Market Trading Guide: 5 stock recommendations for Friday
, ETMarkets.com|
The Nifty failed to hold on to 18,000 levels and closed with a bearish candle on the daily charts but still managed to close above the crucial support above 17,800, a positive sign for the bulls.
“For Bank Nifty, the overall bias is still positive with the daily trend maintained, and the Nifty's near term support zone of 17,700 levels should be sustained, failing which the bias shall turn a little bit cautious. However, the support for the day is seen at 17,750, while the resistance is at 18,000. Bank Nifty would have the daily range of 40,800-41,700 levels,” Vaishali Parekh, VP - Technical Research, Prabhudas Lilladher, said.
Here are 5 stock recommendations for Friday:
ET Bureau & Agencies
Target: Rs 372
Stop Loss: RS 335
The counter is classically moving in a well-channelized manner. Prices have respected the channel’s upper and lower trend line every time it has touched. In addition, the price has been rising continuously above Ichimoku Cloud, with higher highs and higher lows formation in the last couple of days. Moreover, the indicator MACD also indicates the long position with positive crossover.
(Vishal Wagh, Research Head, Bonanza Portfolio)
Agencies
Target: Rs 100
Stop Loss: RS 89
After a long bullish rally, the stock witnessed a healthy correction from the upper band of Bollinger (105.20) to the lower band (86.55). On a four-hourly chart, the price has taken support of 50 exponential moving averages with bullish engulfing candlesticks & shifted just below the lower band of Bollinger, indicating a bullish set-up in the counter.
(Vishal Wagh, Research Head, Bonanza Portfolio)
Agencies
Target: Rs 260
Stop Loss: RS 226
The counter indicated a clear breakout above the downward sloping trendline zone of 230 levels, and with a bullish candle pattern witnessed, the trend has improved significantly. The RSI also improved its bias with the strength indicated and has much upside potential from hereon to carry on with the momentum and rise further.
(Vaishali Parekh, VP - Technical Research, Prabhudas Lilladher)
Agencies
Target: Rs 1900
Stop loss: Rs 1745
The stock sustained move above key averages along with a series of ascending tops and bottoms is likely to lift the counter toward its January month high.
(Amit Trivedi, Technical Analyst - Institutional Equities, Yes Securities)
ETtech
Target: Rs 475
Stop loss: Rs 420
After the consolidation phase for quite some time, the stock has come out of the range, moving past the trendline resistance barrier of 430 with improved bias and a further upward move is anticipated. Also, on the daily chart, the “Golden Cross” formation pattern has been indicated, with the significant 50 EMA moving past the 200DMA level to strengthen the overall trend.
(Vaishali Parekh, VP - Technical Research, Prabhudas Lilladher)
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)
ET Bureau & Agencies
