Thursday, December 5, 2024
HomeshareSell These Two Shares Today!

Sell These Two Shares Today!

Share: With the Nifty falling for four sessions straight and closing at its lowest in the last four and a half months, the index has formed a long bear candle and broken all support in the previous couple of days. With the Nifty headed toward the 23,670 mark, hopes of returning to the 24,151 levels seem shattered, at least in the coming term.

While it may be late for booking profits since the index has remained oversold for quite a while now, there may still be chances of a rise, and selling may still be possible.

What Experts Say?

Stock market experts such as the senior technical derivative analyst at HDFC Securities have bet on two stocks with a sell call for now: Siemens Nov Fut and Vedanta Nov Fut share. Siemens has broken out from the long candle bear and found resistance at the 20- and 50-day EMAs, indicating a possible downtrend, especially in the short-term charts. Over the last few weeks, the capital goods sector has underperformed, which will likely continue, with indicators and oscillators turning downward with bearish trends on the daily charts.

So, experts suggest setting a target price of Rs. 6,750 for Siemens and a Stop Loss of Rs. 7,000.

As for Vedanta, the stock has held on to its consolidation for the last three weeks, but it has now broken down, with the scrip reaching below the 20- and 50-day EMA mark, suggesting a downward trend on the short-term and daily charts.

So, the recommendation here would be to set a target price of Rs. 426, with a Stop Loss of Rs. 454.

Conclusion

Other experts, like the Executive Director of Choice Broking, have also identified five other breakout stocks to buy today, including Macrotech Developers, Fortis Healthcare, Polyplex Corp, Pritish Nandy Communications, and UNO Minda. The markets today arelent, and according to experts, investors might want to be on the lookout for potential breakouts. However, they also caution traders to be alert and seek out stocks that can adapt to the changing dynamics of the markets.

Vinay Rajani

Share

Vinay Rajani advised to sell these 2 shares
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular