Rupak De, Senior Technical Analyst at LKP Securities said Nifty’s RSI is in a bearish crossover, indicating weak momentum. “However, a closer and more granular view of the Nifty chart suggests the possibility of a meaningful recovery from current levels. On the lower timeframe, the index has started forming higher lows, which is an early sign of a potential reversal. In the short term, the index may move higher with a potential upside towards 24,285–24,350. On the downside, support is placed at 23,880, below which weakness could intensify,” he added.
Here are 2 stocks to buy:
Buy Hindustan Zinc at Rs 638-642 | Upside: 9%
Stop Loss: Rs 610
Target: Rs 700
Hindustan Zinc Limited (HZL) is showing a gradual recovery with price reclaiming key. The structure indicates a potential breakout from a consolidation phase, supported by RSI sustaining above 60, reflecting strengthening momentum. A buy above Rs 638 can trigger an upside move towards Rs 700–720, while immediate support is placed near ₹600. The broader trend is turning positive, failure to sustain may lead to continued range-bound movement between Rs 600–650.
(Kunal Kamble, Sr. Technical Research Analyst, at Bonanza Portfolio)Buy Vedanta at Rs 315-316 | Upside: 4%
Stop Loss: Rs 308
Target: Rs 325-330
Vedanta Limited is in a strong uptrend, forming higher highs and higher lows while trading well above all key EMAs, indicating sustained bullish structure. The stock is currently approaching the upper boundary of a rising channel near Rs 320, which may act as short-term resistance. RSI around 65–70 supports positive momentum but also hints at possible near-term consolidation. A buy at CMP Rs 315–316 can be considered with a stop-loss of ₹308. On the upside, the stock can deliver targets of Rs 325–330. As long as price sustains above Rs 300, the trend remains firmly bullish, favouring buy-on-dips strategy.
(Kunal Kamble, Sr. Technical Research Analyst, at Bonanza Portfolio)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)