Market Trading Guide: HUL, Suzlon among 4 stock recommendations for Wednesday
, ETMarkets.com|
Reversing its Monday's sharp gains of over 3%, the 30-share BSE Sensex nosedived 4,389.73 points to close at a more than two-month low of 72,079.05. The NSE Nifty ended at 21,884.50, a sharp decline of 1,379.40 points.
"The short-term trend of Nifty is highly volatile with a negative bias. Immediate support is placed for Nifty around 21,250 levels (20 day EMA). Once election result volatility settles down, the market could find direction for the near term. There is a possibility of an upside bounce in the Nifty from near 21,250-21,000 levels," said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
Here are 4 stock recommendations for Wednesday:
IANS
Stop Loss: Rs 2,433
Hindustan Unilever has experienced a notable breakout in a pattern called the rounding bottom, suggesting a likely uptrend ahead. The increased trading volume in the stock indicates growing interest at the current price, which supports a positive outlook.
Furthermore, the price of Hindustan Unilever Ltd is above important moving averages, indicating a consistent upward trend. This, coupled with a breakout in the RSI, suggests a strong upward movement and potential for further price increases.
(Virat Jagad, Technical Analyst, Bonanza Portfolio)
IANS
Stop Loss: Rs 3,000
Pidilite Industries stock has shown a bullish trend on the daily chart with the breakout of a Double Bottom pattern. The stock closed near its high, forming a bullish candle. It's currently trading above both the 21-day and 50-day EMAs, indicating a positive trend.
Additionally, the breakout in the Relative Strength Index (RSI) supports the upside move, confirming the strength of the current trend and implying the potential for further price appreciation.
(Virat Jagad, Technical Analyst, Bonanza Portfolio)
ETMarkets.com
Stop Loss: Rs 1,350
The counter showed a strong bullish setup where it formed a rising channel formation on the daily timeframe. This pattern is characterized by a series of higher highs and higher lows, indicating increasing buying pressure.
The overall structure of the counter is very lucrative, as it is trading above all its important moving averages. The momentum indicator RSI (relative strength index) is also positively poised, whereas MACD (moving average convergence divergence) is supporting the current strength.
(Pravesh Gour, Senior Technical Analyst, Swastika Investmart)
ETMarkets.com
Stop Loss: Rs 42
The counter has witnessed a breakout of Triangle formation on the daily chart. After a breakout of the Inverse Head & Shoulder, it has retested its previous breakout level at around Rs 42.
The overall structure of the counter looks very lucrative on the chart. But from the higher levels, it was shown some profit booking. Moving averages & momentum indicators are also supporting the trend.
(Pravesh Gour, Senior Technical Analyst, Swastika Investmart)
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
ANI
