Rupak De, Senior Technical Analyst at LKP Securities said investors largely remained on the sidelines, as the index has spent the last two days trading broadly within the range of its 200-DMA (25,341) and 21-EMA (25,610). He expects the market to remain sideways until there is an improvement in investor confidence. De places immediate support at 25,300 and expects the rally to continue as long as this level is maintained. On the higher end, resistance is seen at 25,650–25,750.
Here are 2 stock recommendations for Thursday:
Buy Central Bank of India at Rs 40.25 | Upside: 6%
Stop Loss: Rs 39
Target: Rs 42.75
On a daily time frame, the Central Bank of India has given a breakout of Rectangle Pattern on the upside, indicating a positive trend in the stock. The Fast (21) EMA trading above the Slow (50) EMA indicates a positive trend with price trading above both the EMA indicating strength on the upside. On the Directional front, DI+ is trading above DI- indicating a positive trend and ADX trading on the northern direction indicates strength in the move.(Virat Jagad, Technical Research Analyst, Bonanza Portfolio)
Buy Colgate Palmolive at Rs 2,270.4 | Upside: 4%
Stop Loss: Rs 2,230
Target: Rs 2,350
Colgate-Palmolive (India) Ltd has signaled a strong bullish breakout after moving above its recent consolidation range. This suggests the stock is entering a new upward phase. The 21-day EMA is trending above the 50-day EMA, with the price holding firm above both—a classic sign of short-term strength. The Directional Index (DMI) shows buyers are in control, while a rising ADX confirms the trend is gaining significant momentum.
(Virat Jagad, 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)