Shares to buy or sell: Sachin Gupta of 5paisa recommends HUDCO, BHEL shares today
Stock market today: Indian stock markets began the day on a downturn on Tuesday, reflecting a volatile trading environment and a prudent stance from investors in light of global uncertainties and varied domestic signals.
At the start of the trading session, the Sensex fell by 430 points to reach 82,038.20. Similarly, the Nifty 50 decreased by approximately 0.5% to settle at 24,956.
Market analysts indicate that, in the short term, the market is expected to stabilize at its current levels. With mutual funds holding significant cash reserves, any downturn will likely attract buyers, while elevated valuations may prompt profit-taking during price increases. A continual upward trend will only occur when key indicators point to a recovery in earnings growth, which is still a while off.
Sachin Gupta of 5paisa recommends HUDCO, BHEL shares today. Here's what he says about the overall market.
The benchmark indices continued to trade in the green, closing near the psychological 25,000 mark. The Nifty 50 ended the session at 25,001.15, posting a gain of 148 points. Technically, the index formed a bullish candlestick pattern with a higher high and higher low, indicating the continuation of the prevailing uptrend.
After finding strong support near the 24,500 level, also coinciding with the 61.8% Fibonacci retracement during Thursday's session, the Nifty 50 witnessed a sharp rebound and extended its upward momentum for the second consecutive day.
Notably, strong buying interest has emerged near the 21-day Exponential Moving Average (21-DEMA), which continues to act as a key dynamic support level. This reinforces the positive market bias.
However, market volatility remains elevated. Hence, traders are advised to adopt a 'buy on dips' strategy in the index.
On the upside, a decisive move above the 25,100 resistance zone could open the doors for further gains toward the 25,300–25,400 levels. On the downside, immediate support is seen around 24,800, followed by a more significant support at 24,500 marks.
On shares to buy on Tuesday, Sachin Gupta recommends two stocks on Tuesday — Housing & Urban Development Corporation Ltd (HUDCO), and Bharat Heavy Electricals Ltd (BHEL).
HUDCO share price has been forming an Inverted Head & Shoulders pattern, a reversal formation that signals a potential shift from a downtrend to an uptrend. Additionally, the price has sustained above the 200-DEMA, suggesting long-term bullish strength. Recently, a volume breakout was observed, indicating strong buying interest among traders.
Therefore, traders are advised to look for buying opportunities in HUDCO share price, targeting an upside of ₹ 255/265 with a stop loss at ₹ 228 on a closing basis.
On the daily chart, the BHEL share price has surpassed the resistance zone of 255 and is sustaining above the 50% Fibonacci retracement level. Additionally, a positive crossover between the 50-day and 100-day Simple Moving Averages, along with rising volume activity, signals bullish strength and supports the ongoing momentum. Furthermore, the stock has confirmed a trendline breakout following a period of consolidation, highlighting a bullish setup and renewed buying interest.
Therefore, one can consider buying BHEL shares in the ₹ 258–260 range, with a strict stop-loss below ₹ 248, for an upside target of ₹ 268/275 levels.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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