Market Trading Guide: Cipla, NOCIL among 5 stock recommendations for Wednesday
, ETMarkets.com|
"The short-term trend of Nifty continues to be range-bound. The present consolidation pattern could eventually result in a decisive upside breakout of the hurdle at 19,900 levels from here or from slightly lower levels. The anticipated upside breakout could pull Nifty towards the new all-time highs. Immediate support is at 19650 levels," said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.
Here are 5 stock recommendations for Wednesday:
Agencies
Stop Loss: Rs 1215
The stock has managed to sustain above-key average levels. It is attempting to witness a recent consolidation breakout. Positive follow-up action to resume an upward trajectory at an all-time higher zone.
(Amit Trivedi, Technical Analyst - Institutional Equities, YES Securities)
Agencies
Stop Loss: Rs 293
KNR Constructions is seen to be breaking out of a bullish pattern and making a bullish candlestick on the weekly timeframe, which indicates strength. On the indicator front, the supertrend indicator is bullish and the stock is seen to be sustaining above all its important EMAs. The momentum oscillator RSI (14) is at around 72 showing strength by sustaining above 50.
(Mitesh Karwa, Research Analyst, Bonanza Portfolio)
ETMarkets.com
Stop Loss: Rs 2850
KEI is seen to be breaking out of a bullish pattern on the daily timeframe with a bullish candlestick, which indicates strength. Momentum oscillator RSI (14) is at around 74 on the daily timeframe and is showing strength by sustaining above 50 and the stock is also trading above all the important EMAs on the weekly timeframe.
(Mitesh Karwa, Research Analyst, Bonanza Portfolio)
ETMarkets.com
Stop Loss: Rs 185
The sharp downtrend of the last few months seems to have reversed on the upside in EPL Ltd as per the weekly timeframe chart. The negative chart pattern like lower tops and bottoms has been negated as the stock price moved above the recent lower top of Rs 200 levels recently. The lower area of Rs 188-190 has acted as a strong support as per the concept of change in polarity in this month and that resulted in a decisive upside bounce from the lows. Volume has expanded during Tuesday’s upmove in the stock price and the weekly 14-period RSI shows a positive indication.
(Nagaraj Shetti, Senior Technical Research Analyst, HDFC securities)
Getty Images
Stop Loss: Rs 227
After showing a sharp downtrend in Sept and Oct, the stock price of NOCIL has witnessed a sustainable upside bounce in the last couple of weeks. The overall chart pattern looks like a formation of a broader triangle-type pattern and the stock price is currently in an attempt of upside breakout of the pattern at Rs 248 levels. The volume has started to expand during the upside breakout and the weekly RSI shows a positive indication.
(Nagaraj Shetti, Senior Technical Research Analyst, HDFC securities)
ETMarkets.com
