, ETMarkets.com|
Commenting on the day’s action, Rupak De, Senior Technical Analyst at LKP Securities said that Nifty is back to its 200-DMA after a strong Friday recovery, indicating an improving trend. Additionally, the 50-stock index has broken out of a few days of congestion on the daily timeframe, he said.
“The RSI has entered a bullish crossover near the oversold zone, suggesting positive momentum. The sentiment appears favorable for a meaningful rally in the short term, as long as the index stays above 23,600. Immediate resistance is seen at 23,960–24,000. A decisive move above 24,000 could trigger a rally toward 24,500. On the downside, supports are placed at 23,750 and 23,550,” De said.
Here are 5 stock recommendations for Monday:
ETMarkets.com
Stop Loss: Rs 5,450
LTIMindtree has formed an ascending triangle pattern. The stock has taken support at the 50-day and 100-day EMAs, showing a shortfall within the pattern, which enhances the probability of an upside breakout. The price trading above these EMAs further indicates a bullish sentiment. Additionally, the RSI is trading in a higher range, signaling a strong bullish trend in the stock.
Based on this technical setup, a long position can be considered in LTIM as long as it trades above the 5,450 level.
(Kunal Kamble, Sr. Technical Research Analyst, Bonanza)
ANI
Stop Loss: Rs 3,410
Mastek has recently broken out of a rectangle pattern on the daily chart, indicating a strong bullish setup with potential for further price gains. The breakout is backed by a surge in volume, reflecting increased buying interest. The price above 21-day EMA; the 50-day EMA supports the bullish trend, while the DMI+ crossing above DMI- and a rising ADX confirm strengthening momentum. Additionally, the RSI’s upward movement further reinforces the positive outlook. Together, these technical indicators point to a solid bullish trend for Mastek Ltd in the near term.
(Kunal Kamble, Sr. Technical Research Analyst, Bonanza)
ETMarkets.com
Stop Loss: Rs 774
The stock appears poised for a short-term pullback following sharp selling, as the price is finding support near a historical congestion zone. The RSI is emerging from a deeply oversold condition, suggesting the potential for positive momentum. In the near term, a pullback toward Rs 850 could materialize if the stock decisively moves above Rs 800. On the downside, support is positioned at Rs 775.
(Rupak De, Senior Technical Analyst, LKP Securities)
IANS
Stop Loss: Rs 6,644
The stock has risen after a brief consolidation on the daily chart, reflecting improving sentiment. Additionally, it has remained above the 200 DMA despite the broader market downturn, indicating resilience. The RSI is in a bullish crossover, further supporting positive momentum. In the near term, a move above Rs 6,850 could lead to a pullback toward Rs 7,100, while support on the downside is positioned at Rs 6,644.
(Rupak De, Senior Technical Analyst, LKP Securities)
Reuters
Stop Loss: Rs 618
The stock has Cup and Handle pattern breakout on the daily chart, suggesting possibility of a strong rally in the price. Additionally, it has remained above all the critical moving averages despite the broader market downturn, indicating resilience. The RSI is in a bullish crossover and rising, further supporting positive momentum. In the near term, a move above Rs 645 could lead to a pullback toward Rs 700, while support on the downside is positioned at Rs 618.
(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)
ETMarkets.com