Market Trading Guide: Oil India, SBI among 6 stock recommendations for Tuesday

The stock closed at its highest level in recent history, indicating rising bullishness. On the daily chart, the price has given a swing high breakout on a closing basis. The RSI is in a bullish crossover. Besides, it is sustaining above the near-term moving average on the daily timeframe. Over the short term, the stock is likely to move towards Rs 260 until it holds above the support level of Rs 230.

(Rupak De, Senior Technical Analyst at LKP Securities)

On the daily chart, the stock has shown a consolidation breakdown, indicating rising bearish bets in the stocks. The price has fallen below the near-term moving average on the daily timeframe. The RSI is entering a bearish crossover. Over the near term, the stock is likely to fall to Rs 515 as long as it remains below Rs 548.

(Rupak De, Senior Technical Analyst at LKP Securities)

Recently we witnessed a range breakout in the stock above Rs 880 levels, and that too, with decent volumes. Thereafter, the stock witnessed a pullback towards the breakout price. As per the price action, PEL is poised to reach a higher level of Rs 950, which is the placement of its 200 DEMA.

(Mehul Kothari, AVP – Technical Research, Anand Rathi)

At this point, the company seems to be trading in an oversold zone and is now approaching a few important support levels. We are witnessing a rising trend line support of the stock near the Rs 105 mark. Below the trend line, we have a placement of 200 DEMA and DSMA.

(Mehul Kothari, AVP – Technical Research, Anand Rathi)

Prices are on the verge of the breakout of their prolonged swing actions. The stock whipsawed between 2700-2550 levels in the past few sessions. Close above Rs 2700, on a daily closing basis, shows the strength that it could be moving in an upward direction. Therefore, as long as the Rs 2550 lower edge of the range is protected, prices could see action towards the Rs 2880 mark.

(Ravi Gagan, Technical Trader, Mehta Equities)

The stock is swiftly moving in the upward-sloping channel in a volatile market. Currently, prices have bounced from the support trendline of the channel, which would now act as an important stop loss near Rs 2085 levels. If prices could not breach below it, the stock could continue its upward traction. The momentum indicator MACD, RSI has indicated positive action to sustain until it reaches overbought regions.

(Ravi Gagan, Technical Trader, Mehta Equities)

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)