Market Trading Guide: PFC among 4 stock recommendations for Friday

The stock is seen taking support from an upwards-sloping trendline support on the weekly timeframe and has closed above the highs of the last seven weeks after making a double-bottom formation at the support zone. On the indicator front, the momentum oscillator RSI (14) is at around 64, showing strength by sustaining above 50 on the daily timeframe.

(Mitesh Karwa, Research Analyst, Bonanza Portfolio)

The stock is seen taking support from an upwards-sloping trendline on the weekly timeframe and closed above the highs of the last nine weeks with a big bullish candle with decent volumes. The stock is trading above its 20/50/100/200 EMA’s, which is a positive sign. Momentum oscillator RSI (14) is at around 68 on the daily time frame, indicating strength by sustaining above 50.

(Ashish Katwa, Research Analyst, Bonanza Portfolio)

The stock has been trading in the range of Rs 1800-1600 since September 2022 . This range has taken the shape of a bullish Rectangle price pattern. Price broke out of the range on heavy volumes and the widespread candle patterns on April 28-29, 2023. This price movement signifies heavy buying interest in the stock.. The 200-Day moving average has started to curl up, and this is the initial sign that the momentum is picking up.

(Manish Shah, SEBI Registered Investment Advisor)

PFC is an outperforming stock. Price is in a strong uptrend as we see a consistent pattern of higher highs and higher lows. Price is also trading at its all-time high. The pattern in play in PFC is a breakout of an ascending triangle. This is a trend continuation breakout, as the previous trend is an up trend.

(Manish Shah, SEBI Registered Investment Advisor)

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