Market Trading Guide: LIC, Chambal Fertilisers among 5 stock recommendations for Tuesday
, ETMarkets.com|
Falling for the second day in a row, the 30-share index ended 102.57 points or 0.13% lower at 80,502.08. The NSE Nifty dipped 21.65 points or 0.09% to 24,509.25.
"While Nifty continues to hold above the 20 and 50-day SMA ahead of the Budget to be announced tomorrow (Tuesday), the short term trend remains down. Further downsides are likely once the immediate support of 24362 is broken. Any pullback rallies could find resistances at 24595-24646," said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
Here are 5 stock recommendations for Tuesday:
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Stop Loss: Rs 1,060
On the daily chart, LIC has recently broken out of a Symmetric Triangle pattern, signalling a potential upward trend for the stock. The increase in trading volume over time suggests growing investor participation and confidence in the stock. Moreover, 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.
(Virat Jagad, Technical Analyst, Bonanza Portfolio)
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Stop Loss: Rs 6,950
Atul Ltd is displaying bullish signals on its daily chart. It's forming a Rounding Bottom pattern and has recently shown a positive candlestick. The RSI is trending upwards again, indicating optimism as it trades near its recent highs. The stock is also above both the Fast (21) EMA and Slow (34) EMA, confirming a positive trend.
(Virat Jagad, Technical Analyst, Bonanza Portfolio)
ETMarkets.com
Stop Loss: Rs 1,300
The stock has formed a bullish engulfing pattern following a correction on the daily timeframe. Additionally, the price moved up after finding support at the 21-day exponential moving average. The RSI on the hourly time frame is in a bullish crossover, suggesting a possible shift in price momentum for the short term.
(Rupak De, Senior Technical Analyst, LKP Securities)
ETMarkets.com
Stop Loss: Rs 494
The stock has formed a Piercing Line pattern following a sideward corrective phase on the daily timeframe. Additionally, the price has reclaimed the 21-day exponential moving average. The RSI has entered a bullish crossover, suggesting a possible shift in price momentum for the short term.
(Rupak De, Senior Technical Analyst, LKP Securities)
ETMarkets.com
Stop Loss: Rs 269
The stock is in a higher top higher bottom formation on the daily timeframe. Additionally, the price moved up after finding support above the 21-day exponential moving average. The RSI on the hourly time frame is in a bullish crossover, suggesting a possible shift in price momentum for the short term.
(Rupak De, Senior Technical Analyst, LKP Securities)
(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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