Ruchait Jain of MOFSL recommends investment in JSW Steel, NTPC, and JSW Energy. A price increase is anticipated for these stocks, with target prices and stop-loss levels specified.
Stocks To Buy: A significant opportunity has emerged in the stock market for investors. Ruchait Jain, Head of Technical Research and Wealth Management (Equity) at Motilal Oswal Financial Services, recommended investing in three b stocks during Thursday's trading session. These three stocks are JSW Steel, NTPC, and JSW Energy, all exhibiting potential for price appreciation. Let's examine them in detail.
1. JSW Steel: Indications of Strength in the Metal Sector
Current Price (CMP): ₹1008
Stop Loss: ₹965
Target Price: ₹1085
JSW Steel's stock is forming a ‘higher top-higher bottom’ pattern, indicative of a b uptrend. The recent decline in the dollar index is supporting the metal sector, potentially sustaining this stock's upward momentum. Volume appears robust, and the RSI oscillator suggests positive momentum.
2. NTPC: Strong Pullback Likely Near Support Level
Current Price (CMP): ₹326
Stop Loss: ₹315
Target Price: ₹343
NTPC's stock was consolidating near its long-term support level but is now showing an upward trend. The recent increase in price-volume action suggests strengthening in the stock. The RSI oscillator on both weekly and daily charts is also showing positive signals, leading to expectations of a good short-term price increase.
3. JSW Energy: Signs of Trend Reversal After Breakout
Current Price (CMP): ₹509
Stop Loss: ₹495
Target Price: ₹545
JSW Energy has broken out from an ‘inverted head and shoulders’ pattern, considered a trend reversal pattern. This breakout occurred with high volume, increasing the likelihood of further price appreciation. The RSI oscillator is also giving positive signals, making it an attractive investment opportunity.
Investment Strategy for Investors?
According to Ruchait Jain, these three stocks appear b according to the current market trend and could offer investors good short-term returns. However, it is crucial to consider the stop-loss to limit risk before investing.
(Disclaimer: This advice is based on Ruchait Jain's opinion. Consult your financial advisor before making any investment.)
