Market Trading Guide: Dr. Reddy's, Eicher Motors among 6 top stock recommendations for Wednesday
, ETMarkets.com|
"The underlying trend of Nifty continues to be positive. Having moved above the key overhead resistance of 24,400 levels (1.618% Fibonacci extension), the Nifty could now advance towards another important resistance of 24,960 levels (1.786% Fibonacci extension) in the near term. Immediate support is at 24,250 levels," said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
Here are 6 stock recommendations for Wednesday:
ETMarkets.com
Stop Loss: Rs 477
Multi-month consolidation breakout with multiple bullish candles warrant a positive outlook for the stock, and positive follow-up action above 500 is likely to push stock prices upwards to revisit levels of 550.
(Amit Trivedi, Technical Analyst - Institutional Equities, YES SECURITIES)
ETMarkets.com
Stop Loss: Rs 335
The weekly timeframe chart of Nuvoco Vistas Corp. indicates a minor downward correction recently, post up move of last week. The stock price is repeatedly hitting the hurdle of down sloping trend line around Rs 370 levels. We observe bullish pattern formation like higher tops and bottoms on the weekly chart and the stock price is currently moving up from the higher bottom of the sequence. Volume has started to pick up and the weekly RSI is placed just below the upper 60 levels.
(Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities)
ANI
IANS
Stop Loss: Below Rs 107
The stock has given a Cup & Handle breakout in December 2023 and has almost doubled in the last 7 months.
It could face short-term resistance at current levels of 185-200. We would follow a buy-on-dip approach as the stock has good support at 145-150 levels. Traders can go long with a stop loss below 107 for a target of Rs 200-300.
(Ankit Choudhary, Co-Founder, Financial Independence Services, SEBI Registered Investment Advisors)
ETMarkets.com
Stop Loss: Rs 6,500
An impulsive move in the security is followed by a breakout of resistance with increasing volume indicating buyers interest in Dr. Reddy's. The price is trading above the 9(EMA) and trending upward, which also indicates uptrend. RSI moving in the northern direction is supporting the price action.
(Kunal Kamble, Sr. Technical Research Analyst, Bonanza Portfolio)
ETMarkets.com
Stop Loss: Rs 4,710
Eicher Motor is riding the 5th sub wave of the 3rd Impulsive Wave. The price took support of 50EMA and has able to make Higher High, Lower High formation, which indicates bullish control. The price trading above the major EMA’s also indicates an uptrend in the security. A steady increase in volume is indicating buyers interest in the security.
(Kunal Kamble, Sr. Technical Research Analyst, Bonanza Portfolio)
ETMarkets.com
