Rupak De, Senior Technical Analyst at LKP Securities, noted that Nifty found support at the 20-EMA on the daily chart, closing above the 50-EMA for the first time since February 23, indicating improving market sentiment, supported by softening crude oil prices. “The RSI is in a bullish crossover and continues to rise, signaling strengthening momentum. However, the index has encountered resistance near the 50% retracement level of the previous decline from 26,341 to 22,182. Going forward, the 24,250–24,300 zone is likely to act as a crucial resistance band. A decisive move above this range could trigger a rally towards 24,750–24,800. On the other hand, failure to break above 24,300 convincingly may lead to renewed selling pressure in the market,” De said.
Here are 2 stocks to buy:
Buy Power Grid Corporation at Rs 313 | Upside: 7%
Stop Loss: Rs 295
Target: Rs 325/335
Power Grid Corporation of India is showing a steady bullish structure with price reclaiming short-term EMAs and sustaining above the 20/50 EMA cluster—indicating improving momentum after a brief consolidation. The recent breakout above the ₹305–308 resistance zone, supported by rising volumes and RSI moving towards the 65–70 zone, signals strength and continuation potential. As long as the stock holds above ₹300, the trend remains
positive. On the upside, ₹325–335 can be the immediate target zone, while a sustained breakout can extend towards ₹350. On the downside, ₹295 acts as a crucial support and stop-loss level. Overall, dips towards EMA support can be considered buying opportunities in an ongoing uptrend.
(Kunal Kamble, Sr. Technical Research Analyst, Bonanza Portfolio)
Buy Kirloskar Oil Engines at Rs 1,597 | Upside: 8%
Stop Loss: Rs 1,500
Target: Rs 1,680/1,720
Kirloskar Oil Engines Limited is showing a strong bullish continuation setup with price breaking above a rising trendline resistance and sustaining well above all key EMAs (20/50/100/200), indicating trend alignment. The recent breakout is supported by steady volumes and RSI holding near 70, reflecting strong momentum without immediate exhaustion. As long as the stock holds above ₹1,520–1,540 zone (breakout retest area), the uptrend
remains intact. On the upside, the stock can head towards ₹1,680–1,720 in the near term, with extended targets around ₹1,800 if momentum sustains. A prudent stop-loss should be placed below ₹1,500 to maintain a favorable risk-reward. Overall bias remains bullish; dips can be considered buying opportunities rather than exit signals.
(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)
