Market Trading Guide: Tata Power, Voda Idea among 5 stock recommendations for Friday
, ETMarkets.com|
"After a gap up opening, the index NIFTY witnessed some volatility during the session on the back of weekly expiry. However, the index managed to end the session with a considerable gain. The index is yet to clear the hurdle of 19200 mark. A close above 19200 might result in further short covering in the markets. On the other hand, 18850 seems to be a strong support for the time being," said Mehul Kothari of Anand Rathi
Here are the 5 stock recommendations for Friday:
ETMarkets.com
Stop Loss: Rs 11.5
Fresh breakout after a long time indicates momentum on the upside. Also, the pattern resembles a bullish flag breakout
(Mehul Kothari, Deputy Vice President - Technical Research, Anand Rathi)
iStock
Stop Loss: Rs 82
The stock is highly oversold on the short-term charts and on the long-term charts, it is turning from the support. Risk reward looks favourable for a bounce
(Mehul Kothari, Deputy Vice President - Technical Research, Anand Rathi)
Agencies
Stop Loss: Rs 225
The stock on the weekly chart has indicated a strong uptrend for the last 5 months and recently with a short correction from the peak zone of Rs 273 has cooled off to show signs of bottoming out near Rs 240 levels. Almost a retracement of 38.20% is completed of the recent rally and with an indication of improvement visible in the weekly chart, one can anticipate further rise in the coming months
The RSI also has cooled off from the highly overbought zone and is well placed at an attractive level for another strong upward move
(Shiju Koothupalakkal, Technical Research Analyst, Prabhudas Lilladher)
ETMarkets.com
Stop Loss: Rs 2700
The stock on the weekly chart, has given a strong bull run in the last one year and recently witnessed some profit booking from the peak zone of Rs 3120 level and has slipped to some extent to take a breather. On the daily chart, it has shown signs of taking support near the significant 50EMA level of Rs 2890 zone with some consolidation seen and indicating a pullback to improve the bias
The RSI is also showing a trend reversal has signalled a buy with immense upside potential visible from current levels
(Shiju Koothupalakkal, Technical Research Analyst, Prabhudas Lilladher)
Agencies
Stop Loss: Rs 210
The stock has witnessed a decent rally in the last 5-6 months, indicating a clear triangular breakout on the weekly chart thereafter strengthening the trend. A short correction with 50% retracement of the recent rally has shown signs of taking support near the confluence of 50EMA and 100 period MA zone of 228-230 levels to make the chart look attractive
There are signs of improvement in the bias with the RSI also indicating a trend reversal after the short slide to signal a buy
(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 the Economic Times)
Agencies
