Expert Stock Picks for Upcoming Week Amid Market Volatility
Market Outlook: Rupak De’s top 3 trading stock picks for the week ahead
The Economic TimesImage: The Economic Times
Rupak De, Senior Technical Analyst at LKP Securities, highlights selective trading opportunities in NMDC, RBL, and Piramal Pharma despite ongoing market volatility driven by geopolitical tensions and rising crude prices. He advises caution as Nifty faces bearish pressure, with potential declines towards 23,500.
- 01Rupak De identifies NMDC, RBL, and Piramal Pharma as top trading picks for the week.
- 02Market volatility is attributed to geopolitical tensions, rising crude prices, and a weakening rupee.
- 03Nifty index may decline towards 23,500, with immediate resistance at 24,200.
- 04The IT sector is underperforming, with a 10% weekly loss, following disappointing guidance from software exporters.
- 05Piramal Pharma shows potential for upward movement, having reclaimed the 50 EMA.
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Rupak De, a Senior Technical Analyst at LKP Securities, has expressed concerns over the recent volatility in the Indian stock market, attributing it to geopolitical tensions, rising crude oil prices, and a weakening Indian rupee. He notes that the Nifty index is under bearish pressure, potentially falling to 23,500 with resistance at 24,200. The IT sector has particularly struggled, with a 10% decline in the past week, largely due to disappointing earnings from major companies like Infosys. De recommends selective trading opportunities in stocks such as NMDC, RBL, and Piramal Pharma, which he believes have the potential for short-term gains. NMDC is suggested at a buy price of ₹89.29 with a target of ₹95, while RBL is recommended at ₹321.40 with a target of ₹340. Piramal Pharma is also highlighted, with a buy price of ₹165.50 and a target of ₹174. Overall, De advises caution in the current market landscape, indicating that any upward movement may be met with selling pressure.
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Investors and traders may need to adjust their strategies based on the current market volatility, particularly in the IT sector and other affected stocks.
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