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Decoding the charts, analyst Jatin Gedia of Sharekhan noted that the trend remains negative for the Nifty. “On the daily charts, we can observe that the Nifty has resumed its fall after a one-day pause. It has reached the 24,000–24,050 range, which coincides with psychological support as well as the daily lower Bollinger band, likely restricting a sharp decline from here. The trend remains negative; however, there could be a pullback towards 24,350 toward key hourly moving averages, which should be used as a selling opportunity. On the downside, 24,000 is likely a significant level from a short-term perspective,” Gedia said.
Here are 5 stock recommendations for Monday:
IANS
Stop Loss: Rs 265
The stock has formed a doji-like pattern on the daily chart, suggesting a mild possibility of a bullish reversal in the near term. Additionally, the stock found support at the 200-DMA before the rally. The RSI has entered a bullish crossover. In the short term, the stock might move toward 290, with support placed at 265.
(Rupak De, Senior Technical Analyst, LKP Securities)
ETMarkets.com
Stop Loss: Rs 269
The stock has formed a doji-like pattern on the daily chart, suggesting a mild possibility of a bullish reversal in the near term. Additionally, the stock found support at the 200-DMA before the rally. The RSI has entered a bullish crossover. In the short term, the stock may move toward 290, with support placed at 265.
(Rupak De, Senior Technical Analyst, LKP Securities)
ET Bureau & Agencies
Stop Loss: Rs 3,300
Torrent Pharma is trading around 3,432.85, maintaining its long-term uptrend and consolidating after a recent pullback. Stabilizing near a key demand zone suggests a potential trend reversal. A sustained move above 3,480 could trigger further upward momentum, driving the stock toward new highs.
The Relative Strength Index (RSI) is at 51.29 with a positive crossover, indicating increasing buying momentum. The stock has rebounded near its 50-day EMA and moved above its 20-day EMA, reinforcing its bullish outlook.
Given these indicators, the stock appears poised for an upward move. Investors might consider buying at 3,432.85, with a stop loss at 3,300. A target of 3,710 aligns with resistance levels, offering a favorable risk-reward ratio.
(Hardik Matalia, Derivative Analyst, Choice Broking)
ETMarkets.com
Stop Loss: Rs 824
Ramco Cement is currently trading at Rs 853.05, presenting a favorable buying opportunity. The stock is consolidating within a wide range and showing signs of reversal from support levels, having recently bounced off the bottom of an ascending triangle pattern on the daily chart. Increased trading volumes support this potential reversal. If the price sustains above 860, it could target 930, while immediate support at 840 offers another buying opportunity.
The RSI is at 51.61 with a positive crossover, indicating rising buying momentum. Additionally, Ramco Cement has moved above key moving averages, strengthening its bullish outlook.
In summary, the stock presents a compelling buying opportunity for investors aiming for higher price levels. The 840 support zone serves as a solid base for potential upside, though effective risk management is essential to mitigate downside risks.
(Hardik Matalia, Derivative Analyst, Choice Broking)
Agencies
Stop Loss: Rs 1,355
Rainbow is currently trading around 1,420.75 and has entered a consolidation phase after a significant impulse move, indicating stabilization within an overall uptrend. A breakout above 1,475 could extend this bullish trajectory, targeting 1,565.
The RSI is at 55.95, suggesting the stock is not overbought and has room for further gains. The stock has rebounded from its 50-day EMA, indicating strong support, and has moved above its 20-day EMA, reinforcing momentum.
For long positions, it’s advisable to maintain them with a stop-loss at 1,355. Traders may also consider adding positions if the stock dips to around 1,380. The upside target is set at 1,565, presenting a promising opportunity for further gains.
(Hardik Matalia, Derivative Analyst, Choice Broking)
(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