Rupak De, Senior Technical Analyst at LKP Securities said a decisive fall below 23,000 might trigger further downside towards 22,700 or even lower. On the other hand, a decisive move above 23,000 could push the index towards 23,350, he added.
Here are 2 stock recommendations for Friday:
Buy ACME Solar Holdings at Rs 262–264 | Upside: 14%
Stop Loss: Rs 244
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Target: Rs 300
The stock has shown a strong trend reversal from its previous downtrend and is now forming higher highs and higher lows, indicating a shift towards a bullish structure. It has successfully broken an important resistance level, supported by sustained price action. The stock is trading above all major short-term and long-term moving averages of 20, 50, 100, and 200 EMAs, which confirms strength in both short-term and long-term trends. Additionally, the RSI is at 66.94, trading above its 14-period average of 55.37, indicating strong bullish momentum and supporting the continuation of the upward move.(Kunal Kamble, Sr. Technical Research Analyst, Bonanza Portfolio)
Buy Ather Energy at Rs 754–757
Stop Loss: Rs 716
Target: Rs 830
The stock was trading in a consolidation phase with a sideways to positive bias and has now given a breakout above its resistance zone with strong volume, indicating fresh buying interest. It has also managed to close above the breakout level, which adds confirmation to the bullish setup. The price is trading above all major short-term and long-term moving averages of 20, 50, 100, and 200 EMAs, reflecting strength in the trend. Additionally, the RSI is at 66.38, trading above its 14-period average of 53.79, indicating strong bullish momentum and supporting further upside potential.
(Kunal Kamble, Sr. Technical 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)