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    Day Trading Guide: 4 stock recommendations for Friday

    1/5

    Stock Ideas

    The market's downward move continued for the third consecutive session and the Nifty closed the day lower by 168 points. A reasonable negative candle was formed on the daily chart with a minor upper shadow. Technically, this pattern indicates a continuation of weakness in the market. The positive sequence of higher tops and bottoms is in play. After the formation of a new higher top at 18,114, the market is showing weakness from the highs towards a new higher bottom, said analysts. The short term trend of the Nifty continues to be negative. Presently, the daily 10-day EMA is offering support at 17,600 levels and the crucial support is placed around 17450-17500 levels as per the concept of change in polarity,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

    Agencies
    ICICI Bank
    2/5

    ICICI Bank

    Buy range: Rs 745-748
    Stop Loss: Rs 730
    Targets: Rs 790/800

    Banking stocks witnessed a good rollover with expanding basis from the March-April series suggesting overall buying interest. ICICI Bank has a spread of 7.5 per cent with Nifty – this suggests the possibility of outperformance. Total OI (open interest) has increased to 107 million from 95 million, suggesting long accumulation at a lower level. Options players are concentrating in the range of Rs 750-800. ICICI Bank quoting above major support level of Rs 720 -730.

    Analyst: Kruti Shah, Equirus

    Agencies
    Persistent Systems
    3/5

    Persistent Systems

    Sell range: Rs 4,760-4,780
    Stop Loss: Rs 4,850
    Targets: Rs 4,600/4,550

    On a monthly time frame, the stock is trading near the exhaustion zone. It has reacted sharply from the previous supply zone forming a double top near Rs 4,950. The stock is garnering weakness below Rs 4,800, suggesting an opportunity to create shorts. Current OI at 3 lakh shares against 4 lakh of three-month average indicates long unwinding.

    Analyst: Kruti Shah, Equirus

    Agencies
    Siemens
    4/5

    Siemens

    Buy range: Rs 2,462-2,472
    Stop Loss: Rs 2,403
    Target: Rs 2,578

    The stock has witnessed a breakout from the channel.

    Analyst: Aamar Deo Singh, Angel One

    Agencies
    GAIL
    5/5

    GAIL

    Buy range: Rs 160-161
    Stop Loss: Rs 149.8
    Target: Rs 177

    The stock is trading in higher top and higher bottom formation. It is trading above key moving averages.

    Analyst: Aamar Deo Singh, Angel One

    Agencies
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