Rupak De, Senior Technical Analyst at LKP Securities, said Nifty’s RSI is in a bullish crossover on the daily timeframe and has also moved above the 50 EMA, confirming an improving trend. “In the short term, the trend is likely to remain strong, with the possibility of a rise towards 24,750–24,800. On the lower end, support is placed at 24,200, below which the trend may weaken,” De said.
Here are 2 stocks to buy:
Buy Nippon Life India at Rs 1,107
Stop Loss: – Rs 1,065
Target: Rs 1,210 | Upside: 9%
Nippon Life India Asset Management Limited is witnessing strong bullish momentum after a decisive breakout above the key 1000 resistance zone, supported by improving volumes and sustained price action above all major EMAs of 20, 50, 100 and 200 days, indicating strength in the ongoing uptrend. The stock is forming higher highs and higher lows, which reflects positive price structure and continuation of momentum. RSI near 68suggests strong buying interest and healthy momentum despite approaching overbought territory. Fresh entry can be considered at 1,107.4 with a stop loss at 1065, while the upside target remains 1210. The overall trend remains positive as long as the stock sustains above the breakout support zone.
(Virat Jagad, Sr. Technical Research Analyst, at Bonanza Portfolio)
Buy Bharat Dynamics at Rs 1466.9
Stop Loss: Rs 1,400
Target: Rs 1,600 | Upside: 14%
Bharat Dynamics Limited is showing improving bullish momentum after a strong recovery from lower levels and is now attempting a breakout above the important 1470 resistance zone with rising volumes. The stock has moved above its short-term EMAs of 20 and 50 days, while reclaiming the 100 EMA, indicating strengthening price action and trend reversal potential. RSI near 61 reflects positive momentum with healthy buying interest and supports continuation of the upward move. Fresh buying can be considered at 1466.9 with a stop loss at 1400, while the upside target remains 1600. Sustaining above the breakout zone can further strengthen the bullish setup in the coming sessions.
(Virat Jagad, Sr. Technical Research Analyst, at Bonanza Portfolio)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)