Commenting on the day’s action, Rupak De, Senior Technical Analyst at LKP Securities said that the index faced resistance at 26,000, resulting in a correction from the day’s high. The short-term trend remains positive as it continues to hold above the immediate support at 25,800, he said. “A decisive move above 26,000 could trigger further upside toward higher levels,” De said.
Here are 2 stock recommendations for Wednesday:
Buy Craftsman Automation at Rs 7,900 – 7,950 | Upside: 9.4%
Target: Rs 8,500/8,700
Stop Loss: Rs 7,600
Craftsman Automation continues to trade in a strong uptrend, forming higher highs and higher lows on the daily chart. The stock is comfortably placed above its rising long-term trendline and key moving averages, indicating sustained buying interest. After a phase of consolidation near the Rs 7,600–7,800 zone, the stock has resumed its upward momentum and is currently trading near ₹8,119, suggesting a potential continuation of the bullish trend. The RSI is around 63, which reflects positive momentum without entering overbought territory, leaving room for further upside.(Drumil Vithlani, Technical Research Analyst, Bonanza Portfolio)
Buy Laurus Labs around Rs 990–Rs 1,000 | Upside: 12%
Target: Rs 1,090/1,120
Stop Loss: Rs 950
Laurus Labs has witnessed a corrective phase from its recent highs near Rs 1,120 and is currently showing signs of stabilization around the Rs 980–1,000 zone. The stock is attempting to form a base near its key support area and is trading close to its short-term moving average (EMA Rs 995), indicating a possible trend reversal. The RSI is around 52 and has rebounded from lower levels, suggesting improving momentum and reducing downside pressure. The recent strong bullish candle with higher volumes reflects renewed buying interest at lower levels.
(Drumil Vithlani, 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)