Market Trading Guide: IRFC, IRCTC among 4 stock recommendations for Saturday
, ETMarkets.com|
Both the NSE Nifty 50 and S&P BSE Sensex gained about 2% this week — their best since the week ended February 2.
Twelve of the 13 major sectors logged weekly gains, rising between 0.5% and 6.6%.
Metals surged 6.6%, helped by a cooling US inflation, which led to a moderation in US dollar, and top consumer China's steps to allow local governments to buy some apartments and relax mortgage rules.
"The short-term trend of Nifty is positive and the next upside levels to be watched are around 22,700-22,800 levels in the next few sessions. Immediate support is at 22,320," said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
ETMarkets.com
Stop Loss: Rs 138
NBCC on the daily chart indicates the Cup & Handle pattern, confirming a breakout and indicating the dominance of buyers with an increase in the volume bar. At the moment, the counter closing above the resistance zone reflects a positive trend. Support at the 20 EMA points to a bullish base for the next few days. The RSI is indicating momentum by hovering in the northern direction.
(Kunal Kamble, Sr. Technical Research Analyst, Bonanza Portfolio)
ETMarkets.com
Stop Loss: Rs 1075
A Rectangle breakout has been witnessed in IRCTC on a daily time frame, indicating a bullish trend in the security. The price closing above the horizontal zone of 1,340-1,345 is forming a Bullish candlestick. Gradual volume increase on the day of breakout indicates that buyers are active in the market. On the momentum front, RSI is trading in an upward trajectory.
(Kunal Kamble, Sr. Technical Research Analyst, Bonanza Portfolio)
Agencies
Stop Loss: Rs 740
After a sharp fall in the stock recently that saw it testing a low of 716 in early May, 360ONE has bounced back from close to its 50 day SMA and resumed its intermediate uptrend. The stock was recently trading in a range, which it broke out of on Friday.
Stock trades above key moving averages like the 20 day and 50 day SMA. Momentum readings like the 14-day RSI are in rising mode and not overbought, which augurs well for the intermediate uptrend to continue.
(Subash Gangadharan, Senior Technical/Derivative Analyst, HDFC Securities)
Agencies
Stop Loss: Rs 152
The stock is in a healthy uptrend as it has been making higher tops and higher bottoms for the last few weeks. This week, the stock broke out of its recent trading range on the back of above average volumes. Technical indicators too are giving positive signals as the stock trades above the 20-day and 50-day SMA. And momentum indicators like the 14-day RSI are climbing and not overbought.
(Subash Gangadharan, Senior Technical/Derivative Analyst, HDFC Securities)
ETMarkets.com
