Decoding the charts, Rupak De, Senior Technical Analyst at LKP Securities said the RSI is in a bearish crossover, indicating weakening momentum. “The sentiment is likely to remain weak in the near term, with a possibility of falling towards 25,300. On the higher end, resistance is placed at 25,550–25,600,” he added.
Here are 2 stock recommendations for Friday:
Buy Data Patterns at Rs 3,244 | Upside: 10%
Stop Loss: Rs 3,045
Target: Rs 3,560
Data Patterns (India) Limited has delivered a decisive breakout above the 3,200 resistance zone, marking a fresh 52-week high and signalling continuation of its broader uptrend. The breakout is supported by expanding volumes, indicating strong and genuine buying interest. The stock is trading above its key short- and medium-term EMAs, which are positively aligned, while the 200 EMA trends upward, confirming long-term strength. RSI near 73 reflects strong momentum, though slightly overbought, suggesting powerful bullish sentiment.(Kunal Kamble, Sr. Technical Research Analyst, Bonanza Portfolio)
Buy Finolex Cables at Rs 874 | Upside: 10%
Stop Loss: Rs 828
Target: Rs 965
Finolex Cables Limited is showing early signs of a bullish reversal after breaking above the 835–840 resistance zone with improved price momentum. The stock has formed a higher low near 760 and is now trading above its short-term EMAs, indicating strengthening near-term trend. RSI around 70 reflects strong momentum and buying interest, while recent volume expansion suggests accumulation at lower levels. Although the stock remains below its long-term 200 EMA.
(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)