Trading Guide: Raymond among 5 stock recommendations for Friday

The stock is seen to be bouncing back from a strong support zone with a bullish candlestick on the daily timeframe and the RSI is showing a bounce from lower levels. This can be used to strengthen the bullish view. The 200 EMA is at around Rs 1180 and the stock is seen to be comfortably trading above it. The momentum oscillator RSI (14) is at around 41 showing strength by bottoming out.

These factors indicate that a bullish move is possible on the counter for targets up to Rs.1400. One can initiate ‘buy on dip’ in the range of Rs 1323-1329 with stop loss below 1275 on daily closing basis.

(Mitesh Karwa, Research Analyst, Bonanza Portfolio)

The stock is seen to be breaking and sustaining previous swing high on the daily chart and the supertrend is indicating a bullish move on the daily timeframe, which can support the bullish view. The 200 EMA is at Rs 415 and the stock is comfortably sustaining above it, which is a positive sign.

Momentum oscillator RSI (14) is at around 67 on the daily time frame indicating strength by sustaining higher levels. The above factors indicate that a bullish move in the stock is possible for targets up to Rs 505. One can initiate a buy trade in the range of Rs 474-477 with a stop loss of 460 on daily closing basis.

(Mitesh Karwa, Research Analyst, Bonanza Portfolio)

After witnessing a steep erosion recently, the stock has recovered strongly from the bottom made near Rs 2,300 zone and has improved the bias moving past the significant 50 EMA level of Rs 2,500 with a strong bullish candle pattern on the daily chart. Further rise is anticipated in the coming sessions. The RSI is also well placed, which has shown a trend reversal from the oversold zone to indicate strength. With an immense upside potential visible, the stock can carry on with further upside momentum. With the chart looking attractive, we suggest buying and accumulating the stock for upside targets of Rs 2870 with support maintained near the Rs 2570 zone.

(Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher)

The stock has witnessed a steep correction from Rs 785 levels to indicate signs of bottoming out at around 655 levels retracing almost 61.80% and is anticipated to give a decent pullback to improve the bias. The RSI has flattened out near the oversold zone and is picking up, with immense upside potential visible to carry on with the momentum further. We recommend a buy in this stock for an upside target of Rs 730 keeping a support level of Rs 650.

(Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher)

The stock has corrected well in the recent past from the levels of Rs 820 and has taken support near the long-term trendline zone of Rs 715 levels. Further, it has indicated a pullback with improved bias gaining strength. We recommend a buy in this stock for an upside target of Rs 815, keeping a support level of Rs 700.

(Vaishali Parekh, Vice President - 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)