Market Trading Guide: Star Cement, Metro Brands among 5 stock recommendations for Tuesday
, ETMarkets.com|
"For bulls, 19800 would be the immediate breakout level, above the same the index could rally till 19850-19880. On the flip side, below 19700, the selling pressure is likely to accelerate and could retest the level of 19640-19620," said Shrikant Chouhan, Head of Research (Retail) at Kotak Securities.
Here are the 5 stock recommendations for Tuesday:
ETMarkets.com
Stop Loss: Rs 354
ITDC has exhibited a breakout from a descending triangle pattern on the Weekly time frame. There has been a rise in trading volume, which signifies growing interest from buyers. Additionally, the price is currently trading above the 18-period Exponential Moving Average (EMA), and the EMA itself is trending upward, indicating a potential upward trajectory for the stock.
Momentum Indicator MACD has witnessed a crossover where MACD line has crossed signal line from below, which indicates positive trend.
(Kunal Kamble, Senior Technical Analyst, Bonanza Portfolio)
ETMarkets.com
Stop Loss: Rs 113
On the weekly time frame, STCINDIA has exhibited a breakout from an ascending triangle pattern. There has been a consistent rise in trading volume, which signifies growing interest from buyers. Additionally, the price is currently trading above the 18-period Exponential Moving Average (EMA), and the EMA itself is trending upward, indicating a potential upward trajectory for the stock.
On the momentum front, RSI is conforming the trend.
(Kunal Kamble, Senior Technical Analyst, Bonanza Portfolio)
ETMarkets.com
Stop Loss: Rs 94
Motherson has experienced an upward move after a brief consolidation on the daily chart. Sustained trading above the critical moving average is expected to enhance positive sentiment in the stock price. Additionally, the RSI is showing a bullish crossover. In the short term, the stock is poised to potentially reach the range of Rs 105-110. On the downside, there is strong support at Rs 94.
(Rupak De, Senior Technical Analyst, LKP Securities)
iStock
Stop Loss: Rs 162
Star Cement stock has shown a notable breakout on the weekly chart, supported by significant trading volume. The Relative Strength Index (RSI) is at a strong 70, indicating robust momentum. This makes it an opportune time to consider a long position in the stock during pullbacks within the Rs 168-172 range while setting a stop loss at Rs 162. The target on the upside stands at Rs 195, reflecting the stock's potential for further gains.
(Rupak De, Senior Technical Analyst, LKP Securities)
ETMarkets.com
Stop Loss: Rs 1145
The stock has been finding support at the critical moving average on the daily chart, indicating a positive trend. Besides, the RSI is in a bullish crossover, pointing towards strong momentum. Over the short term, the stock might move towards 1,280-1,320. On the lower end, support is placed at 1,145.
(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)
ETMarkets.com
