Rupak De, Senior Technical Analyst at LKP Securities said the Nifty rose above the previous session’s high but faced resistance at higher levels and fell short of 24,500. So far, the index has managed to sustain above the 50% retracement level (placed at 24,270) of the previous fall from the all-time high to the recent low, he said. “However, failure to move above 24,500, the immediate resistance, would make the current rally doubtful. Support is placed at 24,270, while resistance is at 24,500/24,800,” De added.
Here are 2 stocks to buy:
Buy CESC at Rs 180 | Upside: 6%
Stop Loss: Rs 174Target: Rs 190
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CESC is showing a strong bullish breakout from a consolidation pattern, supported by a wide-range bullish candle and sharp volume expansion. Price has moved above key short-term moving averages, indicating a shift in momentum. The structure reflects higher lows and strong buying pressure. RSI is in overbought territory, signaling strong momentum but also a possibility of minor pullbacks. Intraday bias remains positive, with price action favoring continuation on sustained buying interest.
(Virat Jagad, Sr. Technical Research Analyst, at Bonanza Portfolio)
Buy Trent at Rs 4,250 | Upside: 9%
Stop Loss: Rs 4,075
Target: Rs 4,650
Trent is showing a strong bullish reversal after breaking out of a falling channel pattern with a sharp upward move. Price action has shifted to forming higher lows and higher highs, indicating trend reversal strength. The stock has reclaimed key moving averages, which are starting to align positively. RSI is trending in bullish territory, reflecting improving momentum. Volume expansion during the breakout suggests accumulation, supporting a positive positional bias for continuation.
(Virat Jagad, Sr. Technical Research Analyst, at Bonanza Portfolio)
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