Market Trading Guide: Hindustan Petroleum, UltraTech Cement among 6 stock recommendations for Monday
, ETMarkets.com|
"The short-term trend remains weak, but the market is showing signs of higher bottom formation around 22,200 levels. Confirmation of reversal from here could open short-term upside bounce in the market. Immediate support is at 22,200 levels and the next overhead resistance is at 22,500 levels," said Nagaraj Shetti, senior technical research analyst at HDFC Securities.
Here are the 5 stock recommendations for Thursday:
ETMarkets.com
ETMarkets.com
Stop Loss: Rs 474
The stock has given a consolidation breakout on the daily timeframe, suggesting a rise in optimism. The trend looks bullish as the stock has sustained above the critical moving average. Additionally, the price rise was backed by an increase in volume.
(Rupak De, Senior Technical Analyst, LKP Securities)
Agencies
Stop Loss: Rs 3466
The stock has formed a dark cloud cover on the daily chart, suggesting a possible bearish reversal in the short term. On the higher end, 3460 might act as short-term resistance, and the stock might remain weak as long as it stays below this level. On the lower end, it might move towards 3300.
(Rupak De, Senior Technical Analyst, LKP Securities)
IANS
Stop Loss: Rs 526
On a weekly time frame, Hindustan Petroleum Corporation Ltd has given a breakout of the Pennant Pattern on the upside forming a continuation pattern. On the EMA front, the prices are trading above important EMA’s (14,21,50) price trading above all the three EMA which indicates bullishness in the security.
(Kunal Kamble, Sr. Technical Research Analyst, Bonanza Portfolio)
ETMarkets.com
Stop Loss: Rs 10,030
UltraTech Cement Ltd has established a robust resistance zone between 10000 and 10200 on its daily chart, witnessing active buying and driving the stock upward. Recent positive price movements indicate buyer dominance, breaking through a triple bottom formation. The price has taken support of the Fast (21) EMA and Slow (50) EMA which will act as support in the coming days. Price trading above the EMA's is indicating a positive trend whereas the Slow EMA trending upward also indicates uptrend.
(Kunal Kamble, Sr. Technical Research Analyst, Bonanza Portfolio)
Reuters
Stop Loss: Rs 1190
The stock has snapped a recent losing streak on higher volumes, positive follow-up action to continue an upward journey at an all-time higher zone.
(Amit Trivedi, Technical Analyst - Institutional Equities, YES SECURITIES)
IANS
