Market Trading Guide: Infosys, Vedanta among 7 stock recommendations for Friday

Target Price: Rs 316
Stop Loss: Rs 284
On a Daily time frame, Vedanta has given a breakout of a Rectangle Pattern on the upside, indicating a positive trend in the stock. Buyers have to look more attractive to buy the security above 290 levels.

The Short (9) EMA has crossed the Fast (21) EMA indicating a positive trend with price trading above both the EMA, indicating strength on the upside. Momentum Indicator MACD has crossed the Signal Line below 0 levels supporting the positive move.

(Mahesh Prakot, Research Analyst, Bonanza Portfolio)

Target Price: Rs 1,330
Stop Loss: Rs 1,285
On a daily timeframe, the price has given a breakout of a Descending Broadening Wedge pattern indicating Bullish strength in the counter. Prices shifted just above the Prior Supply Zone & 30 EMAs, which added strength to the price. In addition, the MACD indicator is also in positive territory, confirming a long position.

(Mahesh Prakot, Research Analyst, Bonanza Portfolio)

Target Price: Rs 110-135
Stop Loss: Rs 90
Hotel stocks are on a roll, and Lemon Tree shows signs of further upsides. Lemon Tree broke out of a rounding base, and currently, it is in a well-defined uptrend. The 50-day moving average is sloping away from the longer-term 200-day moving average. MACD reverts to a buy mode.

(Manish Shah, SEBI Registered Investment Advisor)

Target Price: Rs 160-180
Stop Loss: Rs 105
FSL is reversing its entire downtrend. The decline from the July 27 high of 230 to the low of June low of 96.5 was particularly severe on the stock. Price broke out of its double bottom pattern on very high volumes during this month. Price broke out of its key resistance zone at 119-121. Price in the last two weeks has gone in a trading range after the sharp rally.

(Manish Shah, SEBI Registered Investment Advisor)

In this month so far, the stock corrected nearly 5% from the last couple of weeks, it is consistently facing selling pressure at higher levels. However, the medium-term structure of the chart is still on the bullish side. After a short-term correction, currently, the stock is trading near an important retracement support level.

We are of the view that the completed one leg of correction and the texture of the chart indicate a strong possibility of a fresh uptrend rally from the current levels. For the positional traders now, 1580 or 200-day SMA (Simple Moving Average) would be the key level to watch out for. Above this, they could move up till 1650-1665.

(Amol Athawale, Technical Analyst (DVP), Kotak Securities)

In this month so far, the stock rallied over 15 percent. Last Friday, the stock registered a fresh all-time high of 450. On weekly charts, the scrip is holding a breakout continuation formation, and on daily charts, it has consistently formed higher high and higher low formations, which is largely bullish.

The short-term texture of the stock is bullish, but due to temporary overbought conditions, we could range bound activity in the near future. For the bulls, 420 and 415 could be the crucial support zones, while 450-465 would be the key resistance areas. However, below 415 uptrends would be vulnerable.

(Amol Athawale, Technical Analyst (DVP), Kotak Securities)

After a short-term price correction, the stock is consolidating between the 795 to 810 ranges. Last Thursday, after a long time, the stock succeeded to close above the 20-day SMA (Simple Moving Average) and also formed a bullish formation on daily charts.

Technically, as long as the stock is above 795 the uptrend formation is likely to continue. on the higher side, they could rally till the 50-day SMA or 827. Further upside may also continue which could lift the stock to 850. On the flip side, below 795 traders may prefer to exit from the trading long positions.

(Amol Athawale, Technical Analyst (DVP), Kotak Securities)

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