Market Trading Guide: D-Mart, BHEL among 5 stock recommendations for Friday
, ETMarkets.com|
On the daily charts, we can observe that the index is in the process of retracing the fall it has witnessed from 22,526 – 21,710. The key retracement levels are placed at 22,118 – 22,214. So, the rally is likely to continue over the next few trading sessions. Intraday dips towards support zone 21,950 – 21,930 should be used as a buying opportunity, said Jatin Gedia of Sharekhan.
Here are 5 stock recommendations for Friday:
Agencies
Stop Loss: Rs 222
The stock, overall maintaining a strong uptrend, has recently witnessed a short correction. It has taken support near 207 levels and indicated a pullback with a positive candle formation on the daily chart moving past the significant 50EMA level of 222. This has improved the bias once again and a further rise is anticipated in the coming days. The RSI is also flattening out after the slide indicated a trend reversal to signal a buy with much upside potential visible.
(Shiju Koothupalakkal, Technical Research Analyst, Prabhudas Lilladher)
Stop Loss: Rs 148
The stock has witnessed a decent correction and consolidated taking support near the 147 zone just above the important 200 period MA of 143. Currently, it has indicated a positive candle formation on the daily chart with improved bias and sentiment. The RSI, which is well placed, has signalled ‘a buy’ with a trend reversal confirmed. Further upside move is anticipated with the chart looking attractive.
(Shiju Koothupalakkal, Technical Research Analyst, Prabhudas Lilladher)
Agencies
Stop Loss: Rs 400
The stock, after peaking out near 558 levels, has witnessed a decent correction to take support near 380-zone recently. A pullback has been witnessed recently and it has maintained above the significant 200 period MA 398 level with a positive candle formation on the daily chart. This has improved the bias anticipating further rise in the coming days. The RSI, after the gradual slide, has flattened out and is well placed indicating a trend reversal to signal a buy.
(Shiju Koothupalakkal, Technical Research Analyst, Prabhudas Lilladher)
ETMarkets.com
Stop Loss: Rs 3,680
Thermax has given a breakout of Flag and Pole Pattern on a daily time frame, indicating bullish continuation in the security. The volume, higher than average, indicates buyers’ interest in the security. Price trading above major EMA's indicates bullishness as well as golden crossover is supporting. RSI is trading at a higher range signalling an uptrend in the security.
(Kunal Kamble, Sr. Technical Analyst, Bonanza Portfolio)
Agencies
Stop Loss: Rs 4,000
Recent positive price movements indicate buyer dominance, breaking through a Rounding Bottom formation. Following a throwback, the stock has resumed its positive trajectory, suggesting further potential for upward movement. Additionally, trading above key moving averages supports the notion of a bullish trend. The DMI+ surpassing DMI- affirms positive momentum, while the ADX, positioned above DMI-, underscores the robust underlying strength in the ongoing upward trend.
(Kunal Kamble, Sr. Technical Analyst, Bonanza Portfolio)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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