, ETMarkets.com|
Commenting on the day’s action, Rupak De, Senior Technical Analyst at LKP Securities said that Nifty slipped near a historical congestion level on the daily timeframe, exhibiting some volatility during the day. While he sees the overall chart setup remaining weak, the selling pressure appears to have eased following a prolonged correction in his view.
“On the daily chart, the index has been trading below the 200-day moving average (DMA) for the past two sessions. The RSI has entered the oversold zone, accompanied by a bearish crossover. In the short term, the index may recover towards 23,700–23,800. On the downside, support is positioned at 23,200–23,300,” De said.
Here are 5 stock recommendations for Tuesday:
ETMarkets.com
The daily chart of stock Blue Jet displays a pattern similar to Flag & Pole, indicating a breakout and potential continuation of the uptrend supported by robust volume, underscoring buyer dominance. The stock’s strong close near the session high reflects positive sentiment and bullish price action.
Furthermore, the support from the Fast (20) EMA and its position above the Slow (50) EMA suggests a solid base for sustained upward momentum. The trading volume on buy days consistently surpasses that on sell days, further reinforcing the bullish outlook.
(Drumil Vithlani, Technical Research Analyst, Bonanza)
ETMarkets.com
Aegis Logistics is exhibiting a bullish trend, marked by a higher high, higher low formation, which highlights a strong technical structure. The stock is experiencing a downward-sloping channel pattern on the weekly chart, with the latest candlestick forming a solid bullish candle — signaling potential upward momentum. Furthermore, the Relative Strength Index (RSI) is positioned above its moving average and is trending upwards, indicating sustained positive momentum in the near term.
(Drumil Vithlani, Technical Research Analyst, Bonanza)
ETMarkets.com
The stock has found support at a historical congestion level on the daily chart. The RSI is in a bullish crossover while remaining in the deeply oversold zone. Additionally, the stock has formed a bullish harami pattern on the daily timeframe. In the short term, the stock might witness a recovery. On the higher end, it could move towards 2850/2950, while support is placed at Rs 2,648.
(Rupak De, Senior Technical Analyst, LKP Securities)
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The stock has given a breakout from the recent downwards consolidation on the daily timeframe, suggesting a rise in optimism. The RSI has come out from the oversold zone and is in a bullish crossover. Besides, the stock has moved above its 21EMA. In the short term, the stock might witness a rally. On the higher end, it could move towards 1940/1980, while support is placed at 1854.
(Rupak De, Senior Technical Analyst, LKP Securities)
ETMarkets.com
The stock has fallen from the recent consolidation on the daily chart, suggesting a rise in bearishness. Besides, the stock price has fallen below 21EMA on the daily timeframe. The RSI is in bearish crossover and falling, indicating a weak momentum. In the short term, the stock might witness a correction. On the lower end, it could move towards 1750, while support is placed at 1,851.
(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 Economic Times)
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This article was originally published by Indiatimes.com. Read the original article here.