Rupak De, Senior Technical Analyst at LKP Securities said the index found resistance at the 38.20% Fibonacci retracement level of the previous fall. “Going forward, the index might continue to face resistance at 24,115–24,150. A decisive move above 24,150 is required to witness a sustained rally towards higher levels. On the lower end, support is placed at 24,000, below which weakness might increase,” De said.
Here are 2 stocks to buy:
Buy Varun Beverages at Rs 519 | Upside: 10%
Stop Loss: Rs 478
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Target: Rs 570
VARUN BEVERAGES has shown a strong bullish reversal after taking support near the lower boundary of the falling channel. Price has witnessed a sharp recovery backed by rising volumes, indicating strong buying interest. It is now trading above key short-term moving averages, which are turning upward and supporting momentum. The stock is approaching the upper trendline of the channel, and a sustained breakout above this zone can confirm a trend reversal. RSI is hovering in the overbought region, reflecting strong strength, though minor consolidation may occur. Overall structure suggests accumulation, and dips towards moving averages can be used as buying opportunities for positional upside.(Kunal Kamble, Sr. Technical Research Analyst, at Bonanza Portfolio)
Buy JSW Energy at Rs 574 | Upside: 10%
Stop Loss: Rs 535
Target: Rs 630
JSW ENERGY is exhibiting a strong bullish breakout after consolidating within a range and forming a higher low structure. Price has moved decisively above the horizontal resistance zone, supported by rising volumes, indicating fresh buying interest. The alignment of short-term moving averages above long-term averages signals a positive trend shift. Additionally, the breakout from an ascending trendline reinforces the bullish setup. RSI is
trending near the overbought zone, reflecting strong momentum, though minor pullbacks may occur. The overall price structure suggests strength, and sustained trading above the breakout zone can lead to further upside in the medium term, making it suitable for fresh positional buying.
(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)