Market Trading Guide: Buy TCS & Hindustan Zinc on Friday for up to 12% upside
The Indian stock market witnessed another day of decline, with the Nifty Index falling for the fourth consecutive session. Although the decline was marginal, the overall trend remains bearish, with investors cautious about the market’s direction.
According to Rupak De, Senior Technical Analyst at LKP Securities, the current trends indicate a bearish outlook for the Nifty. The formation of continuous lower tops in the hourly chart suggests weakening momentum, and the 25,700 level appears vulnerable to a breakdown. A decisive breach below this level could trigger a swift next leg of correction.
The IT sector was one of the few bright spots in the market, showing strength despite the overall decline. However, other sectors such as auto, pharma, and energy struggled, with stocks experiencing significant losses. The auto sector, in particular, was hit hard, with many companies witnessing a decline in sales and revenue.
Despite the bearish outlook, some analysts are recommending buying certain stocks on Friday. Two of these stocks are TCS and Hindustan Zinc. According to market experts, these companies have the potential to offer significant upside, with prices potentially rising by up to 12% in the short term.
TCS, one of India’s largest IT services providers, has been performing well in recent times. The company’s revenue and earnings have been steadily increasing, and its stock price has also risen accordingly. With the IT sector showing strength, TCS is likely to continue its upward trend, making it an attractive buy for investors.
Hindustan Zinc, on the other hand, is one of India’s largest zinc producers. The company’s stock price has also been rising in recent times, driven by increasing demand for zinc and other metals. With the current prices of these metals expected to rise in the near future, Hindustan Zinc is likely to benefit from this trend.
In conclusion, while the market remains bearish, there are still some stocks that offer significant upside potential. Investors looking to make a profit should consider buying TCS and Hindustan Zinc on Friday. However, it’s essential to keep in mind that investing in the stock market always carries risks, and investors should do their own research before making any investment decisions.
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