Commenting on the current trends, Nilesh Jain, Head – Technical and Derivatives Research Analyst (Equity Research), Centrum Broking said the Nifty saw a follow-up move and formed a bullish candle on the daily chart. “The overall structure remains positive, with scope for the up-move to extend towards the 25,500–25,600 zone, where the immediate hurdle of the 100-DMA is placed at 25,600 levels. The RSI has rebounded from oversold levels and is trending higher, indicating improving momentum. We expect Nifty to trade in a broader range of 25,200–25,600 in the short term,” De said.
Here are 2 stock recommendations for Thursday:
Buy HAL at Rs 4,624 | Upside: 7%
Stop Loss: Rs 4,450
Target: Rs 4,970
HAL has bounced strongly from the 0.5 Fibonacci retracement level and, after a healthy consolidation, has delivered a breakout with strong volume, indicating renewed buying interest. The stock is trading above all major EMAs (20, 50, 100, and 200), confirming short-term and long-term bullish sentiment. Momentum is also supportive, with RSI at 60.86, breaking above its 14-period average of 50.02, suggesting bullish momentum continuation and scope for further upside.(Kunal Kamble, Sr. Technical Research Analyst, Bonanza Portfolio)
Buy Solar Industries at Rs 13,916 | Upside: 10%
Stop Loss: Rs 13,250
Target: Rs 15,250
Solar Industries India (SOLARIND) has broken out of a falling wedge pattern and, after a healthy pullback, has resumed its upward move with strong volume, confirming buying strength. The stock is now trading above all major EMAs (20, 50, 100, and 200), with a decisive close above the 200 EMA, signaling short-term and long-term bullish momentum. Momentum indicators remain supportive, as RSI stands at 65.73, comfortably above its 14-period average of 54.01, suggesting continued upside potential.
(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)