Commenting on the day’s trends, Rupak De, Senior Technical Analyst at LKP Securities said that Nifty gained strength and closed higher after initial weakness. “The RSI has remained in a positive crossover on the hourly timeframe. With Friday being the last trading session ahead of the Budget, a relatively contained movement can be expected. On the higher end, 25,500 is likely to act as a crucial resistance. On the lower end, immediate support is placed at 25,200, below which a sharp decline may be seen in the market,” De said.
Here are 2 stock recommendations for Friday:
Buy OIL at Rs 514.75 | Upside: 13%
Stop Loss: Rs 483
Target: Rs 580
Oil India has delivered a decisive breakout from a long-term ascending triangle, supported by strong volume expansion, indicating fresh institutional buying. The stock has crossed above key resistance near 480–490 and is trading well above short-term and medium-term EMAs, confirming a bullish trend shift. RSI is above 60 and trending higher, signalling strong momentum without extreme overbought conditions. The series of higher highs and higher lows strengthens the positive structure.(Kunal Kamble, Sr. Technical Research Analyst at Bonanza)
Buy ABB India at Rs 5,474 | Upside: 14%
Stop Loss: Rs 5,052
Target: Rs 6,250
ABB India is showing signs of a potential trend reversal after a prolonged downtrend. The stock has taken strong support near the 5,000–4,950 demand zone and bounced sharply with above-average volume, indicating strong buying interest at lower levels. Price has moved back above short-term EMAs, and a close above the falling trend line would further confirm bullish intent. The RSI has rebounded from oversold levels and is trending upward, signalling improving momentum. Sustaining above the key support zone keeps downside limited.
(Kunal Kamble, Sr. Technical Research Analyst at Bonanza)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)