Stocks to Buy: Why Tata Steel and Wipro look attractive for short term

Nifty's September series opened on a positive note, with the index closing above the 21-day exponential moving average (EMA) for the first time in several days. This may indicate a possible upward trend reversal. The index has also recently broken out of a declining channel, another technical indicator of rising bullish sentiment. At the upper end of the range, the current point of resistance is 19,530. The continuance of the rally may be indicated if the Nifty is able to break through this obstacle. Support comes in at 19,340 points on the low end.

The bulls have regained their footing and are protecting the critical support zone between 44,000 and 43,800. There is recent published writing in this area as well, which bodes well for its popularity.The index's next key resistance point is at 44,500. If the price is able to break out above this resistance level, it will likely begin a new upward trend.As long as the Bank Nifty Index has a closing price above 44,000 and below 43,800, the prevailing mood and undercurrent are favorable.

Wipro

The daily chart for Wipro reveals the construction of a symmetrical triangle pattern, which indicates a period of consolidation for the company. This pattern is accompanied by decreased trading volumes, which hints at the possibility of a breakout in the not too distant future.A purchase signal has been confirmed after a bullish crossover was seen in the momentum indicator known as the RSI (Relative Strength Index). This points to the possibility that there is a buildup of bullish momentum in the stock.There is a major support level detected at 405, which indicates that this level has functioned as a floor for the price of the stock. This level may serve as a buffer in the event that there is a decline in the stock price.If the symmetrical triangle pattern ends up with a bullish breakout, the potential upside objective for Wipro may be in the area of 450 to 470. This indicates that there is the chance of a sizeable price increase in the event that the pattern is successful.

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Tata Steel

TATASTEEL reached its highest peak in several days as the trading session came to a close, indicating a surge in bullish sentiment among market participants. In addition, the share price has steadfastly held its position above a major moving average, which is another indication of the stock's strength. A bullish crossover pattern is currently being displayed by the Relative Strength Index (RSI). There is a possibility that the share price may move higher, possibly toward the 137/140 level, in the relatively short term. On the other hand, in the downward direction, there is a support level built at 120.

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This article was written by Kunal Shah, who works at LKP Securities as a Senior Technical and Derivative analyst.

Disclaimer: The opinions and suggestions offered in this article are those of the individual researchers who contributed to it. These opinions do not reflect those of Mint in any way. Before making any decisions regarding their investments, we strongly recommend that potential investors consult with qualified professionals.