Market Trading Guide: SBI Card among stock recommendations for Friday
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Stock Ideas
Indian frontline indices ended with strong gains on Thursday, witnessing their fourth successive positive closing amid buying action in auto, FMCG and IT stocks. The BSE Sensex jumped 899.01 points or 1.19% to 76,348.06, while the Nifty climbed 283.05 points or 1.24% to end the day at 23,190.65.
Commenting on the day's action, Rupak De, Senior Technical Analyst at LKP Securities pointed out Nifty's falling trendline breakout on the daily chart, suggesting a bullish trend reversal. "Additionally, it has been sustaining above the 21EMA for the past three days, confirming a short-term uptrend. The RSI has risen above the previous swing high, further strengthening the positive sentiment. Overall, the outlook remains optimistic, with the potential for a further rally in the short term. On the higher end, Nifty could move towards 23,400 and beyond, while on the lower end, support is placed at 23,000," De said.
Here are 2 stock recommendations for Friday:
Commenting on the day's action, Rupak De, Senior Technical Analyst at LKP Securities pointed out Nifty's falling trendline breakout on the daily chart, suggesting a bullish trend reversal. "Additionally, it has been sustaining above the 21EMA for the past three days, confirming a short-term uptrend. The RSI has risen above the previous swing high, further strengthening the positive sentiment. Overall, the outlook remains optimistic, with the potential for a further rally in the short term. On the higher end, Nifty could move towards 23,400 and beyond, while on the lower end, support is placed at 23,000," De said.
Here are 2 stock recommendations for Friday:
2/3
Buy Nava at Rs 466
Target: Rs 497
Stop Loss: Rs 450
Nava Ltd has successfully broken out of a cup & handle pattern on the daily timeframe, backed by strong volume and a decisive bullish candle. The 21-day EMA is moving upward, indicating a continued uptrend in the stock. Additionally, the RSI stands at 63.61, signalling strong bullish momentum. This breakout suggests a potential upside move.
(Wahid Ansari, Technical Research Analyst at Bonanza)
Stop Loss: Rs 450
Nava Ltd has successfully broken out of a cup & handle pattern on the daily timeframe, backed by strong volume and a decisive bullish candle. The 21-day EMA is moving upward, indicating a continued uptrend in the stock. Additionally, the RSI stands at 63.61, signalling strong bullish momentum. This breakout suggests a potential upside move.
(Wahid Ansari, Technical Research Analyst at Bonanza)
3/3
Buy SBI Card at Rs 856
Target: Rs 897
Stop Loss: Rs 836
SBI Card has decisively broken out of a flag pattern on the daily timeframe, backed by a strong bullish candle. The stock has taken support at the 21-day EMA, which is trending upward, confirming a positive market sentiment. Additionally, the RSI at 60.88 is rising, indicating strengthening bullish momentum. This breakout suggests a potential rally ahead.
(Wahid Ansari, 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)
Stop Loss: Rs 836
SBI Card has decisively broken out of a flag pattern on the daily timeframe, backed by a strong bullish candle. The stock has taken support at the 21-day EMA, which is trending upward, confirming a positive market sentiment. Additionally, the RSI at 60.88 is rising, indicating strengthening bullish momentum. This breakout suggests a potential rally ahead.
(Wahid Ansari, 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)