Market Trading Guide: ICICI Bank, BHEL among 5 stock recommendations for Friday
, ETMarkets.com|
"The sharp upside breakout of Thursday is indicating more upmove for the market ahead. The next upside levels to be watched around 25800 (1.5% Fibonacci extension) by next week. Immediate support is at 25200 levels," said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
Here are 5 stock recommendations for Friday:
Getty Images
Stop Loss: Rs 1,205
ICICI Bank Ltd has recently broken out from a cup and handle pattern on the daily chart, signaling the potential for an upward trend. This pattern is generally viewed as a strong bullish indicator, suggesting the possibility of continued price appreciation. The notable increase in trading volume during the last session indicates growing buying interest, further supporting a positive outlook for the stock. Additionally, the stock is trading above EMAs, which aligns with the bullish trend.
(Virat Jagad, Technical Analyst, Bonanza Portfolio)
Agencies
Stop Loss: Rs 5,800
The daily chart of Britannia Industries Ltd reveals a confirmed breakout from a pennant pattern, a key bullish signal. This breakout is supported by a notable increase in trading volume, highlighting strong buying interest and bolstering the overall bullish sentiment. The stock is currently trading near its recent highs, with both the Fast and Slow EMAs trending upward, further signaling positive market sentiment. The RSI has also experienced a bullish breakout, reinforcing the strength of the current uptrend.
(Virat Jagad, Technical Analyst, Bonanza Portfolio)
ETMarkets.com
Stop Loss: Rs 248
The stock has witnessed a steady slide in recent times having corrected quite significantly and has been consolidating for the last 3 sessions taking support near the 258 zone just above the important 200 period MA of 255, currently indicating a positive candle formation with improving bias. The RSI has arrived near the highly oversold zone and has shown a positive trend reversal to signal a buy.
(Shiju Koothupalakkal, Technical Research Analyst, PL-CAPITAL - Prabhudas Lilladher)
IANS
Stop Loss: Rs 90
The stock has been in consolidation for quite a long time with a slight gradual slide witnessed recently. Still, it has maintained support near 89-90 levels near the important 100 period MA zone and indicated a pullback to anticipate further rise. The RSI has been in consolidation for some time and with an indication of a positive trend reversal has signalled a buy.
(Shiju Koothupalakkal, Technical Research Analyst, PL-CAPITAL - Prabhudas Lilladher)
ETMarkets.com
Stop Loss: Rs 745
The stock has witnessed a decent erosion from the peak zone of 1020 levels and recently has shown consolidation near the important 200-period MA at 770 zone taking support near the long-term trendline zone of 755 has indicated a positive candle formation on the daily chart to signify positive development and can anticipate for further rise in the coming days. The RSI is currently well positioned indicating a positive trend reversal to signal a buy and has immense upside potential from the current rate.
(Shiju Koothupalakkal, Technical Research Analyst, PL-CAPITAL - Prabhudas Lilladher)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
ETMarkets.com
