Experts suggest buying Sun Pharma, HDFC Life for short-term:
Experts suggest: Nifty reported above 9,200 level and increasing almost 6% compared to the previous week. However, the stock market is facing a sharp cut due to lockdown and COVID-19. In the last couple of sessions, Neither Bulls nor Bears reported a mixed trend in the stock market. Whereas the Nifty didn’t overcome 9,400 level, while it didn’t hit below 9,100 level. However, Experts suggested traders stay light and focus on individual stocks in the market.
On Monday, May 11th both Sensex and Nifty continue its bullish trend in the stock market. The Sensex gained 178.73 points with a 0.56% increase and reached 31,821.43 level. While the Nifty gained 63.85 points with a 0.69% increase and reached 9,315.35 level.
However, the expert suggests investors watch out at the level of 9,100 on the downside that gives big support. On the other side, upside 9,400 is likely to report some resistance in the short-term.
The Expert suggests buying HDFC Life, Sun Pharma that will give you profits:
HDFC Life: Buy | Target Rs 585
The Bank continues its bullish trend in the last two weeks and formed ‘Pennant’ breakout in the daily chart. However, the bank supported to increase its volume and form a bullish candlestick pattern.
The Bank formed a “Bullish piercing Candlestick pattern” in the Monthly chart on April 30, 2020.
Besides, the expert suggests buying the stock in the range of Rs 530 and targets for Rs 585 with an upside of 12%.
On Monday, May 11th, the bank reported a bullish trend in the stock market. It gained 8.80 points with a 1.69% increase and reached 528.90 INR. While in BSE, the company gained 9.15 points with a 1.76% increase and reached 529.05 INR.
Sun Pharmaceutical: Buy | Target Rs 1,295
The Pharma stocks are trading bullishly in the stock market. Whereas, Sun Pharma reported its strong performance in the stock market and raised almost from Rs 388 to Rs 500.
However, the company formed a Bullish harami Candlestick pattern in the weekly chart on Friday, May 8th. While Three outside down Candlestick pattern in the Daily chart pattern. Whereas, the expert suggests buying the stock within the range of Rs 470 and targets for Rs 510 with an upside of 8.5% and stops loss at Rs 447.
Top Gainers on May 11th: Tata Motors, Zee Entertainment, Vedanta, UltraTechCement, and Maruti Suzuki are the top gainers in the stock market.
Top Losers on May 11th: Dr. Reddys Labs, ICICI Bank, and Nestle are the top losers in the stock market.