Nifty 50 Index Faces Hurdle: Buy Birlasoft and Sell Fortis Healthcare for Short-Term Gains (Investor's Alert)

The Indian stock market continues to trade weak for the fourth consecutive session, but some signs of recovery have become visible. The Nifty 50 index bounced back from its intraday low and is currently trading green, sustaining above the 50-DEMA support. This has brought some relief to the bulls, but the market sentiment remains weak due to the hurdle at the 25,850 to 25,900 levels.

Market Outlook and Stock Recommendations

Nagraj Shetti, a senior technical research analyst, believes that the negative chart pattern remains intact, and the present weakness could be in line with the formation of a new lower bottom. He has recommended buying Birlasoft shares and selling Fortis Healthcare shares for short-term gains.

Buy and Sell Stocks

Here are the detailed recommendations for the two stocks:

• Birlasoft: Buy at ₹437.75, Target ₹462, Stop Loss ₹424. The IT stock has been range-bound with a positive bias and is currently placed at the edge of a breakout. The overall bullish chart pattern signals more upside for the stock price in the near term.
• Fortis Healthcare: Sell at ₹859, Target ₹820, Stop Loss ₹885. The stock price has been in a downtrend, and the recent bounce back from the support of the 200-day EMA has ended. The overall negative chart pattern suggests further weakness in the stock price in the near term.

Remember, these recommendations are for the next one to two weeks and are based on individual analyst views. It's essential to do your own research and consult with certified experts before making any investment decisions.

Important Disclaimer

This information is for educational purposes only and should not be considered as investment advice. The views and recommendations above are those of individual analysts or broking companies and may not reflect the views of other experts or the overall market sentiment.