Market Trading Guide: RIL, Canara Bank among 5 stock recommendations for Tuesday
, ETMarkets.com|
"On the daily charts, we can observe that Nifty has broken above the previous swing high of 23,110 to suggest the start of a next leg of up move which can extend till 23,500 - 23,740 from a short-term perspective. The psychological level of 23,000 shall act as a key support from a short term perspective," said Jatin Gedia of Sharekhan.
Here are 5 stock recommendations for Tuesday:
IANS
Stop Loss: Rs 2,880
Reliance has given a Flag pattern breakout on the daily chart, indicating optimism in the market. Additionally, the stock has moved above the consolidation phase. The RSI is in a bullish crossover.
(Rupak De, Senior Technical Analyst, LKP Securities)
ANI
The stock has given a consolidation breakout on the daily chart, suggesting a rise in optimism. The RSI is in a bullish crossover indicating positive price momentum.
(Rupak De, Senior Technical Analyst, LKP Securities)
ETMarkets.com
Stop Loss: Rs 1,275
The daily chart shows a Rounding Bottom pattern breakout, indicating a potential upward trend. The stock is trading above its short-term moving average, reinforcing this positive outlook. Additionally, the RSI is in a bullish crossover.
(Rupak De, Senior Technical Analyst, LKP Securities)
ETMarkets.com
Stop Loss: Rs 665
LIC Housing Finance on the daily chart indicates an Ascending Triangle, confirming a breakout and indicating the dominance of buyers with an increase in the volume bar on the day of breakout. At the moment, the counter closing above the resistance zone reflects a positive trend. A bullish candlestick after a runaway gap is signaling buyers' control, The RSI is indicating momentum on the upside by moving in the northern direction.
(Drumil Vithlani, Technical Research Analyst, Bonanza Portfolio)
ETMarkets.com
Stop Loss: Rs 10,350
UltraTech Cement has established a robust resistance zone between 10,000 and 10,200 daily, witnessing active buying and driving the stock upward. Recent positive price movements indicate buyer dominance, breaking through a triple bottom formation. Following a strong bullish candle, the stock has resumed its positive trajectory, suggesting
further potential for upward movement.
On the Momentum front, RSI has given a breakout of the falling trend line conforming to the price action.
(Drumil Vithlani, 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)
IANS
