Market Trading Guide: BHEL, ITC among 7 stock recommendations for Thursday

On the daily chart, the stock has witnessed a breakout of a ‘Cup & Handle pattern’ with bullish candlestick indicating strength for the short- to medium-term. The price is trading above the 50 Days Exponential Moving average and Conversion & Baseline, which is now acting as support for the stock. A momentum indicator RSI (14) reading is above Rs 60 levels, supportive for the long position.

(Ashish Katwa, Research Analyst, Bonanza Portfolio)

On the four hourly charts, the stock has given a breakout of a Falling Wedge pattern with the bullish candlestick. At the same time, the stock has been moving in higher highs and higher lows formation. The stock is trading above its 21 and 50-day exponential moving averages on the daily time frames, which is a positive trend in the short- to medium-term. The Technical indicator Ichimoku cloud suggests that the price is trading above the cloud. The daily strength indicator RSI (14) is in bullish mode and trading above the 50 level.

(Ashish Katwa, Research Analyst, Bonanza Portfolio)

The stock has experienced a Head and Shoulder breakout, indicating a potential upward trend. Additionally, the Relative Strength Index (RSI) is showing a bullish crossover and rising, suggesting an increase in buying momentum in the stock.

Furthermore, the stock is sustaining above a critical moving average, which further supports the notion of a bullish outlook. These factors combined indicate positive market sentiment and the potential for further price appreciation in the stock.

(Rupak De, Senior Technical Analyst at LKP Securities)

BHEL has experienced a swing-high breakout on the daily chart accompanied by a sharp surge in volumes. This breakout is considered as a bullish signal for the stock.

The overall undertone is also positive, with the stock forming higher highs and higher lows. The momentum indicator RSI has shown a positive crossover, further confirming the buy signal for BHEL. There is a strong support level at Rs 85, which coincides with the stock's 20-day moving average (20DMA). This support level is expected to act as a cushion for the bulls.

(Rupak De, Senior Technical Analyst at LKP Securities)

The stock is in strong uptrend over the past few months with higher bottoms and higher tops to scale a new 52 week high. It is up 8% on the back of some acquisition news flow and near to the resistance of the 200 week average of Rs 92. Any decline or retracement near to Rs 82-85 levels would be a good entry point for a higher target of Rs 105-110 levels over the next few months.

(Vikas Jain Senior Research Analyst Reliance Securities)

The stock scaled a new all-time high of Rs 1,757, surpassing its multi-year high of Rs 1,720 levels and witnessed a corrective retracement in Wednesday’s trade after a 10% up move over the past 2 weeks. The key technical indicators are in favor of the bulls on long-term as well as short-term timeframe charts.

The stock will explore uncharted territory after a wide range breakout, which could take it towards Rs1,900-2000, zone. In case of any decline, the stock may find support around Rs 1640-1660 levels.

(Vikas Jain Senior Research Analyst Reliance Securities)

Since Mar’22, the stock has been in a strong up-trend and approached its life-time-high of Rs 482. It is holding its band of short- and medium-term averages and moving higher, consistently scaling new all-time high m-o-m outperforming the overall markets. One can continue to hold the stock for a higher target of Rs 510-520 levels that being the monthly pivot levels

(Vikas Jain Senior Research Analyst Reliance Securities)

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