Top stock picks to watch as the Indian stock market kicks off trading on October 14, 2024. After a significant downturn on Friday, these four stocks show potential for traders looking to capitalize on today’s market movements. With key support and resistance levels in focus.
Also Read: Market Outlook for October 14: Indian Stock Market Poised for Positive Start
1. Tata Chemicals Limited
Tata Chemicals stands out as a promising pick for today, with momentum building around its recent performance. The stock is currently trading near 1,350 and sees potential for upward movement toward the target price of 1,350. With solid fundamentals and market sentiment favouring the chemical sector, Tata Chemicals is a stock to watch for both short-term traders and long-term investors. Key support is set at 1,140, offering traders a clear stop-loss level to manage risk in volatile conditions.
2. L&T (Larsen & Toubro)
L&T continues to remain on the radar, especially following its consistent resilience in recent sessions. Trading at 3,900, L&T has emerged as one of the strongest players in the infrastructure and capital goods sector. We highlight L&T’s potential to reach the target price of 3,900 in the near term. As the market anticipates strong earnings from L&T, traders should consider positioning themselves with a stop-loss level set at 3,450, guarding against unexpected market fluctuations.
3. Hindalco Industries
Hindalco presents a unique opportunity for investors, with a target price of 800 in today’s session. The stock has shown consistent movement and holds strong potential amid fluctuations in the metals sector. We advise traders to keep a close watch on Hindalco as it hovers near a critical resistance level of 800. Stop-loss recommendations are placed at 730 to ensure risk is mitigated during any downward pressure. Hindalco’s recent movements suggest it could offer a positive return for those looking for exposure in the metals sector.
4. Bigbloc Construction
Bigbloc Construction is another top pick, trading at 125.20 with a target price of 134. The stock shows strong momentum in the construction sector, making it a potential winner for traders seeking short-term gains. With a recommended stop-loss at 121, We believe Bigbloc Construction could benefit from upcoming market movements. As infrastructure remains a priority for growth, this stock offers traders a good entry point for today’s session.
These four stocks are expected to see strong activity today based on current market trends and their individual performance metrics. With clear support and resistance levels, traders can approach today’s trading session with a well-defined strategy. We will continue to monitor these stocks closely for further updates throughout the trading day.
The views and analysis presented in this article are provided by SMJ (Stock Market Journal) and are based on market data available as of October 14, 2024. This article is for informational purposes only and does not constitute financial advice or a recommendation to buy or sell any securities. Trading and investing in financial markets carry inherent risks, and individuals should perform their research or consult with a professional financial advisor before making any investment decisions. SMJ is not responsible for any financial losses incurred as a result of trading or investing based on the information provided in this article.
