Market Trading Guide: NMDC, BEL among 6 stock recommendations for Diwali Muhurat trading day
, ETMarkets.com|
"Nifty as per weekly chart formed a small positive candle, that placed at the hurdle of 19450-19500 levels as per the concept of change in polarity. A decisive upside breakout above 19500 levels could open renewed buying enthusiasm towards 19800 and higher in the near term. Any weakness from here could find support around 19250-19300 levels," said Nagaraj Shetti, Technical Research Analyst at HDFC Securities
Here are 6 stock recommendations for Diwali Muhurat trading day:
ETMarkets.com
Stop Loss: Rs 160
NMDC stock is exhibiting a strong uptrend, forming higher highs and higher lows on the daily chart. Currently trading above key moving averages, the Relative Strength Index (RSI) shows a bullish crossover. With a suggested entry range of 165-167, a long position is recommended, targeting 180 on the upside, while maintaining a stop loss at 160 to mitigate downside risks. This technical analysis indicates a favourable outlook for NMDC stock
(Rupak De, Senior Technical Analyst, LKP Securities)
ETMarkets.com
Stop Loss: Rs 117
The stock has been consistently rising, forming higher highs and higher lows on the weekly timeframe, indicating a long-term bullish setup. The trend is expected to continue as long as it adheres to this pattern. During the recent correction, the stock dipped to the 21-day Exponential Moving Average (EMA) and quickly rebounded, highlighting a robust demand at lower levels. In the short term, the stock is likely to advance towards the 183 mark. On the downside, there is strong support at 117
(Rupak De, Senior Technical Analyst, LKP Securities)
ETMarkets.com
Stop Loss: Rs 99
The stock recently found support at the previous consolidation high before the recent rally. Furthermore, the stock price has consistently remained above a crucial moving average. In a shorter time frame, the stock has broken out of a consolidation pattern. It could potentially reach 145 on the upside, with strong support at 99 on the downside
(Rupak De, Senior Technical Analyst, LKP Securities)
Agencies
Stop Loss: Rs 26
A significant breakout of a Cup and Handle pattern in CENTRUM has been observed. This pattern often indicates a potential bullish trend. The burst in volume during the current week suggests increased buying interest at the current price levels, which further reinforces the positive outlook for security
A significant breakout of a Cup and Handle pattern in CENTRUM has been observed. This pattern often indicates a potential bullish trend. The burst in volume during the current week suggests increased buying interest at the current price levels, which further reinforces the positive outlook for security
(Kunal Kamble, Sr. Technical Analyst, Bonanza Portfolio)
ETMarkets.com
Stop Loss: Rs 800
On a Weekly time frame at the support level, Cartrade formed a Rounding Bottom Pattern. A recent close above the neckline indicates a breakout in the positive direction. The prices are trading above the fast (18) and slow (45) EMA indicating a positive trend. Whereas the leading indicator Ichimoku also indicates a positive trend in the coming days.
(Kunal Kamble, Sr. Technical Analyst, Bonanza Portfolio)
IANS
Stop Loss: Rs 4600
The stock has experienced a significant breakout above the recent swing highs of Rs 4634.30 and has subsequently undergone a thorough re-test of the breakout level. Considering the overall favorable risk-reward ratio on the buy side, the stock appears poised for an upside potential of 5.5%, coupled with a limited downside risk of around 1.75% from the current market price.
(Riyank Arora, Technical Analyst, Mehta Equities)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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