Commenting on the day’s trade, Rupak De, Senior Technical Analyst at LKP Securities said the index has been consolidating within the range of 23,400 and 23,800 for the last few days and the index has failed to reclaim the 20EMA.
“Overall, sentiment remains weak, and this weakness may continue in the short term as long as the index stays below 23,800. On the other hand, a decisive move above 23,800 could trigger a strong rally. At the lower end, a fall below 23,400 may induce panic in the market,” De said.
Here are 2 stocks to buy:
Buy Manappuram Finance at Rs 319.15 | Upside: 8%
Stop Loss: Rs 308
Target: Rs 345
Manappuram Finance has given a strong breakout above the Rs 318–320 resistance zone after consolidating in a bullish flag pattern, indicating continuation of the ongoing uptrend. The stock is trading above all major EMAs, reflecting strong short- to medium-term momentum, while RSI near 65 signals sustained buying strength without entering extreme overbought territory. Volumes have also improved during the breakout move, supporting bullish price action. Fresh buying can be considered at CMP with stop loss at Rs 308, while upside targets are placed at Rs 345 and Rs 355 in the near term.(Virat Jagad, Sr. Technical Research Analyst, at Bonanza Portfolio)
Buy Apollo Micro Systems at Rs 356.7 | Upside: 8%
Stop Loss: Rs 340
Target: Rs 385
Apollo Micro Systems has witnessed a strong breakout above the crucial Rs 355 resistance zone backed by sharp volume expansion, indicating fresh momentum buying and continuation of the ongoing uptrend. The stock is trading above all major EMAs, reflecting strong bullish structure across short- and long-term time frames, while RSI is sustaining above 60, supporting positive momentum despite minor volatility. Fresh buying can be considered at CMP with SL at Rs 340, while upside targets are placed at Rs 385 and Rs 400. Sustained trade above Rs 355 can further accelerate bullish momentum in coming sessions.
(Virat Jagad, 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)
