Nilesh Jain, Vice President, Head of Technical and Derivative research at Centrum Finverse, said the immediate hurdle is seen at the 50-DMA, placed around 24,410, and a decisive breakout above this level could pave the way for an upside move towards 24,700. The overall structure remains positive, favouring a buy-on-dips approach, with the support base now shifting higher to around 24,000, he added. “Momentum indicators and oscillators continue to reflect strength, as the RSI sustains above the 55 level. Meanwhile, the volatility index has continued to soften, hovering near the 17 mark. Any further decline in volatility is likely to lend additional support to the ongoing bullish sentiment,” Jain said.
Here are 2 stocks to buy:
Buy Shipping Corporation at Rs 305-309 | Upside: 29% | Stop Loss: Rs 270 | Target: Rs 400
Shipping Corporation of India has witnessed a strong breakout from an ascending triangle pattern, supported by a sharp surge in volumes, indicating institutional participation. RSI is near 53 and trending upwards, reflecting improving momentum without overbought conditions. The breakout above Rs 300 marks a bullish shift, with immediate resistance near Rs 345. Key support is placed at Rs 270. The stock is likely to head towards Rs 340–Rs 360 in the short term, maintaining a positive bias.
(Kunal Kamble, Sr. Technical Research Analyst, Bonanza Portfolio)
Buy Power Grid at Rs 318-320 | Upside: 9% | Stop Loss: 295 | Target: 350
Power Grid Corporation has broken out of a consolidation range near Rs 305 – Rs 310, supported by a steady rise in volumes, which indicates accumulation. RSI is around 54 and trending higher, reflecting strengthening momentum without overbought conditions. The breakout signals a positive bias, with immediate resistance seen near Rs 330–Rs 340, while key support is placed at Rs 295. The stock is likely to move towards Rs 335–Rs 350 in the short term.
(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 The Economic Times)
