Market Trading Guide: Cummins among top 7 stock recommendations for Friday

The stock is bouncing from the support zone of an upwards-sloping parallel channel pattern on the weekly timeframe and closing with a big bullish candle on the daily timeframe, which indicates bullishness. On the indicator front, the super trend indicator indicates a bullish reversal, and the stock is seen closing above its 50 EMA. The momentum oscillator RSI (14) is at around 60, showing strength by sustaining above 50

(Mitesh Karwa, Research Analyst, Bonanza Portfolio)

The stock is seen trading near the support zone of a triangle-like pattern on the daily timeframe and has shown strength, as it has closed with a bullish candlestick. Momentum oscillator RSI (14) is at around 51 on the daily time and indicates strength as it bounced from important support zones

(Mitesh Karwa, Research Analyst, Bonanza Portfolio)

The stock has bottomed out near the 1,480 zone after the short correction from the peak level of 1706 and has indicated a decent pullback, with the RSI also improving from the oversold zone signalling a buy. A decisive move past the significant 50 EMA level of 1565 would further strengthen the trend, and with the chart looking very attractive, it is anticipated to carry on the positive move still further ahead

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

The stock, after the decent correction, has bottomed out near the strong support zone of Rs 555 levels and has given a significant pullback to come out of the descending channel pattern on the daily chart and also the important 50EMA level to improve the bias and trend anticipating further rise in the coming days. The RSI indicator has indicated a trend reversal, and with much upside potential visible, further rise anticipated

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

The stock witnessed a decent erosion and arrived near the long term trendline support zone of 375-370 levels with improvement in the bias. Further a decisive move past the 398 zone would further accelerate the move for upper targets of Rs 425-430 levels. The RSI indicator is well placed near the oversold zone with reversal indicated and has much upside potential for further rise anticipated

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

HBL Power Systems trades between Rs 120-90 since mid-September 2023. The pattern playing out in the price action is a downsloping wedge. The price is now on the verge of breaking above its falling trendline and also the downsloping wedge pattern. Downsloping wedges can frequently give a fast move in the direction of the breakout. Price is also currently taking support at its 200-day moving average. In general, power stocks have been rallying over the last few weeks.
(Manish Shah, Independent market analyst)

ITD Cementation is in a steady up trend on the weekly time frame. Price is showing a breakout from its double-bottom trend reversal pattern. A breakout from a double bottom pattern is seen as a reliable trend reversal pattern.

(Manish Shah, Independent market analyst)

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