Trading Guide: SBI Card among 3 stock recommendations for Friday
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Stock Ideas
Snapping three-day upward march, equity markets declined on Thursday following hawkish comments from Federal Reserve officials. Selling was seen in index heavyweights Reliance Industries, Bajaj Finserv and ICICI Bank, amid a sluggish trend in the global markets.
Sector-wise, BSE Auto and Consumer Durable witnessed intense selling during the session. In the broader markets, the BSE midcap fell 0.55% and the small-cap slipped 0.20%.
Technically, "On the lower end, Nifty found support at the 14DMA. The trend is likely to remain bearish until it remains below 17,700. On the lower end, the bears may take the Nifty to 17,500/ 17,400," said Rupak De, Senior Technical Analyst at LKP Securities.
The stock has witnessed a decent correction from Rs 687 levels and currently has consolidated and bottomed out near the significant 200DMA zone of Rs 450 levels, and thereafter witnessing a pullback to improve the bias with decent volume participation witnessed. The RSI is well placed and has indicated a trend reversal to signal a ‘buy’ indicating much upside potential from here on.
(Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher)
The stock has been in consolidation for quite some time and currently has come out of the range with a positive bullish candle pattern on the daily chart to improve the bias, and also a move past the important 50 EMA level of Rs 762 has made the chart look attractive with upside potential indicated in the near future.
(Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher)
The stock, after the decent pick up witnessed in the last month from bottom level of Rs 80, has witnessed consolidation near Rs 116-120 zone and recently has indicated a breakout from the range for fresh upward move with improving bias and trend. With decent volume participation and RSI getting stronger, the chart looks attractive for further rise in the coming days with much upside potential visible in the stock.
(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)