Commenting on the day’s action, Rupak De, Senior Technical Analyst at LKP Securities said Nifty ended the session on a negative note indicating short-term pressure. However, Nifty has managed to hold above the 20 EMA for the last three days, suggesting that the near-term range may remain tight. “The daily RSI continues to remain in positive territory. Going forward, the 25,480–25,500 zone remains a crucial support, while any pullback towards 25,875 is likely to face selling pressure. The index appears to be range-bound in the near term, while select individual stocks may outperform,” De said.
Here are 2 stock recommendations for Friday:
Buy Prime Focus at Rs 267.4 | Upside: 9%
Stop Loss: Rs 255
Target: Rs 292
The stock has posted a consolidation range breakout with strong volume, indicating renewed buying interest. Trend confirmation comes from price trading above all major EMAs (20, 50, 100, and 200), signaling short-term and long term bullishness. Momentum remains positive, with RSI at 68, well above its 14-period average of 52.6, suggesting continued strength and upside momentum in the near term.(Kunal Kamble, Sr. Technical Research Analyst, Bonanza Portfolio)
Buy Marico at Rs 748.3 | Upside: 7%
Stop Loss: Rs 722
Target: Rs 800
The stock has broken out of its falling trend line with strong volume, indicating a potential trend reversal. The move is well supported as the price is trading above all major EMAs (20, 50, 100, and 200), confirming short-term and long term bullish strength. Momentum is also improving, with RSI at 53.91, trading above its 14-period average of 45.45, suggesting growing buying interest and scope for further upside continuation.
(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)