Market Trading Guide: Aster DM, Radico Khaitan among 3 stock recommendations for Friday
, ETMarkets.com|
Commenting on the day's action, Rupak De, Senior Technical Analyst at LKP Securities said that the current market sentiments remain weak. "Nifty traded in a range bound manner throughout the session before closing with a marginal loss. The sentiment remains weak as no follow-up buying was visible, despite the formation of a bullish reversal pattern after a significant correction. During the day, it found support around the 38.20% Fibonacci retracement of the previous rally from June 2024 low of 21,281 to all-time high of 26,277,” De said.
Going forward, a recovery might occur in Nifty unless 24,350 is breached, which could trigger a more serious correction, this analyst warned. On the higher end, the 50-stock index could move towards 24,650-24,700.
Here are 3 stock recommendations for Friday:
Agencies
Stop Loss: Rs 434
On the daily time frame, Aster DM inclined 10.31% forming bullish candle with this stock has broken out of a range, reflecting strong bullish sentiment, with the close above supply zone indicating clear dominance by buyers. Additionally, the stock is trading above key Exponential Moving Averages (EMAs), confirming the uptrend, from a momentum perspective, the RSI is positioned in the higher range, reinforcing the positive outlook.
(Drumil Vithlani, Technical Research Analyst, Bonanza)
ETMarkets.com
Stop Loss: Rs 2,210
On the weekly time frame, RADICO has shown consistent strength by making higher highs, gaining nearly 6.66% over the past two weeks. Despite sluggish performance in the broader indices, the stock reached a record high of 2389, highlighting its strong momentum. The price structure reveals a three
white soldier candlestick pattern, followed by a healthy correction, and now a sharp bullish candle, signaling a continuation of the uptrend. Moreover RSI is placed at 67.48 supporting the price action.
(Drumil Vithlani, Technical Research Analyst, Bonanza)
ETMarkets.com
Stop Loss: Rs 225
The stock had been trading in a downside channel since the start of September and volumes had dried up but on Thursday, we saw a breakout above the resistance line at 232 with 10x the average volumes. The momentum indicator, Relative Strength Index (RSI) has given an internal positive crossover suggesting some positive upmove which is also supported by MACD which has also bounced back towards north from 0 level.
Now the 10–15-day average is placed at 225 that will act as stop loss and the target on the upside can be placed at 285.
(Kush Ghodasara, CMT SEBI registered RA)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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