Leading Market Analyst Advises to Sell Hindalco and Infosys Stocks
In the fast-paced world of stock trading, knowing when to buy and sell is crucial. According to Somil Mehta, Head of Alternate Research at Capital Market Strategy, Mirae Asset Sharekhan, two top stocks on the sell list for today are Hindalco and Infosys. Mehta’s recommendations come with specific price points and targets, providing investors with a clear strategy to navigate the market.
Hindalco, currently priced at Rs 586, is advised to be sold with a stoploss at Rs 611 and a target of Rs 540. Mehta points out that Hindalco has recently broken a long-term trend line on the higher time frame, signaling a potential downward trend. On the daily chart, the stock has bounced back to retest the 40 Daily moving average before resuming its downward trajectory. Mehta emphasizes that crucial support levels for Hindalco are at 540 and 510, while resistance levels are at 611 and 630.
On the other hand, Infosys is recommended to be sold at Rs 1,822 with a stoploss at Rs 1,896 and a target of Rs 1,800. Mehta highlights that Infosys was previously consolidating in a range between 2000 and 1900, but has recently broken this range on the downside with a gap last week. The stock has also retested the 40 Daily moving average, confirming the continuation of its downward trend. Key support levels for Infosys are at 1730 and 1680, with resistance levels at 1860 and 1900 in the short term.
It is important to note that the opinions, analyses, and recommendations expressed by Mehta are solely those of the brokerage and do not reflect the views of The Times of India. Mehta advises investors to always consult with a qualified investment advisor or financial planner before making any investment decisions.
In the dynamic world of stock trading, staying informed and making strategic decisions are key to success. With insights from experts like Somil Mehta, investors can navigate the market with confidence and make informed choices to maximize their returns.
