Market Trading Guide: Wipro, Kalyan Jewellers among 5 stock recommendations for Tuesday
, ETMarkets.com|
However, profit-taking in Reliance Industries, metal giants and banking shares dragged the index to a low of 70,922.57 during intra-day trade.
The broader NSE Nifty also closed 166.45 points or 0.76% lower at 21,616.05 with 34 of its constituents ending in the red.
Metal, banking and select oil shares succumbed to selling while pharma and IT shares bucked the trend.
"The daily chart shows the index forming a lower top, signalling diminishing bullish sentiment. The momentum indicator aligns with this bearish outlook, displaying a crossover. The Nifty might remain ‘sell on rise’ as long as it remains below 21,850. On the downside, support is situated at 21,500," said Rupak De, LKP Securities.
Here are 5 stock recommendations for Tuesday:
Agencies
Stop Loss: Rs 6,435
Apollo Hospitals Enterprise has begun trading in a consolidation range, following an impressive run. But, near the threshold mark, it paused. The bulls were able to break above the upper band in previous trading, and we've seen a breakout of a Flag Pattern.
On the indicator front concerning momentum indicator MACD, the MACD line has crossed the Signal Line confirming the positivity in the script. On the Directional front DI+ is trading above DI- suggesting a positive trend and ADX is trading above DI's, signalling strength in the move.
(Virat Jagad, Technical Analyst, Bonanza Portfolio)
ETMarkets.com
Stop Loss: Rs 6,423
A significant breakout of a Rounding Bottom pattern in Coforge Ltd has been observed. This pattern often indicates a potential bullish trend. Moreover, the price of Coforge Ltd is trading above the major Exponential Moving Averages (EMAs), indicating a sustained uptrend. This alignment with the EMAs adds more confidence to the bullish scenario.
Additionally, the breakout in the Relative Strength Index (RSI) supports the upside move, confirming the strength of the current trend and implying the potential for further price appreciation.
(Virat Jagad, Technical Analyst, Bonanza Portfolio)
iStock
Stop Loss: Rs 6,150
The stock has recently broken out from a Rounding Bottom formation, accompanied by a significant surge in volumes. The momentum indicator RSI has confirmed the buy signal with a positive crossover. The lower-end support is identified at 6,150, indicating a potential cushion for the bulls. The stock's upside potential targets are set at 6,500 and 6,700.
(Kunal Shah, Senior Technical & Derivative Analyst, LKP Securities)
ETMarkets.com
Stop Loss: Rs 354
The stock has shown a smart upward movement following a consolidation breakout on the daily chart, indicating increased optimism. Furthermore, the stock has consistently remained above the critical moving average. The Relative Strength Index (RSI) demonstrates a bullish crossover on the daily timeframe.
(Kunal Shah, Senior Technical & Derivative Analyst, LKP Securities)
ETMarkets.com
Stop Loss: Rs 480
The stock is exhibiting a bullish outlook, supported by higher-low formations on the daily chart and the presence of a Morning Star pattern indicates potential upward momentum. The positive crossover in the momentum indicator RSI further confirms the buy signal, emphasizing the stock's strength. Trading above critical short-term moving averages adds to the bullish sentiment.
(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)
Agencies
