Market Surge: Ruchit Jain Recommends Jindal Steel and Ather Energy Stocks for Short-Term Gains
Shares to buy or sell: Ruchit Jain of Motilal Oswal recommends Jindal Steel, Ather Energy stock to buy in short-term
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On April 8, 2023, equity indices Sensex and Nifty 50 surged significantly due to reduced geopolitical tensions and falling crude oil prices. Analyst Ruchit Jain from Motilal Oswal recommends buying Jindal Steel and Ather Energy stocks, targeting ₹1,300 and ₹850 respectively.
- 01Sensex rose by 2,988.82 points to 77,605.40.
- 02Nifty 50 climbed by 890.35 points to 24,014.
- 03Ruchit Jain recommends buying Jindal Steel at ₹1,200-1,270 with a target of ₹1,300.
- 04Ather Energy is suggested for purchase at ₹780, targeting ₹850.
- 05The Reserve Bank of India maintained the key policy rate at 5.25%.
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On April 8, 2023, the Indian stock market experienced a significant rally, with the BSE Sensex increasing by 2,988.82 points (4%) to reach 77,605.40, and the NSE Nifty 50 rising by 890.35 points (3.85%) to 24,014. This surge followed a decrease in crude oil prices and a ceasefire announcement between the US and Iran, easing geopolitical tensions. The Reserve Bank of India opted to keep its benchmark repurchase rate steady at 5.25%, citing uncertainties related to the West Asia conflict, which had previously affected crude prices and trade flows. Ruchit Jain, Head of Equity Technical Research at Motilal Oswal Financial Services, recommends buying shares of Jindal Steel, which has recently broken out from a consolidation phase, with a target price of ₹1,300. He also suggests Ather Energy, which has shown resilience during market corrections, targeting ₹850. Traders are advised to set stop-loss orders at ₹1,140 for Jindal Steel and ₹740 for Ather Energy.
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The recommendations could influence investor decisions and market dynamics, potentially leading to increased trading activity in Jindal Steel and Ather Energy.
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