Market Trading Guide: Zomato, DMart among 4 stock recommendations for Thursday
1/5
Stock Ideas
Rebounding from their worst single-day slide in four years, benchmark stock indices Sensex and Nifty soared over 3% each on heavy value buying by investors after NDA alliance partners started talks on government formation.
The 30-share BSE Sensex jumped 2,303 points to settle at 74,382 on value buying in banking, auto and oil shares. The NSE Nifty climbed 736 points to 22,620.35 with all its constituents ending with gains.
"Nifty moved above the crucial hurdle of mid part of Tuesday's long range bear candle around 22,250 on Wednesday and closed higher. As per this theory, the next crucial hurdles to be watched are around the upper part of that candle, around 23,200 levels. The volatility is expected to continue for the short term and immediate support to be watched at 22,300 levels," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.
Here are 4 stock recommendations for Thursday:
The 30-share BSE Sensex jumped 2,303 points to settle at 74,382 on value buying in banking, auto and oil shares. The NSE Nifty climbed 736 points to 22,620.35 with all its constituents ending with gains.
"Nifty moved above the crucial hurdle of mid part of Tuesday's long range bear candle around 22,250 on Wednesday and closed higher. As per this theory, the next crucial hurdles to be watched are around the upper part of that candle, around 23,200 levels. The volatility is expected to continue for the short term and immediate support to be watched at 22,300 levels," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.
Here are 4 stock recommendations for Thursday:
2/5
Buy Zomato at Rs 182-183
Target Price: Rs 195
Stop Loss: Rs 176
Zomato is seen to be breaking out of a Rounding Bottom pattern and retesting the breakout on the monthly time frame, which indicates bullish strength. On the indicator front, the stock is seen to be trading above all its important EMAs on the weekly timeframe and momentum oscillator RSI (14) is around 62, showing strength by sustaining above 50.
(Mitesh Karwa, Research Analyst, Bonanza Portfolio)
Stop Loss: Rs 176
Zomato is seen to be breaking out of a Rounding Bottom pattern and retesting the breakout on the monthly time frame, which indicates bullish strength. On the indicator front, the stock is seen to be trading above all its important EMAs on the weekly timeframe and momentum oscillator RSI (14) is around 62, showing strength by sustaining above 50.
(Mitesh Karwa, Research Analyst, Bonanza Portfolio)
3/5
Buy Tata Consumer Products at Rs 1,138-1,139
Target Price: Rs 1,190
Stop Loss: Rs 1,111
TATACONSUM is seen to break out of a Downwards Sloping trendline resistance after taking support from a key zone on the daily timeframe, which indicates signs of bottom reversal. Momentum oscillator RSI (14) is around 61 on the daily time and is showing strength by sustaining above 50. The stock is seen to be trading above all its important EMAs on the daily timeframe.
(Mitesh Karwa, Research Analyst, Bonanza Portfolio)
Stop Loss: Rs 1,111
TATACONSUM is seen to break out of a Downwards Sloping trendline resistance after taking support from a key zone on the daily timeframe, which indicates signs of bottom reversal. Momentum oscillator RSI (14) is around 61 on the daily time and is showing strength by sustaining above 50. The stock is seen to be trading above all its important EMAs on the daily timeframe.
(Mitesh Karwa, Research Analyst, Bonanza Portfolio)
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4/5
Buy TVS Motor at Rs 2,352
Target Price: Rs 2,700
Stop Loss: Rs 2,200
The stock has recently formed a Rounding bottom Breakout pattern on the daily chart with a significant increase in trading volume, indicating a potential breakout. The Relative Strength Index (RSI) currently stands at 67 and is trending upward, indicating increasing buying momentum.
(Mandar Bhojane, Equity Research Analyst, Choice Equity Broking)
Stop Loss: Rs 2,200
The stock has recently formed a Rounding bottom Breakout pattern on the daily chart with a significant increase in trading volume, indicating a potential breakout. The Relative Strength Index (RSI) currently stands at 67 and is trending upward, indicating increasing buying momentum.
(Mandar Bhojane, Equity Research Analyst, Choice Equity Broking)
5/5
Buy DMart at Rs 4,862
Target Price: Rs 5,600
Stop Loss: Rs 4,400
The stock has recently formed a Rounding Bottom pattern breakout on the daily chart with a significant increase in trading volume, indicating a potential breakout. The Relative Strength Index (RSI) currently stands at 63 and is trending upward, indicating increasing buying momentum.
(Mandar Bhojane, Equity Research Analyst, Choice Equity Broking)
(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 4,400
The stock has recently formed a Rounding Bottom pattern breakout on the daily chart with a significant increase in trading volume, indicating a potential breakout. The Relative Strength Index (RSI) currently stands at 63 and is trending upward, indicating increasing buying momentum.
(Mandar Bhojane, Equity Research Analyst, Choice Equity Broking)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)