Market Trading Guide: Nestle India, Raymond among 6 stock recommendations for Thursday
, ETMarkets.com|
Similarly, the broader Nifty also paired all its intraday gains before closing 141.90 points or 0.64% down at 22,055.05 points.
"The bullish chart pattern like higher tops and bottoms continued as per daily timeframe chart and Wednesday's swing high of 22,249 could now be considered as a new higher top of the sequence. Hence, short-term weakness could be expected and the next lower supports to be watched at 21,850-21,750 levels," said Nagaraj Shetti, senior technical research analyst at HDFC Securities.
Here are 6 stock recommendations for Thursday:
Agencies
Stop Loss: Rs 358
The stock is exhibiting a strong uptrend pattern with higher highs and higher lows, supported by its recent bounce off the 38% Fibonacci level and the 20-day moving average. The RSI approaching a bullish crossover signals a potential long-entry opportunity.
(Rupak De, Senior Technical Analyst, LKP Securities)
ETMarkets.com
Stop Loss: Rs 2,470
The stock has established a consolidation base, notably at the 61.8% Fibonacci support level, accompanied by a bullish Three White Soldiers candlestick pattern. Sustained trading above the 20-day EMA further reinforces bullish sentiment. With RSI nearing a bullish crossover, it presents an opportune moment to initiate a long position, targeting gains in the range of 2,680-2,750, with a stop loss set at 2,470.
(Rupak De, Senior Technical Analyst, LKP Securities)
ETMarkets.com
Stop Loss: Rs 1,121
The stock has closed at its lowest point in the last few days. On the higher end, it has encountered resistance at the 21-day Exponential Moving Average (21EMA). The momentum indicator RSI is on the verge of a bearish crossover.
(Rupak De, Senior Technical Analyst, LKP Securities)
IANS
Stop Loss: Rs 1,816
Raymond is seen to be breaking out of a pattern formation on the daily timeframe and making a bullish candlestick with above-average volumes above the highs of the last three months, which supports the bullish view. The stock is seen to be trading above all its important EMAs and comfortably trading above it. The momentum oscillator RSI (14) is at around 68, showing strength by sustaining above 50.
(Mitesh Karwa, Research Analyst, Bonanza Portfolio)
Agencies
Stop Loss: Rs 2,945
CAMS is seen to be breaking out of a Cup and Handle-like formation on the daily timeframe with a big bullish candle after two months. Adding to it, the super trend indicator is also signalling bullishness on the daily timeframe. The stock is trading above its 20/50/100/200 EMAs, which is a positive sign. Momentum oscillator RSI (14) is at around 63 on the daily time frame indicating strength by sustaining above 50.
(Mitesh Karwa, Research Analyst, Bonanza Portfolio)
Getty Images
Stop Loss: Rs 552
Forming a base near 545-550 levels, the stock rebounded and is likely to witness a consolidation breakout. Sustenance to lift the stock till 615 zone.
(Amit Trivedi, CMT, Technical Analyst - Institutional Equities, YES 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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