Commenting on the day’s action, Rupak De, Senior Technical Analyst at LKP Securities, said the index slipped below the recent consolidation low, heightening weakness amid the ongoing problems at the Strait of Hormuz. “In the short term, sentiment continues to support a bearish view, with sell-on-rise likely to remain the preferred strategy. The RSI indicator is in a bearish crossover and is declining further, entering a zone of significant weakness. On the lower end, support is placed at 23,400 / 23,200, while on the higher end, resistance is seen at 23,850,” De said.
Here are 2 stock recommendations for Friday:
Buy NALCO at Rs 409.15 | Upside: 15%
Stop Loss: Rs 378
Target: Rs 470
Shares of National Aluminium Company are trading near an important resistance zone around 408–410. A sustained breakout above this level could trigger fresh upside momentum and signal continuation of the prevailing bullish trend. The price is trading above all major 20, 50, 100, and 200 EMAs, indicating strong short-term as well as long-term bullish structure, with buyers supporting the stock on dips. The RSI is around 68, which is above its 14-period RSI average, indicating strong bullish momentum and suggesting the stock may see further upside if it sustains above the breakout zone.(Kunal Kamble, Sr. Technical Research Analyst, Bonanza Portfolio)
Buy Tata Power at Rs 402.15 | Upside: 8%
Stop Loss: Rs 385
Target: Rs 436
The stock has given a strong breakout above the key resistance zone around 390–395 with a sharp bullish candle, indicating fresh buying interest and a potential continuation of the upward move. The price has moved above the 20, 50, and 100 EMAs, suggesting improvement in short-term momentum, while holding above the rising trend line support that indicates strengthening bullish structure. RSI is around 67, which is above its average level and trending upward, confirming strong bullish momentum and suggesting the possibility of 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)