Rupak De, Senior Technical Analyst at LKP Securities, said the index has remained below the rising trendline on the daily timeframe, indicating increasing pessimism in the market. “The RSI continues to remain in a bearish crossover, confirming weak momentum. The immediate crucial support is placed at 24,200–24,000. On the higher side, resistance is seen at 24,700. In the short term, the trend suggests a sell-on-rise strategy,” De said.
Here are 2 stock recommendations for Thursday:
Buy Balrampur Chini Mills at Rs 492 | Upside: 5%
Stop Loss: Rs 479.40
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Target: Rs 516.30
Balrampur Chini Mills Ltd is showing a strong bullish breakout above the key resistance zone of Rs 480–485, supported by a wide-range green candle and a significant surge in volumes, indicating fresh buying momentum. The stock has moved above the 200 EMA and short-term moving averages are turning upward, reflecting strengthening trend structure. Additionally, the RSI is trading above 60, confirming positive momentum without being in an extreme overbought zone. Considering the breakout confirmation and improving technical setup, a buy is recommended at the current market price of ₹491.70 with a stop loss placed at Rs 479.40 (2.5%) and a target of Rs 516.30 (5%) for a favorable short-term risk-reward setup.(Kunal Kamble, Sr. Technical Research Analyst, Bonanza Portfolio)
Buy Abbott India at Rs 27,818 | Upside: 5%
Stop Loss: Rs 27,129
Target: Rs 29,216
Abbott India Limited has shown a sharp bullish recovery from recent lows, forming a strong green candle with a noticeable surge in volume, indicating short-covering as well as fresh buying interest. The stock is attempting to rebound toward the 20 and 50 EMA levels, while RSI has moved above 60, reflecting improving momentum after a prolonged downtrend. Although the broader trend remains weak with price still below the 100 and 200 EMA, the current setup supports a short-term pullback trade. A buy is recommended at the current market price of Rs 27,825 with a stop loss at Rs 27,129 (2.5%) and a target of Rs 29,216 (5%), maintaining strict risk management discipline.
(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)