Market Trading Guide: Nestle India, Cipla among 5 stock recommendations for Tuesday
, ETMarkets.com|
"The short-term trend of Nifty seems to have turned down and the next lower levels to be watched around 22,100-22,050 levels. Intraday resistance is at 22,525," said Nagaraj Shetti, senior technical research analyst, HDFC Securities.
Here are 5 stock recommendations for Tuesday:
ETMarkets.com
Stop Loss: Rs 1,460
Cipla Ltd’s daily chart displays a confirmed breakout from a Flag and Pole Pattern with heightened volume, signalling buyer resurgence. Trading near the high, backed by support from the fast and slow EMAs, signifies positive price action and sentiment. The upward trend in the Slow EMA and positive RSI breakout reflect a strong uptrend.
(Virat Jagad, Technical Analyst, Bonanza Portfolio)
iStock
Stop Loss: Rs 1,550
After a strong run, the Adani power started trading in the consolidation range. It took pause near the hurdle mark of 1,580. In the previous trading session, we observed a breakout of the Rounding Bottom formation, which is a sign of positivity. Moreover, the Relative Strength Index (RSI) has resumed its upward trajectory after a brief cool-down, adding to the optimistic sentiment.
(Virat Jagad, Technical Analyst, Bonanza Portfolio)
ETMarkets.com
Stop Loss: Rs 6,200
The stock surged to a lifetime high of 6,500, witnessing a retracement, yet finding support near its 21-day moving average. Currently it is trading above its 14-day moving average, signalling a bullish trend continuation. Additionally, the bullish crossover in the RSI momentum indicator underscores ongoing strength.
(Kunal Shah, Senior Technical & Derivative Analyst, LKP Securities)
ETMarkets.com
Stop Loss: Rs 460
The stock has exhibited a robust breakout on the daily chart, accompanied by a sharp surge in volumes, indicating a bullish undertone. Sustaining above its short-term moving averages and forming higher low formations, the stock portrays strength. With lower-end support at 460 acting as a cushion for the bulls, the upside potential targets for the stock are 500/515.
(Kunal Shah, Senior Technical & Derivative Analyst, LKP Securities)
ETMarkets.com
Stop Loss: Rs 2,560
The stock surged to a lifetime high of 2,777 before experiencing a sharp correction, finding support near the 61.8% Fibonacci level. Following consolidation at this support, the stock broke out and is now trading above its 21-day moving average. Moreover, the RSI shows an uptick, with a bullish crossover indicating strengthening momentum.
(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)
ETMarkets.com
