Market Trading Guide: Jubilant FoodWorks, Bharat Forge among 5 stock recommendations for Thursday
, ETMarkets.com|
"The short-term trend of Nifty remains range-bound with positive bias. A decisive move above 19850-19900 levels is expected to open a sharp upside towards new all-time highs. Any weakness from here could find support around 19650 levels," said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.
Here are 5 stock recommendations for Thursday:
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IANS
Stop Loss: Rs 510
Jubilant FoodWorks is forming Higher High and Higher Low formation on a daily time frame indicating uptrend. The security has been respecting the rising trend, indicating that the buyers are keen to ‘buy on dips’.
The stock is trading at 50 EMA and is respecting the EMA which indicates strong support for the coming days. The Fast EMA is trending upward, which indicates an uptrend. On the momentum front, RSI is trending upward indicating uptrend.
(Kunal Kamble, Sr. Technical Analyst, Bonanza Portfolio)
ETMarkets.com
Stop Loss: Rs 1050
The Bharat Forge stock is poised for a potential breakout from a falling trendline, signalling a potential reversal of the downtrend.
Momentum indicator RSI has provided a positive crossover on the daily chart, surpassing the level of 60, confirming the emergence of bullish momentum. The stock has support at 1050, and the potential upside targets are identified at 1200 and 1280.
(Kunal Shah, Senior Technical & Derivative Analyst, LKP Securities)
Agencies
Stop Loss: Rs 275
The IPL stock has observed a notable surge in volumes and has been consolidating within a broad range of 255-315. The stock is finding support at its 20-day moving average (20DMA) situated at 285 and is on the brink of a breakout from a falling trendline. This breakout indicates a potential upward movement in the stock.
(Kunal Shah, Senior Technical & Derivative Analyst, LKP Securities)
ETMarkets.com
Stop Loss: Rs 650
The stock has recently experienced a breakout from consolidation on the daily chart, indicating increased demand. Furthermore, it has consistently maintained a position above the crucial moving average, while the RSI demonstrates a bullish crossover. In the short term, there's potential for the stock to advance towards 700, with a support level firmly situated at 650.
(Kunal Shah, Senior Technical & Derivative Analyst, LKP Securities)
(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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