Market Trading Guide: HCL Tech among 4 stock recommendations for Wednesday
, ETMarkets.com|
“The candle pattern of Tuesday indicates the formation of a high wave and this reflects volatility in the market at highs. Normally, such high wave formations at the highs/hurdles indicate caution for longs. But, still, there is no confirmation of any reversal pattern unfolding at the highs. The next upside levels to be watched are around 18,500, and immediate support is placed at 18,080 levels,” Nagaraj Shetti,
Technical Research Analyst at HDFC Securities, said.
Here are 4 stock recommendations for Wednesday:
iStock
Stop Loss: RS 1,005
HCL Tech seems to be in a W-shaped recovery over a long-term post forming a base near Rs 900 levels. Currently, a break above Rs 1,050 on a closing basis could lead the stock towards Rs 1,120 or higher levels. A short-term downside possibility can be seen near Rs 1,005, which can be considered a stop loss. Indicators such as RSI and Bollinger bands suggest upside action to be continued until a major downfall below Rs 1,000 is witnessed.
(Ravi Gangan, Technical Trader at Mehta Equities)
ETtech
Stop Loss: Rs 2,365
The stock has been witnessing higher high and higher low for the past three consecutive sessions indicating the uptrend is on continuation. Also, breaking out of 2,500 levels on a closing basis would be the next affirmation that prices can sustain the upside. RSI has the headroom space for the share prices to move up towards 2,750 levels; however, given the support near Rs 2,365 stays intact.
(Ravi Gangan, Technical Trader at Mehta Equities)
IANSHINDI
Stop Loss: Rs 612
On a daily chart, Asahi India formed a triangle pattern with good volume, which indicates a continued bullish trend. The price is trading above the 50 & 100 day’s exponential moving averages, which indicates a positive trend. In addition, the technical Ichimoku cloud suggests that the price is trading above the conversion line and baseline, which shows a positive trend in the counter.
(Vishal Wagh, Research Head, Bonanza Portfolio)
iStock
Stop Loss: Rs 4,715
The stock has given a breakout of the “Falling Supply Channel” and gained the upper band of the pattern, indicating an upward direction in the stock for short to medium term. On a weekly scale, the price has also settled above the middle Bollinger Band formation, which suggests a bullish trend for the medium term. In addition, Technical Ichimoku cloud suggest that the price is trading above the cloud, which shows a positive trend in the counter.
(Vishal Wagh, Research Head, Bonanza Portfolio)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
ETtech
