Commenting on the current trends, Rupak De, Senior Technical Analyst at LKP Securities, said the index remained in a bearish grip during the day following a negative start on Wednesday. “On a smaller timeframe, the index has fallen below the 20EMA, suggesting waning bullishness. The India VIX remained positive though it remains below the 50EMA, confirming decreased fear among investors,: Des said. While the short-term sentiment remains positive as the index is sustaining above the 50EMA, the setup looks non-indicative, he added. He places support at 24,200, below which the index might drift down towards 23,900 while 24,600 might act as resistance again where the 100EMA is placed on the daily timeframe, he opined.
Here are 2 stocks to buy:
Buy Adani Green at Rs 1,199 | Upside: 10%
Stop Loss: Rs 1,148
Target: Rs 1,280/1,320
Adani Green Energy Limited has delivered a strong breakout above a major resistance zone (Rs 1,150–1,170), supported by rising volumes and a sharp momentum surge. The price is now trading well above key moving averages, indicating a clear trend reversal after a prolonged downtrend. However, RSI is above 80, placing the stock in an overbought zone, which increases the probability of short-term consolidation or a mild pullback. Traders should avoid chasing at current levels and look for dips towards Rs 1,120–1,150 for better entries. On the upside, the stock can extend towards Rs 1,280–1,320 in the near term if momentum sustains. Immediate support is at Rs 1,100, while a prudent stop-loss can be placed near Rs 1148. Overall structure is bullish, but risk-reward favors buying on retracements rather than fresh breakout entries.(Kunal Kamble, Sr. Technical Research Analyst, at Bonanza Portfolio)
Buy HBL Engineering at Rs 816 | Upside: 16%
Stop Loss: Rs 780
Target: Rs 900/950
HBL Engineering Limited is showing early signs of a trend reversal after a prolonged downtrend. The stock has bounced strongly from the Rs 620–650 demand zone and is now attempting a breakout above a falling trendline, supported by improving momentum (RSI 70) and price reclaiming key EMAs. A sustained move above Rs 820–830 can confirm the breakout and trigger further upside towards Rs 900–950 in the near term. On the downside, immediate support is placed at Rs 780, followed by stronger support near Rs 720. A prudent stoploss can be kept around Rs 780 to maintain a favorable risk-reward. Overall, the bias is turning bullish, but confirmation of the trendline breakout is crucial—aggressive traders can accumulate on dips, while conservative investors should wait for a decisive breakout above resistance.
(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)
