Market Trading Guide: Nestle, Cochin Shipyard among 7 stock recommendations for Wednesday

Target Price: Rs 1135

Stop Loss: Rs 1010

On a daily time frame, after profit booking, Cochin Shipyard is showing signs of a bullish trend continuation, with buying activity supported by significant volume.

The price has found support at both the Fast EMA (18) and the 0.618% Fibonacci ratio, while trading consistently above both the Fast and Slow EMA lines, indicating a positive and upward-sloping trend. Furthermore, the RSI is residing in the higher zone, confirming a bullish sentiment in the market.

(Kunal Kamble, Senior Technical Analyst, Bonanza Portfolio)

Target Price: Rs 23530
Stop Loss: Rs 22705

On an hourly time frame, a breakout of a Cup and Handle pattern in Nestle has been observed. This pattern often indicates a potential bullish trend. The burst in volume during the current breakout suggests increased buying, which further reinforces the positive outlook for security.

Moreover, the price of Nestle is trading above the major Exponential Moving Averages (EMAs), indicating a sustained uptrend. This alignment with the EMAs adds more confidence to the bullish scenario.

(Kunal Kamble, Senior Technical Analyst, Bonanza Portfolio)

Target Price: Rs 790-800

The price action in Bharat Dynamics shows that the price is likely to see a prolonged decline in the coming weeks. The price has broken below its Triple Top trend reversal pattern as prices have started to continuously trade below the support level at 1100–1110.

The price also started to trade below its 50-week moving average. Expect the price to decline towards Rs 790–800 levels in the next couple of months. The trend could reverse only if the price starts to trade above Rs 1200.

(Manish Shah, SEBI Registered Investment Advisor)

Target Price: Rs 800-950
Stop Loss: Rs 660

The action in Intellect Design shows that the price has been consolidating in a range of Rs 750–665 for the last couple of months. Usually, the price action in such cases resolves as a trend continuation trade. The 20-day moving average has remained above the 50-day moving average for the last several weeks, and the pattern of higher highs and higher lows is still intact.

(Manish Shah, SEBI Registered Investment Advisor)

The swift decline in the recent past ensures a hurdle near 1630, hence sustenance below for the same is likely to open downside possibility till 1500 zone.
(Amit Trivedi, Technical Analyst - Institutional Equities, YES Securities)

After showing a minor downward correction in the last two weeks, the fertilizer stock, Deepak Fertilisers, has witnessed a sustainable upside bounce on Tuesday and closed higher

Presently, the stock price is showing a rounding bottom type pattern as per the weekly timeframe chart and is in an attempt of an upside breakout of the neckline of the pattern at Rs 680 levels. The volume has started to expand during upside breakout and we observe positive chart patterns like higher tops and bottoms on the weekly timeframe chart

(Nagraj S Shetti, Research Analyst, HDFC Securities)

After a sharp up move in the previous few weeks, pharma stock Glenmark Pharmaceuticals has witnessed sharp weakness in the last one week

Presently, the stock price is forming an important Top Reversal pattern around Rs 880 levels. The immediate support of 10-week EMA has been broken on the downside so far this week and we observe negative divergence building up on the weekly 14-period RSI. This is a negative indication

(Nagraj S Shetti, Research Analyst, HDFC Securities)

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