakout accompanied by a long green candle on the daily chart signals the potential for further upside from current levels. Additionally, the index is trading well above its 50-day and 200-day Exponential Moving Averages, confirming a strong bullish trend.
On the downside, crucial support is placed in the 24,700–24,500 range. Any pullback toward this zone may offer attractive buying opportunities, provided the broader bullish structure remains intact. Given the prevailing momentum, the Nifty 50 is likely to test or even surpass the 25,200–25,400 resistance zones in the near term.
On shares to buy on Tuesday, Sachin Gupta recommends two stocks on Tuesday — Larsen & Toubro Ltd (L&T), and HCL Technologies Ltd.
After sustaining above the 100-week EMA and the 3225 level, the stock witnessed a sharp upward move over the past three weeks, gaining more than 10%. In the most recent week, the price surpassed the previous swing high of ₹ 3,528 and traded above it, indicating strong bullish momentum. Furthermore, on the daily chart, the stock has moved above the 200-day EMA, accompanied by increased volume and a positive crossover in the RSI — both of which suggest a bullish outlook in the short term.
Therefore, traders are advised to remain invested in L&T shares for the target of ₹ 3,700/3,780 levels, while maintaining a strict stop-loss at ₹ 3,430.
HCL Technologies has recently witnessed a breakout from an inverse Head & Shoulders pattern on the daily chart, a classic bullish reversal formation that signals a potential trend shift to the upside. Additionally, it has broken out of a consolidation range, indicating renewed buying interest and strengthening momentum. Furthermore, the price has moved decisively above its 50-day Exponential Moving Average, reinforcing the short-term bullish trend. These combined technical signals suggest a favourable buying opportunity, with potential for further upside in the near term.
Hence, one can consider buying HCL Tech shares in the ₹ 1,650–1,655 range, with a strict stop-loss below ₹ 1,580, for an upside target of ₹ 1,730/1,760.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
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