Market Trading Guide: ITC, Tech Mahindra among 6 stock recommendations for Friday
, ETMarkets.com|
"Nifty has formed a strong bullish candle after successfully testing its support level of 21,930 and is all set to move toward the target of 23,120 (Ascending Triangle Breakout)," said Aditya Gaggar, director of Progressive Shares.
Here are 6 stock recommendations for Friday:
Agencies
Stop Loss: Rs 187
Following sideways’ consolidation, the stock found renewed buying interest and sustenance to resume an upward journey in uncharted territory.
(Amit Trivedi, CMT, Technical Analyst - Institutional Equities, YES SECURITIES)Target Price: Rs 209
IANS
Stop Loss: Rs 249
Thirumalai Chemicals is seen to be breaking out of a Cup and Handle pattern and closing with a bullish candlestick on the weekly timeframe, which indicates strength. The super trend indicator is indicating a bullish continuation and the stock is seen to be sustaining above all its important EMAs. The momentum oscillator RSI (14) is at around 70 showing strength by sustaining above 50.
(Mitesh Karwa, Research Analyst, Bonanza Portfolio)
Agencies
Stop Loss: Rs 1,290
Tech Mahindra is seen to be breaking out of a resistance zone on the daily timeframe and making a bullish candlestick, which indicates strength. Momentum oscillator RSI (14) is at around 68 on the daily time 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)
Reuters
Stop Loss: Rs 390
The stock has witnessed a decent erosion recently from the peak level of 482 zone and has found consolidation near the lower end of the Descending Channel pattern on the daily chart at 400 levels, indicating a bullish candle formation. This has improved the bias. The RSI indicator has corrected well to arrive at the highly oversold zone and has indicated a trend reversal to signal a buy with immense upside potential visible from current levels.
(Shiju Koothupalakkal - Technical Research Analyst, Prabhudas Lilladher)
ETMarkets.com
Stop Loss: Rs 417
The stock has, after a slide witnessed from 545 levels, stabilized near the strong support zone of 390 levels and indicated a decent pullback with a positive candle formation to move past the significant 50EMA level of 434. This will improve the bias and anticipate further rise in the coming days. With the RSI cooling off from the highly overbought zone and flattening out, currently, it is well placed. This indicates a trend reversal to signal a buy.
(Shiju Koothupalakkal - Technical Research Analyst, Prabhudas Lilladher)
ETMarkets.com
Stop Loss: Rs 2,420
The stock, after witnessing a decent correction, has flattened out and stabilised with consolidation witnessed for some time taking support near the important 100 period MA of 2450 levels. Currently, it has indicated a decent pullback to move past the significant 50EMA level of 2,495 to improve the bias. The RSI, after consolidating for quite some time, is on the rise signalling a buy and is well placed with immense upside potential visible from current levels.
(Shiju Koothupalakkal - Technical Research Analyst, Prabhudas Lilladher)
(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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