Market Trading Guide: HDFC Bank among 6 stock recommendations for Tuesday
, ETMarkets.com|
“The Nifty has moved up after a consolidation breakout on the daily chart, suggesting a rise in optimism. On the daily timeframe, the index sustained above the crucial moving average, confirming the short-term uptrend. Over the short term, the trend may remain positive. On the lower end, support is visible at 17,850/17,700; resistance on the higher end is placed at 18,100/18,300,” Rupak De, Senior Technical Analyst at LKP Securities, said.
Here are 6 stock recommendations for Tuesday:
ETBFSI
Stop Loss: 620
The stock has recently given a falling supply trendline breakout with a bullish candlestick on a daily chart. The 50-day EMA is at Rs 574 and the stock is comfortably sustaining above it, which can be used as a confluence to the bullish view. The technical indicator Ichimoku cloud suggests that the price is trading above the conversion line and baseline, which point out positive strength.
(Vishal Wagh, Research Head, Bonanza Portfolio)
ETMarkets.com
Stop Loss: Rs 412
On a daily chart, after a long bullish rally, Zydus Lifesciences formed a bullish flag pattern with good volume, indicating a continued bullish trend. Stock is trading above its 21, 50 & 100 - day exponential moving averages on weekly & daily time frames, which is positive for the prices in the mid to long term. The technical indicator Ichimoku cloud suggests that the price is trading above the cloud, which points out a positive strength for the counter.
(Vishal Wagh, Research Head, Bonanza Portfolio)
iStock
Stop Loss: 1,940
Recently the stock corrected from the peak of Rs 2,650 and sneaked below the Rs 2,000 mark in a short span of time. At this juncture, it is hovering above the placement of its 200-day moving average. On a daily scale, we are witnessing a reversal candlestick pattern, indicating the possibility of a decent pullback.
(Mehul Kothari, AVP-Technical Research, Anand Rathi)
iStock
Stop Loss: Rs 590
On the line chart, the stock confirmed a range breakout above the Rs 620 mark and that too attempts of many months. This price action was accompanied by humongous volumes. Also, the daily RSI has managed to clear its 60 value, suggesting strength.
(Mehul Kothari, AVP-Technical Research, Anand Rathi)
iStock
Stop Loss: Rs 1,960
L&T has given a swing high breakout on the daily chart, suggesting a rise in a bullish bet in the stock. On the daily timeframe, the stock found support at the 50 exponential moving average, confirming the short-term uptrend. Over the short term, the trend may remain positive.
(Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities)
Agencies
Stop Loss: Rs 1,450
On the daily chart, HDFC Bank has given a breakout with rising volumes from a brief consolidation phase. The stock has taken support at its short-term 5 EMA, which will act as a cushion on the downside. The momentum oscillators are in the strong buy zone, confirming the strength in the breakout.
(Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Agencies
