The counting for Lak Sabha Elections 2024 votes are underway and it seems that no single party will cross the halfway mark of 272 seats from the total of 543 seats. The stock market has seen huge volatility and Sensex and Nifty have tumbled down. Traders are booking their profits while some are accumulating even more stocks to wait out the bloodbath and ultimately gain more.
Stocks to Buy or Sell Right Now
1- Reliance Industries
Reliance’s share price is currently at ₹3020.65, with a strong support level of ₹2900 and close proximity to its 20-day moving average. Furthermore, Reliance shares demonstrate resilience by trading above key moving averages, confirming their inherent strength. The stock has also demonstrated a strong breakout of a falling trend line, implying bullish momentum.
2- LIC Housing Finance
The current trading price for LIC Housing Finance shares is ₹678.7. The stock recently formed an inverted head and shoulders breakout, which coincided with a significant increase in trading volume, indicating a strong bullish trend. If the price closes above ₹680, it could potentially reach short-term targets of ₹730. However, the immediate support level is ₹670. These levels can provide opportunities to buy on dips.
3- SRF
This stock has received significant support at around ₹2210. The stock has formed a reversal price action at ₹2270 and is expected to continue its rally until it reaches its next resistance level of ₹2380. Traders can buy and hold this stock with a stop loss of ₹2210 and a target price of ₹2380 in the near term.
4- UCO Bank
In the short term, the stock has shown a bullish reversal pattern. Retrenchment is technically possible up to ₹68. Holding the support level of ₹58, this stock may bounce to ₹68 in the short term. To achieve the target price of ₹68, the trader can set a stop loss at ₹58.
Also read: 7 Stocks Which Will Go Up if BJP Wins Lok Sabha Elections 2024
5- JTL Industries
This stock has received significant support, currently trading around ₹215. Currently, the stock has formed a reversal price action at ₹230 and may continue to rally until its next resistance level of ₹260. Traders can buy and hold this stock with a stop loss of ₹215 and a target price of ₹260 in the near term.
6- FACT
The stock has shown signs of recovery following a brief correction, with a positive candle formation on the daily chart improving the bias. The RSI also showed a trend reversal, indicating a buy. We recommend buying the stock for an initial upside target of ₹745, with a stop loss of ₹688.
7- RailTel
The stock has taken support near the confluence of 50EMA and 100 period MA at the ₹394 zone, indicating a significant gap-up pullback to improve the bias. Further rise is expected. The RSI is well placed, indicating a trend reversal following the gradual slide, and there is plenty of upside potential to continue the positive move further ahead. We recommend buying the stock with an initial upside target of ₹455 and a stop loss of ₹418.