Commenting on the day’s action, expert Rupak De of LKP Securities said that Nifty moved up sharply after pressing a panic bottom around 24,570 when it slipped below 24,700 level. “On the hourly chart, a positive divergence is visible on the RSI (14), indicating a shift toward positive price momentum. Immediate resistance is seen at 24,900, which previously acted as support. A decisive move above 24,900 could induce a short-term rally. The trend is likely to remain strong as long as the Nifty stays above 24,750,” De said.
Here are 2 stock recommendations for Monday:
Buy Paradeep Phosphates at Rs 95.05
Target Price: Rs 105
Stop Loss: Rs 90On a Daily time frame Paradeep has given a breakout of Rectangle Pattern on the upside, indicating a positive trend in the stock. Buyers have to look more attractive to buy the security above 95 levels. The Short (9) EMA has crossed the Fast (21) EMA indicating a positive trend with price trading above both the EMA indicates strength on the upside. The volume after the breakout is high, suggesting demand for security.(Virat Jagad, Technical Analyst Bonanza)
Buy Vishnu Prakash R Punglia at Rs 312.90
Target Price: Rs 330
Stop Loss: Rs 300
In the weekly time frame, VPRPL has shown consistent strength by making higher highs, gaining nearly 12.82% over the past week. Despite sluggish performance in the broader indices, the stock reached a fresh record high of 324.85, highlighting its strong momentum. The price structure reveals a candlestick pattern called three white soldiers, signaling a continuation of the uptrend. On the indicator front, RSI is placed above 60, supporting the price action.
(Drumil Vithlani, Technical Research Analyst, Bonanza)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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