Market Trading Guide: Suzlon Energy, RVNL among 6 stock recommendations for Monday
, ETMarkets.com|
"The short-term trend of Nifty continues to be range bound with weak bias. However, a move below the immediate support of 23300-23250 levels could possibly indicate the beginning of a short-term downward correction in the market," said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
Here are 6 stock recommendations for Monday:
ETMarkets.com
Stop Loss: Rs 866
GOKEX is seen to break out of a bullish pattern on the daily timeframe with a bullish candlestick which indicates strength. Momentum oscillator RSI (14) is at around 64 on the daily time and is showing strength by sustaining above 50 and the stock is seen to be trading above all its important EMAs.
(Mitesh Karwa, Research Analyst, Bonanza Portfolio)
Agencies
Stop Loss: Rs 476
GRANULES is seen to break out of a bullish formation on the weekly timeframe with a bullish candlestick which indicates strength. Momentum oscillator RSI (14) is at around 67 on the daily time and is showing strength by sustaining above 50 and the stock is seen to be trading above all its important EMAs.
(Mitesh Karwa, Research Analyst, Bonanza Portfolio)
ETMarkets.com
Stop Loss: Rs 49
The stock has given a positive breakout after days of sideways consolidation, which indicates a rise in optimism. Besides, the price has been sustained above the critical moving average. The RSI is in a bullish crossover and rising.
(Rupak De, Senior Technical Analyst, LKP Securities)
Agencies
Stop Loss: Rs 394
The stock has given a consolidation breakout on the daily chart, suggesting a rising optimism among the investors. Besides, the stock has moved above a critical moving average. The RSI is in the bullish crossover.
(Rupak De, Senior Technical Analyst, LKP Securities)
Agencies
Stop Loss: Rs 420
After a sharp fall in the stock that saw the stock testing a low of 335 in early June 2024, Railtel has bounced back from close to the 200-day EMA and resumed its intermediate uptrend. Stock trades above key moving averages like the 20-day and 50-day SMA. And momentum readings like the 14-day RSI are in rising mode and not overbought, which augurs well for the intermediate
uptrend to continue.
(Subash Gangadharan, Senior Technical/Derivative Analyst, HDFC Securities)
Agencies
Stop Loss: Rs 796
Chalet has recently bounced back from the 50-week SMA and resumed its intermediate uptrend. The stock has been making higher tops and higher bottoms for the last few sessions. Technical indicators too are giving positive signals as the stock trades above the 20-day and 50-day SMA. And momentum indicators like the 14-day RSI are climbing and not overbought.
(Subash Gangadharan, Senior Technical/Derivative Analyst, HDFC Securities)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Agencies
