Market Trading Guide: Bharti Airtel, LTIMindtree among 5 stock recommendations for Wednesday

On a daily time frame, the price has been rising continuously in a bullish trend with higher highs and higher lows formation. In addition, the stock has given a breakout of previous swing highs with the spurt in volume indicating a bullish trend may continue in the near term. On the momentum front, MACD histogram is hovering in the positive territory with an inclining trajectory, which points to a strong momentum.

(Mahesh Prakot, Research Analyst, Bonanza Portfolio)

The stock has been rising continuously in a bullish channel with higher highs and higher lows formation. In addition, the price has also been trading above the 21 Exponential Moving Averages & Super trend, which suggests bullish strength.

(Mahesh Prakot, Research Analyst, Bonanza Portfolio)

In the daily chart, after making multiple bottoms around Rs 546 in March, price has witnessed some bull run to make a 52-week high of Rs 709 odd levels. Buyers were having upper hand against bears as we can see formation of Higher Top Higher Bottom pattern.

Price is currently trading below its 20 EMA and 40 EMA of Rs 670 and Rs 653, respectively, indicating bears are ready to play a major role at current level. Price can test the support of the upward moving trend line around Rs 600 and from there rebound can be seen to retest its previous high of Rs 709 odd level, once the Rs 709 is taken out we can see further upside till Rs 780 to 850 odd levels.

(Viral Chheda, Sr. Technical Analyst, SSJ Finance & Securities)

In the daily chart, after making a bottom around Rs760 in March, price has given a sharp upside rally to make the high of Rs 1020 odd levels.

Bulls were having the upper hand as we can see formation of Higher Top Higher Bottom pattern. At a higher level, price is moving in the range of Rs 945-1020 levels and on Monday with relatively high volume, price breached the distribution phase. Closing below the lower level of range, we can expect some further downside. Price is also trading below its upward moving trend line, indicating further downside. The Stochastics Oscillator is trading in a downward trend indicating further downside from here.

In the daily chart, after making a high around Rs 5400, the stock has given a sharp correction as it took only 6 days to make a low of Rs 4776 odd level. Sellers were having full control over price. At current level, price can move a little bit sideways in a range of Rs 4800 to 5200 and once it goes above Rs 5200 odd level, we can see a sharp up move till Rs 5700 to 6000. Price is currently trading above its 20 EMA and 40 EMA, respectively, indicating bulls to play a major role to take price upside. The Stochastics Oscillator is trading in an upward trend along with an increase in volume indicating further upside.

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