new Delhi. The Indian stock market made a sharp start on Thursday as expected. Sensex and Nifty opened with gains in support of global factor. The Sensex started trading with a gain of 452 points in the morning and opened at 55,921. Similarly, Nifty also opened with a gain of 117 points at 16,723 points and investors started buying fiercely.
If we talk about the Nifty of the National Stock Exchange, then it opened on Thursday with a gain of 117 points at the level of 16,723. BSE Sensex closed in red mark on Wednesday. Two stocks like Aditya Birla Fashion & Retail and Max Financial can give you great earnings on Thursday. At the same time, it has been advised to sell the shares of Asian Paints.
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Asian Paints: Sell
LTP: Rs 3,029 | Stop Loss: Rs 3,100 | Target: Rs 2,909 | Returns: 4 percent
Asian Paints has been trading in head and shoulders pattern for the last four months. In technical analysis, the Head and Shoulders pattern defines a specific chart pattern that predicts a bullish trend to a downtrend. The stock has formed neckline support at Rs 3,100 level. On March 2, a neckline breakdown of the Head and Shoulders pattern has been observed in the prices and a negative breakdown has been given in the counter.
Max Financial Services: Buy
LTP: Rs 853.5 | Stop Loss: Rs 815 | Target: Rs 918 | Returns: 7.5 percent
Since the second week of January, the stock is trading in a lower low lower high formation and has created a falling daily wage formation on the daily time frame. Max Financial broke out a downward sloping trend line and closed strongly above its support area. Bullik breakout in lower low lower high formation is showing signs of bullish momentum.
The Momentum Oscillator RSI (14) is showing signs of continuation. Which indicates a sharp recovery in prices.
Aditya Birla Fashion & Retail: BUY
LTP: Rs 272.80 | Target: Rs 295 | Stop Loss: Rs 260 | Returns: 08 percent
ABFRL came down near the Rs 250 level and is looking strong after forming a candlestick pattern. It has broken out the descending wedge pattern. And closed above the candlestick pattern as compared to the previous day. If the price closes above the candlestick pattern then the validity of the pattern will be confirmed. The counter is getting strong support near its 50-week exponential moving average.
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Aditya Birla Fashion & Retail is the leading fashion company of the country. Aditya Birla Fashion has announced that it is building a platform to enter the direct-to-consumer business. The board of directors of the company has approved this plan.
Aditya Birla Fashion is going to create a new associate company which is working on creating a new age digital brand in the fashion, beauty and other lifestyle segment. The company is taking this step considering the huge potential in the direct-to-consumer market opportunity. It is expected that by the year 2025, this industry will be worth $100 billion.
Tags: stock return, Stock tips
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