Nilesh Jain, Vice President – Head of Technical and Derivative Research at Centrum Finverse said the index has formed a small bearish candle on the daily chart amid heightened volatility. Despite the fall, the broader market structure remains positive, and a buy-on-dips strategy continues to be favorable. A decisive breakout above 24,000 is crucial to trigger a potential short-covering rally towards the 24,500 zone. On the downside, immediate support is now placed at 23,500 levels. Meanwhile, the India VIX is hovering around the 20 mark, and any further decline could provide additional comfort to the bulls,” Jain said.
Here are 2 stocks to buy:
Buy Hindalco Industries at Rs 985.65 | Upside: 7%
Stop Loss: Rs 950
Target: Rs 1,057
The stock is showing a strong bullish setup as it attempts a breakout from a descending trendline within a consolidation range, indicating a potential continuation of the broader uptrend. Price is currently trading around 985 and holding above key short-term EMAs of 20 (921) and 50 (917), as well as the 100 EMA (890), reflecting sustained buying strength. The structure remains positive with higher lows forming near the rising support zone around 830. RSI is trending higher at 64, above its average near 47, signaling strengthening momentum. Fresh buying can be considered on sustained breakout above 990 with a stop loss below 950 zone.(Kunal Kamble, Sr. Technical Research Analyst, Bonanza Portfolio)
Buy Waaree Energies at Rs 3,232.3 | Upside: 8%
Stop Loss: Rs 3,100
Target: Rs 3,500
The stock is showing strength as it approaches a key resistance zone near 3230, indicating a breakout from a prolonged consolidation phase. Price is currently trading above its short-term EMAs of 20 (3,037) and 50 (2,973), and also above the 100 EMA (2961), reflecting improving trend structure and sustained buying interest. The recent higher lows formation supports positive price action. RSI is trending higher at 66, above its average near 62,
signaling strong momentum. Fresh buying can be considered on a sustained breakout above 3,230, with a stop loss placed below the 3,100 zone to manage risk.
(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 Economic Times)
