Commenting on today’s developments, Rupak De, senior technical analyst at LKP Securities, said he sees bearish pressure continuing and intensifying as the index closed below 23,500 for the first time in several days. “The index stays below the key EMA 50, confirming the trend declining. Moreover, the RSI indicator stays at a negative crossing, signaling weak momentum. “Sentiment remains weak in the short term, with potential for a fall towards 23,300 or 23,000. In an upside market, resistance is seen at 23,550-23,600,” De said.
Here are 5 stock recommendations for Monday:
Buy LTIMindtree for Rs 6,124.40
Stop Loss: Rs.5,850
Target price: Rs 6,500-6,700
Mindtree’s LTI broke out of a 13-day consolidation, signaling a bullish breakout. Increased volume during the breakout indicates strong buying interest at current levels. Additionally, the price closed above the 50-period Double EMA, which further confirmed the bullish sentiment. The RSI indicator is trending upwards, matching the positive price motion. Based on this technical setup, you possibly can go long LTI Mindtree so long as it stays above 5850, with an upside goal of 6500-6700. (Kunal Kamble, Senior Technical Research Analyst at Bonanza)
Sell PNB futures contract at Rs 99.15
Stop Loss: Rs.103
Target price: Rs 92-90
PNB Futures broke out of the rising wedge formation, indicating a continuation of the downward trend. The increased volume during the breakout highlights the strong interest in selling at current levels. Moreover, the price is below each the Fast 20 EMA and the Slow 50 EMA, which further confirms this
bearish trend. The RSI indicator also broke below the downtrend line, supporting bearish price motion. Based on this technical setup, a brief position in January PNB futures could be initiated with a stop-loss of 103 and a goal range of 92-90. To secure your position, it is suggested to buy the 100 CE option.
(Kunal Kamble, Senior Technical Research Analyst at Bonanza)
Buy Uno Minda for Rs 1,098
Target: Rs 1,220
Stop Loss: Rs.1,044
The stock saw a breakout from consolidation on the day by day chart, indicating a rise in optimism around it. Moreover, the stock price stays above the critical moving average. The RSI indicator is in a bullish crossover phase and is trending upwards. In the short term, the rate may move towards 1220, with support at the lower end at 1044.
(Rupak De, Senior Technical Analyst, LKP Securities)
HAL for sale for Rs 4,000
Target: Rs.3,800
Stop Loss: Rs.4,100
On the day by day chart, the company’s shares showed a consolidation pattern, indicating that the bears around it are growing. Moreover, the stock price stays below the critical moving average. RSI is in a bearish transition and falling. In the short term, the rate may fall towards 3,800, with support at the lower level of 4,100.
(Rupak De, Senior Technical Analyst, LKP Securities)
Buy IRCTC for Rs 779
Target Price: Rs.850
Stop Loss: Rs.759
Shares have shown tentative signs of recovery from current levels. The last green candle was accompanied by decent volume, which deepened the positive mood. The RSI indicator has entered a bullish crossover, and a positive divergence is visible on the day by day RSI. In the short term, the rate may move towards 850, with support at 759.
(Rupak De, Senior Technical Analyst, LKP Securities)
(Disclaimer: (*5*), suggestions, views and opinions of experts are their very own. They don’t reflect the views of Economic Times)