Market Trading Guide: ICICI Bank, HCL Tech among top 7 stock recommendations for Monday

ERIS is breaking out of a downwards-sloping parallel channel pattern on the daily timeframe and closing with a bullish candlestick and above-average volumes, which indicates bullish strength. On the indicator front, the supertrend indicator is in a bullish continuation, and the stock is seen to be trading above all its important EMA’s on the weekly timeframe. The momentum oscillator RSI (14) is at around 75 showing strength by sustaining above 50.

(Mitesh Karwa, Research Analyst, Bonanza Portfolio)

The stock is breaking out of a resistance zone on the weekly timeframe after almost 5 years with a bullish candlestick and above-average volumes, indicating bullish strength. Momentum oscillator RSI (14) is around 72 on the daily time and is showing strength by sustaining above 50, and the stock is also trading above all its important EMAs on the daily timeframe.

(Mitesh Karwa, Research Analyst, Bonanza Portfolio)

The stock seems to be reversing the entire decline from March 2022 highs. The price action over the last three months shows a classic rounding bottom pattern. Price has seen a breakout of the pattern, and is in a breakout-pullback phase. Price is also seen moving higher after taking support at rising trendline.

(Manish Shah is a SEBI Registered Investment Advisor)

The stock has been in a wide trading range between Rs 105-70 since July 2021. This is a major long-term rectangle and denotes a balance of demand and supply. This week's price has seen a major breakout above the rectangle pattern. These types of pattern breakouts can lead to strong trends as prices are emerging out of equilibrium. GIPCL is likely to see a rally to 140 and above 160 over the next 6-8 weeks.

(Manish Shah is a SEBI Registered Investment Advisor)

After the remarkable up move of the last few weeks, the counter witnessed short-term correction from the higher levels. However, closing above the important retracement zone suggests a bullish continuation chart structure. Therefore, the counter is likely to resume its uptrend from the current levels.

(Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities)

On a weekly scale, the counter is into a rising channel chart formation with higher high and higher low series patterns. Moreover, it has formed a cup and handle chart formation. Therefore, a breakout move from the resistance zone for the bullish continuation rally is very likely to occur in the coming trading sessions.

(Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities)

Post reversal from the lower levels, the stock has been in a phase of consolidation for the last couple of sessions. The stock is showing bullish strength, which could provide good upside momentum from the current levels. Hence, a fresh uptrend rally is very likely in the near term.

(Shrikant Chouhan, Head of Equity Research (Retail), 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)