Market Trading Guide: BHEL, Persistent Systems among 6 stock recommendations for Friday
, ETMarkets.com|
"Having moved into the oversold region, there are chances of upside bounce occurring from the lows. A decisive move below 18800 levels could open the next downside of 18500-18600 levels in the near term," said Nagaraj Shetti of HDFC Securities.
Here are 6 stock recommendations for Friday:
Agencies
Stop Loss: Rs 5650
On a daily time frame, CONTROLPR is trading above its linear regression trend line, suggesting an upward trend. After a throwback, buying in the security has sharpened, which has been supported by volume.
Strong bullish candle that formed at the close of the stock price suggests that buyers have outnumbered sellers. The price is trading above the Conversion Line, Base Line and Cloud indicating a positive trend. On the momentum front, the RSI is trading in an upper range, which indicates an uptrend.
(Kunal Kamble, Senior Technical Analyst, Bonanza Portfolio)
ETMarkets.com
Stop Loss: Rs 3430
Breaking below September low, the stock continued to trend lower; recoveries sTarget Price: Rs 6295
Stop Loss: Rs 5650
On the daily chart, the stock has given a breakout of a Bullish Flag pattern with the bullish candlestick. Stock is trading above its 21-day exponential moving averages on the daily time frames, which is positive for the prices in the short to medium term.
The Technical indicator Ichimoku Cloud suggests that the price is trading above the conversion and baseline, which act as a support for the counter. The Daily strength indicator RSI (14) is in bullish mode and trading above the 50 level.
(Kunal Kamble, Senior Technical Analyst, Bonanza Portfolio)
(Amit Trivedi, Technical Analyst - Institutional Equities, YES Securities)
ETMarkets.com
Stop Loss: Rs 3430
Breaking below September low, the stock continued to trend lower; recoveries should be utilized as a selling opportunity as further correction is possible.
(Amit Trivedi, Technical Analyst - Institutional Equities, YES Securities)
ETMarkets.com
Stop Loss: Rs 111
The stock has witnessed a decent erosion from the 133 zone and currently has arrived at the long-term trendline support zone of 113 levels where it has shown signs of bottoming out and improving the bias. Further, a move past the significant 50 EMA level of 121 shall further strengthen the trend and anticipate for further rise in the coming days. The RSI has indicated flattening out after the steep slide and has much potential to carry on with upside momentum further ahead.
(Shiju Koothupalakkal - Technical Research Analyst, Prabhudas Lilladher)
ETMarkets.com
Stop Loss: Rs 397
The stock has witnessed a decent erosion from the 533 zone resisting near the upper band of the channel pattern on the daily chart and has arrived at the support zone of the channel near 395-400 levels where there are signs of bottoming out and improving the bias.
The RSI has gradually witnessed a slide and currently has flattened out to indicate signs of trend reversal and is anticipated for regaining the upward move.
(Shiju Koothupalakkal - Technical Research Analyst, Prabhudas Lilladher)
ETMarkets.com
Stop Loss: Rs 340
The stock has witnessed a strong rally in the last 3 months and currently, with the overall trend maintained strong, is showing signs of consolidation after the recent correction from the peak zone of 434 levels and is anticipated for another rise in the coming days with a series of higher low formation visible on the daily chart.
The RSI has cooled off from the highly overbought zone and is currently well placed with strength indicated and has the potential to rise further to gain strength.
(Shiju Koothupalakkal - Technical Research Analyst, Prabhudas Lilladher)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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