“The Nifty has risen above the recent consolidation high, indicating increased optimism among market participants. Furthermore, it has held steady above the critical near-term support level of 19,700. The sentiment is expected to stay positive, potentially leading to a new lifetime high in the short term. At the lower end, 19,700 could remain a crucial short-term support level,” said Rupak De, Senior Technical Analyst at LKP Securities
Here are 5 stock recommendations for Wednesday:
Agencies
Stop Loss: Rs 95.5
CONFIPET is seen to be breaking out of a bullish pattern and making a bullish candlestick on the weekly timeframe, which indicates strength. On the indicator front, the supertrend indicator is bullish and the stock is seen to be sustaining above all its important EMAs. Momentum oscillator RSI (14) is at around 74 showing strength by sustaining above 50
(Mitesh Karwa, Research Analyst, Bonanza Portfolio)
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Stop Loss: Rs 1,370
Manyavar is seen to be breaking out of a bullish pattern on the daily timeframe with a bullish candlestick, which indicates strength. Momentum oscillator RSI (14) is at around 71 on the daily time and is showing strength by sustaining above 50 and the stock is also trading above all the important EMAs on the weekly timeframe
(Mitesh Karwa, Research Analyst, Bonanza Portfolio)
Stop Loss: Rs 735
A combination of sustained moves above key averages and a recent consolidation breakout warrants a positive outlook for the stock. On sustenance above 750, the stock is likely to revisit its record-high levels (i.e. 829)
(Amit Trivedi, Technical Analyst – Institutional Equities, YES Securities)
ETMarkets.com
Stop Loss: Rs 406
After showing a range-bound action in the last one month, the stock price has moved up sustainably on Tuesday and closed higher. The stock price is currently placed at the edge of a decisive upside breakout of a range and also a down-sloping trend line around Rs 430-435 levels. Tuesday’s upmove was associated with the rise in volume and the daily 14 period RSI gives a positive indication
(Nagaraj Shetti, Senior Technical Research Analyst, HDFC securities)
iStock
Stop Loss: Rs 295
After witnessing an upside breakout of the down sloping trend line at Rs 300 levels in the early part of November, the stock price has shifted into a consolidation movement in the next two weeks. We observe positive chart patterns like higher tops and bottoms as per the weekly timeframe chart. The stock price is now in an attempt of an upside breakout of resistance around Rs 318-320 levels and the weekly RSI stayed above 60 levels and is turning up from the highs
(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 The Economic Times)
ETMarkets.com