Market Trading Guide: Adani Enterprises, ACC among 5 stock recommendations for Wednesday
1/6
Stock Ideas
India's benchmark equity indices hit fresh record highs on Tuesday, led by gains in financial and energy stocks. The S&P BSE Sensex closed 0.63% higher at 69,296, while the NSE Nifty 50 index closed above the 20,850 level.
"The underlying trend of Nifty is sharply positive. A decisive move above the immediate resistance of 20,910 levels (61.8% Fibonacci projection), the Nifty is expected to reach towards the next upside target of 21550. Immediate support is placed at 20,710," Nagaraj Shetti, Technical Research Analyst at HDFC Securities said.
Here are 5 stock recommendations for Wednesday:
"The underlying trend of Nifty is sharply positive. A decisive move above the immediate resistance of 20,910 levels (61.8% Fibonacci projection), the Nifty is expected to reach towards the next upside target of 21550. Immediate support is placed at 20,710," Nagaraj Shetti, Technical Research Analyst at HDFC Securities said.
Here are 5 stock recommendations for Wednesday:
2/6
Buy ACC at Rs 2,182.2
Target Price: Rs 2,494
Stop Loss: Rs 2,026
A significant breakout of a Cup and Handle pattern in ACC has been observed. This pattern often indicates a potential bullish trend. The burst in volume during the current week suggests increased buying interest at the current price levels, which further reinforces the positive outlook for security.
Moreover, the price of ACC is trading above the major Exponential Moving Averages (EMAs), indicating a sustained uptrend. This alignment with the EMAs adds more confidence to the bullish scenario.
(Kunal Kamble, Sr. Technical Analyst, Bonanza Portfolio)
Stop Loss: Rs 2,026
A significant breakout of a Cup and Handle pattern in ACC has been observed. This pattern often indicates a potential bullish trend. The burst in volume during the current week suggests increased buying interest at the current price levels, which further reinforces the positive outlook for security.
Moreover, the price of ACC is trading above the major Exponential Moving Averages (EMAs), indicating a sustained uptrend. This alignment with the EMAs adds more confidence to the bullish scenario.
(Kunal Kamble, Sr. Technical Analyst, Bonanza Portfolio)
3/6
Buy Adani Enterprises at Rs 2,971
Target Price: Rs 3,673
Stop Loss: Rs 2,620
Adani Enterprise has given a breakout of Rectangle Pattern on a Daily time frame on the upside indicating an uptrend. The burst in volume during the current week suggests increased buying interest at the current price levels, which further reinforces the positive outlook for security.
Price is trading above Slow (50) EMA and Long (100) EMA indicating uptrend. Additionally, the breakout in the Relative Strength Index (RSI) supports the upside move, confirming the strength of the current trend and implying the potential for further price appreciation.
(Kunal Kamble, Sr. Technical Analyst, Bonanza Portfolio)
Stop Loss: Rs 2,620
Adani Enterprise has given a breakout of Rectangle Pattern on a Daily time frame on the upside indicating an uptrend. The burst in volume during the current week suggests increased buying interest at the current price levels, which further reinforces the positive outlook for security.
Price is trading above Slow (50) EMA and Long (100) EMA indicating uptrend. Additionally, the breakout in the Relative Strength Index (RSI) supports the upside move, confirming the strength of the current trend and implying the potential for further price appreciation.
(Kunal Kamble, Sr. Technical Analyst, Bonanza Portfolio)
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4/6
Buy Godrej CP between Rs 1,030-1,040
Target Price: Rs 1,100
Stop Loss: Rs 1,005
Post the multi-month downtrend, the stock has managed to clear the hurdle near Rs 1,030; multiple bullish candles ensure shift of range on upside.
(Amit Trivedi, Technical Analyst - Institutional Equities, YES Securities)
Stop Loss: Rs 1,005
Post the multi-month downtrend, the stock has managed to clear the hurdle near Rs 1,030; multiple bullish candles ensure shift of range on upside.
(Amit Trivedi, Technical Analyst - Institutional Equities, YES Securities)
5/6
Buy Sun Pharma at Rs 272-282.3
Target Price: Rs 304-325
Stop Loss: Rs 261
After showing an upside breakout of the hurdle around Rs 265-266 levels recently, the stock price has continued to move up gradually in the last two weeks. The overall weekly chart pattern indicates a Rounding Bottom formation and the stock price is in the process of witnessing a decisive upside breakout of the neckline of that pattern around Rs 265 levels. Weekly RSI has turned up from near upper 60 levels.
(Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities)
Stop Loss: Rs 261
After showing an upside breakout of the hurdle around Rs 265-266 levels recently, the stock price has continued to move up gradually in the last two weeks. The overall weekly chart pattern indicates a Rounding Bottom formation and the stock price is in the process of witnessing a decisive upside breakout of the neckline of that pattern around Rs 265 levels. Weekly RSI has turned up from near upper 60 levels.
(Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities)
6/6
Buy TV18 Broadcast at Rs 50-52.5
Target Price: Rs 58-63
Stop Loss: Rs 48
The downward correction of Sept-Nov seems to have reversed sharply on the upside for this media stock for this week. The stock price has moved above the crucial hurdle of Rs 51.50 levels and closed higher. Volume has started to expand during upside breakout in the stock price and the daily RSI has zoomed into upper Rs 60 levels. This pattern indicates further strengthening of upside momentum for the stock price in the near term.
(Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Stop Loss: Rs 48
The downward correction of Sept-Nov seems to have reversed sharply on the upside for this media stock for this week. The stock price has moved above the crucial hurdle of Rs 51.50 levels and closed higher. Volume has started to expand during upside breakout in the stock price and the daily RSI has zoomed into upper Rs 60 levels. This pattern indicates further strengthening of upside momentum for the stock price in the near term.
(Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)