Market Trading Guide: Lupin, Zomato among 7 stock recommendations for Tuesday

UPL Futures on a daily time frame at the previous demand zone has formed multiple candlestick patterns. On 21 August on a daily time frame, the security had formed a single candlestick pattern Bullish Marubozu and double candlestick pattern Bullish engulfing. On 24 August, a gravestone Doji was formed. In the latest development, the security has formed a bullish engulfing pattern with increasing volume indicating a positive move in coming days. The momentum indicator RSI has given a breakout of resistance supporting the price action

(Kunal Kamble, Sr. Technical Analyst, Bonanza Portfolio)

The stock on a daily time frame has closed above previous swing high indicating a breakout. The upward move in the security is impulsive, indicating that the buyers are aggressively buying. Higher volume in buying is supporting the upward movement. Price is trading above major EMA indicating a positive trend. The DI+ is trading above DI- which indicates positive trend with ADX trading above DI-indicates strength in the move

(Kunal Kamble, Sr. Technical Analyst, Bonanza Portfolio)

Mahindra & Mahindra (M&M) is poised for a potential breakout from a descending trendline, indicating a shift in its trend. The stock has consistently found support at the 20-day moving average (20 DMA), which currently rests at the Rs1500 level, adding to the positive sentiment.The momentum indicator, RSI, has recently experienced a bullish crossover, further affirming the increasing momentum for the stock's upward movement. Key support for the stock lies at the Rs 1500 mark, while the potential upside targets are estimated at Rs 1600 and Rs 1645

(Kunal Shah, Senior Technical & Derivative analyst at LKP Securities)

Lupin has experienced an upward movement following a period of consolidation, indicating a boost in investor optimism. Additionally, the stock is maintaining its position above the crucial moving average. The RSI on the lower timeframe has exhibited a bullish crossover and is ascending, suggesting a positive short-term outlook

(Kunal Shah, Senior Technical & Derivative analyst at LKP Securities)

Stock has broken out of a descending trending drawn from its listing price and is now trading around the previous breakout zone, which can also be termed as law of polarity in technical terms and which is a bullish pattern. The 14 period RSI is also complimenting the price action and technical pattern by taking support around 50. The momentum indicator MACD is trading well above its 0 line on a weekly time frame and confirms the momentum is intact in stock

(Riches Vanara, Technical And Derivatives Analyst, StoxBox)

The stock has given breakout from a Cup and Handle pattern on daily charts and is trading with a bullish bias. A fresh breakout is also seen on the relative strength chart in comparison to the Nifty-50 index. The momentum indicators MACD and 14 period RSI are trading with bullish momentum and complimenting the price action

(Riches Vanara, Technical And Derivatives Analyst, StoxBox)

The stock is trading with a higher high and higher low pattern on daily charts and after a small decline on lower volumes, now stock is ready to move again. The double bottom pattern formed on 14 period RSI compliments the price movement. The stock has also seen good support of DEMA 10 and 20 on every intermediate decline. It is trading at a crucial juncture and we can see a good bounce going forward.

(Riches Vanara, Technical And Derivatives Analyst, StoxBox)

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