, ETMarkets.com|
Commenting on the day’s movement, Rupak De, Senior Technical Analyst at LKP Securities said that Nifty has been consolidating over the past three days following a sharp up move earlier. “On the higher side, it faces resistance at 24,420; a decisive breakout above this level could trigger a significant move toward higher levels. On the lower side, support is positioned at 24,100. The index is likely to remain range-bound until it makes a directional move on either side,” De said.
Here are 5 stock recommendations for Thursday:
Agencies
Stop Loss: Rs 487
The daily chart for HCG Ltd reveals a prominent range breakout, signaling a continuation of its upward trend. This pattern, coupled with strong trading volumes, highlights a clear buyer dominance in the market. The stock’s solid close near its record high further reflects positive sentiment and confirms the strength of the current bullish price action.
Additionally, the price is finding steady support at the 20-day EMA, indicating a stable foundation for sustained upward momentum. Notably, buy-day volumes consistently exceed those on sell days, reinforcing the bullish outlook for HCG.
(Drumil Vithlani, Technical Research Analyst and Bonanza)
ETMarkets.com
Stop Loss: Rs 405
On the daily time frame CAPACITE surged 4.91% forming a long day bullish candle with this stock has broken out of the range followed by downward sloping trend line breakout reflecting strong bullish outlook with the close near its two-month high indicating heightened buying interest at current market price. Furthermore, from momentum perspective, 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 and Bonanza)
ETMarkets.com
Stop Loss: Rs 4,200
HAL is trading at Rs 4,486 and has recently broken out from a falling wedge pattern on the daily chart, indicating the end of a prolonged consolidation phase. This breakout, accompanied by a noticeable surge in trading volume, suggests strong bullish momentum. A decisive close above Rs 4,480 could trigger short-term targets of ₹5,100 and ₹5,200. On the downside, immediate support is placed at Rs 4,350, offering a favorable buying opportunity on dips. To manage risk effectively, a stop-loss at Rs 4,200 is recommended to guard against potential market reversals.
(Mandar Bhojane, Equity Research Analyst, Choice Broking)
ETMarkets.com
Stop Loss: Rs 181
IREDA is currently trading at ₹198.4 and is consolidating just below a falling trendline, poised for a breakout on the daily chart. The development is reinforced by a significant rise in trading volume, indicating strong buying interest and potential for upward movement. A decisive close above Rs200 could unlock short-term targets of Rs 230 and Rs 240. On the downside, immediate support is seen at Rs 190, presenting a buying opportunity on dips. To mitigate risk, a stop-loss at ₹181 is advised, safeguarding against sudden market reversals.
(Mandar Bhojane, Equity Research Analyst, Choice Broking)
IANS
Stop Loss at Rs 1500
CDSL is trading at Rs 1,622 and is on the verge of a breakout from an ascending triangle pattern on the daily chart. The price has successfully retested the breakout level, adding credibility to the pattern. Furthermore, the surge in trading volumes signals strong buying interest and potential for further bullish momentum. A sustained close above Rs 1,625 could act as a trigger for short-term targets of Rs 1,900 and Rs 2,000. On the downside, key support is located at Rs 1,570, providing an excellent buying opportunity on dips. To manage risk prudently, a stop-loss at Rs 1,500 is recommended to protect against unexpected market pullbacks.
(Mandar Bhojane, Equity Research Analyst, Choice Broking)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
ANI