Domestic stock markets rose on Tuesday supported by gains in information technology, pharmaceutical and infrastructure stocks.The S&P BSE Sensex index rose as much as 263.84 points to touch 37,950.21 at the day's strongest level, the broader NSE Nifty benchmark climbed to 11,267.45, up 78.25 points from the previous close (read more about stock markets today). Banking and financial services stocks, which rose in morning, turned flat in afternoon deals, a day after credit ratings major Moody's said that the operating environment for Indian banks will be stable but economic slowdown poses challenges to the sector.
Domestic stock markets rose on Tuesday supported by gains in information technology, pharmaceutical and infrastructure stocks.The S&P BSE Sensex index rose as much as 263.84 points to touch 37,950.21 at the day's strongest level, the broader NSE Nifty benchmark climbed to 11,267.45, up 78.25 points from the previous close (read more about stock markets today). Banking and financial services stocks, which rose in morning, turned flat in afternoon deals, a day after credit ratings major Moody's said that the operating environment for Indian banks will be stable but economic slowdown poses challenges to the sector.
Domestic stock markets rose on Tuesday supported by gains in information technology, pharmaceutical and infrastructure stocks.The S&P BSE Sensex index rose as much as 263.84 points to touch 37,950.21 at the day's strongest level, the broader NSE Nifty benchmark climbed to 11,267.45, up 78.25 points from the previous close (read more about stock markets today). Banking and financial services stocks, which rose in morning, turned flat in afternoon deals, a day after credit ratings major Moody's said that the operating environment for Indian banks will be stable but economic slowdown poses challenges to the sector.
Brokerage Choice Broking shared some trading ideas, strategies and market tips for today's trade:
Buy Firstsource Solutions
Choice Broking has a "buy" call on Firstsource Solutions for a target price of Rs 54.50 with stop loss at Rs 49.25. Firstsource Solutions has bounced back from of its lower band of Symmetrical Triangle formation on a daily scale, which shows it may accelerate in the coming trading sessions, the brokerage said in a note.
The Firstsource Solutions stock has bounced back after taking support around Rs 48.50, which marks a 50 per cent retracement of its previous move from Rs 39.20 to Rs 57.80, suggesting that bulls may take charge in the counter, Choice Broking said.
Buy Siemens August futures
The brokerage has a "buy" call on the Siemens August futures for a target price of Rs 1,108 with stop loss at Rs 1,219. Choice Broking has recommended a sell range of Rs 1,182-1,188 for this trade.
The stock has given a breakout of its lower band of an upward rising channel formation on a daily chart, which indicates a southward movement in the counter, Choice Broking said. It also said the stock has started to trade below its 50-days exponential moving average (DMA), which shows a negative rhythm in the counter.
Buy Lupin
The Mumbai-based brokerage headed by executive director Sumeet Bagadia has recommended buying Lupin shares in the range of Rs 770.05-765 for a target price of Rs 800.15 with stop loss at Rs 750.
Choice Broking said the Lupin stock has bounced back from of its lower band of a symmetrical triangle formation on a daily scale, which shows that it may accelerate in the coming trading sessions.
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Disclaimer: Investors are advised to make their own assessment before acting on the information.
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