Market Trading Guide: Tata Steel, Vedanta among 4 stock recommendations for Wednesday
, ETMarkets.com|
"The near-term uptrend status of Nifty remains intact. One may expect further range bound action or minor dip in the next 1-2 sessions. Immediate resistance to be watched around 26250 and support is at 25800," said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
Here are 4 stock recommendations for Wednesday:
Agencies
Stop Loss: Rs 150
The down trend of the last few months seems to have reversed on the upside so far this week. We observe a formation of a crucial bottom reversal pattern around Rs 148 levels. The stock price has moved above the hurdle of weekly 10 and 20 period EMA decisively on Tuesday. Volume has started to expand during upside breakout and RSI shows positive indication.
(Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities)
Reuters
Stop Loss: Rs 1,805
The stock price is in an accumulation phase over the last 2-3 months, as per weekly timeframe chart. The stock price is currently forming a bullish cup and handle pattern and in an attempt of an upside breakout of the neckline around Rs 1940 levels. The stock price is currently placed at the verge of upside breakout of crucial 200day EMA at Rs 1920 levels. Volume and RSI patterns are indicating positive bias for the stock price ahead.
(Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities)
ETMarkets.com
Stop Loss: Rs 456
VEDL has demonstrated bullishness with a breakout of symmetrical triangle pattern indicating a continuation of the uptrend. The volume increase supports the price action in the day gone by. On the average front, all its major EMAs are moving upward indicating an uptrend, the momentum indicator RSI stands at 60 which further reinforces the positive outlook for security stock.
(Drumil Vithlani, Technical Research Analyst, Bonanza Portfolio)
ETMarkets.com
Now, the price is heading toward its target of Rs 5,812 (T1) in the coming days, with strong support at Rs 4,278. The stock is experiencing good buying pressure and has even crossed the 50MA on the volume chart.
(Rajat Kulshrestha, Equity Research Analyst, Livelong Wealth)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
ETMarkets.com
