Rupak De, Senior Technical Analyst at LKP Securities said Nifty found support at the 10 EMA before closing slightly higher. “On Friday, if it falls below 24,150 decisively, it might decline towards 23,900. However, if it moves above 24,200, it could rise towards 24,500–24,600. A decisive breakout from the 24,150–24,200 range is required to witness a directional move in the Nifty,” De said.
Here are 2 stocks to buy:
Buy Dr. Reddy’s Laboratories at Rs 1,331 | Upside: 14%
Stop Loss: Rs 1,230
Target: Rs 1,516
The stock has witnessed a strong breakout above a key resistance trend line, signalling a potential shift toward a bullish trend. Price action is now supported by short- and medium-term moving averages, which are gradually turning upward and acting as dynamic support levels. The formation of higher lows indicates base strengthening, while the sharp upward move reflects renewed buying interest. RSI has moved above 60, confirming improving momentum without being excessively overbought. Additionally, a notable rise in volume during the breakout suggests accumulation. Sustaining above the breakout zone may lead to further upside.(Kunal Kamble, Sr. Technical Research Analyst, Bonanza Portfolio)
Buy Solar Industries at Rs 15,747 | Upside: 10%
Stop Loss: Rs 14,820
Target: Rs 17,345
The stock is showing a strong bullish breakout above a key resistance zone after a prolonged consolidation phase, indicating the resumption of an uptrend. Price is now trading above critical short- and medium-term moving averages, which are turning upward and acting as dynamic support. The formation of higher highs and higher lows reflects strengthening price structure and sustained buying interest. RSI has moved above 70, signalling strong momentum and positive sentiment, while rising volumes during the breakout confirm accumulation. As long as the stock sustains above the breakout level, it is likely to witness further upside, making it attractive for buy-on-dips opportunities.
(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)