Commenting on the current outlook, Rupak De, Senior Technical Analyst at LKP Securities, said that Nifty remained weak during the session as traders continued to book profits. “On the lower end, it slipped below the initial support of 25,850, leading to a decline towards 25,700. The next 1–2 sessions might remain volatile; however, a sustained rally looks possible thereafter. On the higher end, resistance is placed at 25,850, above which a rally towards 26,000–26,200 looks possible, De said.
Here are 2 stock recommendations for Monday:
Buy Cholamandalam Investment Rs 1733.60 | Upside: 6% | Stop Loss: Rs 1,680 | Target: Rs 1,838
Cholamandalam Investment and Finance Company has registered a breakout above a key resistance level on the daily chart, closing the session with a strong bullish candlestick supported by volumes above the 20-day average, indicating robust accumulation. The stock is trading well above its 20, 50, 100, and 200-day EMAs, reinforcing the strength of the prevailing uptrend. With the RSI at 68.59 and trending higher, bullish momentum remains solid, suggesting potential for further upside in the near term.
(Kunal Kamble, Sr. Technical Research Analyst, Bonanza Portfolio)
Buy CreditAccess Grameen at Rs 1,422.50 | Upside: 10% | Stop Loss: Rs 1351 | Target: Rs 1,566
CREDITACC has registered a breakout from a consolidation zone on the daily chart, closing the session with a strong bullish candlestick backed by volumes above the 20-day average, indicating robust accumulation. The stock continues to trade comfortably above its 20, 50, 100, and 200-day EMAs, reaffirming the strength of the prevailing uptrend. With the RSI at 58.79 and trending higher, bullish momentum remains constructive, suggesting potential for further upside in the near term.
(Kunal Kamble, Sr. Technical Research Analyst, Bonanza Portfolio)(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)