Short-term trading ideas: Infosys, NALCO among 5 technical stock picks
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Amid the ongoing bull run, are you looking for stock ideas for your short-term portfolio? Here are the top 5 technical stock picks to bet on:
iStock
The stock has formed a structural higher top higher bottom indicating a bullish reversal. In the recent up move, we are witnessing a second bullish gap that can be termed as a measuring gap suggesting bulls are in strong momentum. In addition, prices have now sustained well above the key 89 EMA.
ETtech
A mammoth rally was seen during the first half of July month and then a consolidation was seen during the second half of the month. Prices are now breaking above this consolidation confirming a continuation of the uptrend. A ‘Pole and Flag’ pattern is clearly visible on the daily charts that are supported by a good increase in volume
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On the weekly chart, the stock prices have formed based around the 200SMA. A positive crossover is also visible on the momentum oscillator RSI with its smoothened moving average. On the daily chart, we are witnessing a trend line breakout backed by increasing volumes. Moreover, prices have also closed above the key short-term moving averages i.e. 50EMA indicating short-term positive momentum.
A short-term bottom-out formation is visible on the daily chart, with prices breaking above the recent congestion phase. On the momentum oscillator i.e. RSI a positive divergence is visible where prices made a lower low but RSI made a higher lower indicating accumulation in this counter at lower levels. In addition, prices are trading above 50EMA which was previously acting as stiff resistance and now indicates a change in trend.
Agencies
The stock has formed a bullish reversal ‘Rounding Bottom’ pattern on the daily chart. This breakout is supported by robust volumes. Bulls are in strong momentum as it’s been seen that any dips are getting bought and now 200SMA is acting as a strong base for this counter. On the weekly chart, prices have surpassed the key hurdle of 50SMA and retracement levels indicating a bullish scenario across all major time frames.
Analyst: Rajesh Bhosale, Technical Analyst, Angel One
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)
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