Day Trading Guide: 2 stock recommendations for Thursday

Nifty50 index resumed its uptrend breaking out of the narrow consolidation phase that it was locked in for the past few trading sessions to shut shop with gains of 173 points.

Further, going ahead a sustained trade above 17,500 in the coming sessions will extend the gains taking the index higher to levels of 17,650-17,770.

However, failure to sustain beyond 17,500 levels could trigger profit booking dragging the index lower to levels of 17,400-17,300.


Moreover, technical indicator RSI has also turned upwards from 50 level which suggests that the uptrend is intact.

Recommendation:
MCDOWELL-N
Buy@CMP Rs 880
Target: Rs 930
Stop Loss: Rs 855

Stock has resumed uptrend following recent throwback and buying was seen on higher volumes suggesting strong bullishness. Technical Indicators are also favouring the same.

ZEEL
Buy@CMP Rs 294
Target: Rs 312
Stop Loss: Rs 284

Stock has resumed its uptrend after breaking out of a consolidation pattern. Further, a sustained trade above Rs 300 will take it higher to levels of Rs 312. RSI too suggests an up move.

(The author, Aditya Agarwala, is CMT, Technical Analyst - Research at YES Securities. Views are his own)