Market analysts and brokerage firms have identified high-conviction trading ideas for the upcoming session, with a strong consensus forming around IT major HCL Technologies.
While most recommendations point to buying opportunities in the energy, metal, and financial sectors, experts have also flagged a selling opportunity in the financial services space.
HCL Technologies
HCL Technologies emerged as a consensus top pick with two analysts recommending a buy at the current market price.
Chandan Taparia, Head of Technical & Derivatives Research at Motilal Oswal Financial Services, set a target of Rs 1,780 with a stop loss at Rs 1,668.
Raja Venkatraman, Co-Founder of NeoTrader, also advised a buy, setting a slightly more conservative target of Rs 1,740 with a tighter stop loss at Rs 1,690.
ONGC
Ajit Mishra, SVP of Research at Religare Broking, identified value in the upstream oil and gas sector. He recommended buying ONGC at Rs 245.5. Mishra set a target price of Rs 258, advising traders to maintain a stop loss at Rs 239.
National Aluminium Company (NALCO)
Chandan Taparia of Motilal Oswal sees upside in the metal sector, placing a buy rating on NALCO. He recommended entering at Rs 370 for a target of Rs 393, protecting the position with a stop loss at Rs 357.
Shriram Finance
Raja Venkatraman of NeoTrader suggested a long position on the non-banking financial company Shriram Finance. He advised buying at Rs 1,004 for a target of Rs 1,025, with a stop loss placed at Rs 988.
CAMS
Bucking the trend of buy calls, Ajit Mishra of Religare Broking recommended a short position on CAMS. He advised selling at the current price of Rs 679.8 for a target of Rs 640, with a stop loss placed at Rs 700.
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