ONGC, Nestle among top stocks to buy, charts show strength; check Niftys support, resistance levels

By Fe Online2 days ago

Indian stock market is not stabilizing at any specific level, which is an indication of some more uncertainties in the near term.

It is crucial for the market to close above the levels of 14450/48100 to maintain the upward bias

By Shrikant Chouhan

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Indian stock market closed at the lowest point of the day on Tuesday. The market is not stabilizing at any specific level, which is an indication of some more uncertainties in the near term. The Nifty/Sensex closed below the level of 14500/48300 that would keep open the possibilities of hitting 14400/14370 (48000/47900) levels, however, it is crucial for the market to close above the levels of 14450/48100 to maintain the upward bias. On the higher side, 14600/48500 and 14750/48900 would be the main obstacles. Today, although there was some profit-taking seen in the PSU stocks on Tuesday, we feel they can easily attract follow up buying in the next couple of sessions.

ONGC

BUY, CMP: Rs 109.65, TARGET: Rs 116, SL: Rs 106

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