Market Update: Buy Varun Beverages and JSW Energy for Potential Gains
Market Trading Guide: Buy Varun Beverages and JSW Energy on Tuesday for gains up to 8%
The Economic Times
Image: The Economic Times
The Nifty index ended higher on Monday, breaking a three-day losing streak, with strong buying in various sectors. Analysts recommend buying Varun Beverages at ₹519 with a target of ₹570 and JSW Energy at ₹574 with a target of ₹630, both showing bullish trends.
- 01Nifty index shows signs of recovery after three days of losses.
- 02Varun Beverages is recommended for a potential upside of 10%.
- 03JSW Energy is also expected to gain 10% based on current trends.
- 04Support for Nifty is at 24,000, with resistance at 24,150.
- 05Analysts suggest using dips as buying opportunities.
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The Nifty index closed higher on Monday, ending a three-day losing streak, driven by strong buying activity in sectors like pharmaceuticals, IT, automotive, and metals. Rupak De, Senior Technical Analyst at LKP Securities, noted that the index faced resistance at the 38.20% Fibonacci retracement level, indicating that a decisive move above 24,150 is necessary for a sustained rally. Conversely, support is positioned at 24,000, below which market weakness could increase. Analysts recommend two stocks for purchase: Varun Beverages at ₹519, targeting ₹570 with a stop loss at ₹478, and JSW Energy at ₹574, targeting ₹630 with a stop loss at ₹535. Both stocks exhibit strong bullish trends, supported by rising volumes and positive momentum indicators.
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Investors could see significant returns if they act on these recommendations, particularly if they buy during dips.
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