Market Trading Guide: HDFC Bank, Suzlon Energy among 5 stock recommendations for Thursday
, ETMarkets.com|
"The zone of 19320 – 19360 is a crucial support as multiple parameters in the form of daily lower Bollinger band and the 20-week moving average are placed. In terms of levels, 19330 – 19300 is the crucial support zone while 19520 – 19560 shall act as an immediate hurdle zone," said Jatin Gedia, Sharekhan by BNP Paribas.
Here are the 5 stock recommendations for Thursday:
ETMarkets.com
Stop Loss: Rs 3750
DMART was seen to break out of a bullish pattern on the weekly timeframe and close with a bullish candlestick and above average volumes. This indicates bullish strength.
On the indicator front, the stock is seen to be trading above all its important EMA’s on the daily timeframe. The momentum oscillator RSI (14) is at around 66 showing strength by sustaining above 50.
(Mitesh Karwa, Research Analyst, Bonanza Portfolio)
Agencies
Stop Loss: Rs 60
Edelweiss is seen to be breaking out of a bullish pattern on the weekly timeframe after almost three years with a bullish candlestick and above average volumes, which indicates bullish strength.
The stock is trading above all its important EMAs on the weekly timeframe and the supertrend indicator is also indicating a bullish move. Observation of the above factors indicates that a bullish move in Edelweiss is possible for targets up to Rs 73.
(Mitesh Karwa, Research Analyst, Bonanza Portfolio)
IANS
Stop Loss: Rs 27
Suzlon Energy has experienced upward momentum over the past two days after breaking out of a consolidation phase. Additionally, the stock has remained above a crucial moving average. The Relative Strength Index (RSI) is currently showing a bullish crossover and is on the rise.
(Rupak De, Senior Technical Analyst, LKP Securities)
ETMarkets.com
Stop Loss: Rs 3430
TCS exhibited a bullish sentiment as it formed a bullish engulfing candle pattern on the daily chart, signaling a bullish reversal. Furthermore, the stock managed to close above its 20-day moving average (20DMA), confirming its bullish undertone. Momentum indicator RSI is poised for a positive crossover, further affirming the presence of strong momentum.
(Rupak De, Senior Technical Analyst, LKP Securities)
ETtech
Stop Loss: Rs 1485
HDFC Bank has shown a strong upward movement, rebounding from the day's low. Multiple swing highs and lows can be observed around Rs 1515, suggesting that this level is likely to provide support for the stock price. Additionally, a positive divergence is evident on the daily chart.
(Rupak De, Senior Technical Analyst, LKP Securities)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Agencies
