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    Market Trading Guide: SRF among 4 stock recommendations for Thursday

    By
    , ETMarkets.com|
    1/5

    Stock Ideas

    Indian shares advanced for a second straight session on Wednesday as concerns over a banking crisis receded further, while investors braced for a crucial interest rate decision by the US Federal Reserve. The Nifty 50 index ended above the 17,150 mark, while the S&P BSE Sensex rose 0.24% to 58,214.59.

    “The pullback is not yet complete, and we expect it to continue over the next few trading sessions. On the upside, we expect it to retrace till levels of 17,460 – 17,500, where resistance in the form of the 200-day moving average and also a gap formed on March 10 is placed. On the downside, the immediate support stands at the lower end of the downward sloping channel 16,800 – 16,830,” Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas, said.

    Here are stock recommendations for Thursday:

    SRF: Buy | CMP: Rs 2,381.25 | Stop Loss: Rs 2,290 | Target: Rs 2,550
    2/5

    SRF: Buy | CMP: Rs 2,381.25 | Stop Loss: Rs 2,290 | Target: Rs 2,550

    On a daily chart, the price has given a breakout of a ‘Cup & Handle Pattern’ with a spurt in volume, which indicates bullish strength. The overall structure of the counter is very Bullish, as it is trading above 50 Exponential Moving Averages. The MACD indicator suggested a positive crossover in a three-hour timeframe, which can be used as a confluence toward the bullish view. On the momentum front, the MACD histogram is hovering in the positive territory with an inclining trajectory that points to a strong momentum.

    (Ashish Katwa, Research Analyst, Bonanza Portfolio)

    ETMarkets.com
    Maharashtra Seamless: Buy | CMP: Rs 364.60 | Stop Loss: Rs 348 | Target: Rs 395
    3/5

    Maharashtra Seamless: Buy | CMP: Rs 364.60 | Stop Loss: Rs 348 | Target: Rs 395

    After a long bearish trend, the price has taken support of a rising trend line, and simultaneously, the stock has given a breakout of falling supply trend line with bullish candlestick, indicating immediate support for the price. Prices have successfully closed above the previous swing high, which adds more strength to the price. The Technical indicator Ichimoku cloud suggests that the price is trading above the conversion and Baseline, which shows a bullish trend in the counter. The MACD indicator suggested a positive crossover.

    (Ashish Katwa, Research Analyst, Bonanza Portfolio)

    iStock
    Aditya Birla Capital: Buy at Rs 156 | Stop Loss: Rs 150 | Target: Rs 165/170
    4/5

    Aditya Birla Capital: Buy at Rs 156 | Stop Loss: Rs 150 | Target: Rs 165/170

    The stock is trading in a sharp uptrend with higher high and higher low formations intact on the daily chart. The srip is on the verge of a breakout from a cup and handle pattern. The stock’s lower-end support is placed at Rs 150, and the potential upside targets are Rs 165/170. The momentum indicator RSI has entered the zone of 60, confirming the buy signal.

    (Kunal Shah, Senior Technical and Derivative analyst at LKP Securities)

    Agencies
    Strides Pharma Science: Buy at Rs 280 | Stop Loss: Rs 265 | Target: Rs 300/310
    5/5

    Strides Pharma Science: Buy at Rs 280 | Stop Loss: Rs 265 | Target: Rs 300/310

    The stock has shown a sharp reversal on the daily chart with a rise in volumes. The stock has surpassed the previous 5 day high, and the momentum indicator RSI has given a bullish crossover which confirms the strength of the stock.

    (Kunal Shah, Senior Technical and 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)

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