Trading Guide: Galaxy Surfactants among 3 stock recommendations for Thursday
1/4
Stock Ideas
Amid continued rout in Adani Group stocks, Nifty ended 46 points or 0.26% lower at 17,616, while Sensex managed to end Budget Day in the positive territory with gains of 158 points or 0.27% at 59,708. An all-rounder Budget 2023 focusing solely on growth was delivered today.
"The bears continued to be at the helm, and the index witnessed selling pressure in the second half of the session. The index remains in a sell-on-rise mode with immediate resistance at 17,700-17,750. The immediate downside support level is at 17,400, and a breach will lead to further selling pressure towards 17,200/17,000 levels,” said Rupak De, Senior Technical Analyst at LKP Securities.
Here are stock recommendations for Thursday:
"The bears continued to be at the helm, and the index witnessed selling pressure in the second half of the session. The index remains in a sell-on-rise mode with immediate resistance at 17,700-17,750. The immediate downside support level is at 17,400, and a breach will lead to further selling pressure towards 17,200/17,000 levels,” said Rupak De, Senior Technical Analyst at LKP Securities.
Here are stock recommendations for Thursday:
2/4
Galaxy Surfactants: Buy near Rs 2,400 | Target: Rs 2,600 | Stop Loss: Rs 2,300
The stock has been highly oversold and we are witnessing double bottom kind of formation. In addition; there is positive divergence in daily RSI.
(Mehul Kothari, AVP – Technical Research, Anand Rathi)
(Mehul Kothari, AVP – Technical Research, Anand Rathi)
3/4
PVR Feb futures: Sell | CMP: Rs 1,658-1,660| Target: Rs 1,620 | Stop Loss: Rs 1,685.1
On an hourly chart, PVR future has been trading in a sideways trend for the last few days. The price has reversed from the prior supply zone and is falling toward the demand zone. The indicator MACD indicates the short position with negative crossover. On a daily chart, the price has also formed Bearish Engulfing Candlesticks.
Observation of the above factors indicates that a bearish move is possible in PVR future for targets up to Rs 1,620. One can initiate a sell at current price of Rs 1,658-1,660 with stop loss above Rs 1,685.10 on daily closing basis.
(Mahesh Prakot, Research Analyst, Bonanza Portfolio)
Observation of the above factors indicates that a bearish move is possible in PVR future for targets up to Rs 1,620. One can initiate a sell at current price of Rs 1,658-1,660 with stop loss above Rs 1,685.10 on daily closing basis.
(Mahesh Prakot, Research Analyst, Bonanza Portfolio)
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4/4
SRF: Buy | CMP: Rs 2,224.65 | Target price: Rs 2,300 | Stop Loss: Rs 2,180
The stock has given a breakout of a falling wedge formation with a huge increase in volumes on the daily chart. The price has settled just above the 20 EMAs. The MACD indicator has suggested a positive crossover, confirming the internal strength. The daily strength indicator RSI (14) is trading above the 50 levels.
Hence, based on the above technical structure one can initiate a long position in SRF at CMP Rs 2,224.65 or a fall in the price till Rs 2,215 levels can be used as buying opportunity for the upside target of Rs 2,300. However, the bullish view will be negated if SRF closes below the support level of Rs 2,180.
(Mahesh Prakot, 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)
Hence, based on the above technical structure one can initiate a long position in SRF at CMP Rs 2,224.65 or a fall in the price till Rs 2,215 levels can be used as buying opportunity for the upside target of Rs 2,300. However, the bullish view will be negated if SRF closes below the support level of Rs 2,180.
(Mahesh Prakot, 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)