Rupak De, Senior Technical Analyst at LKP Securities said Nifty has reclaimed both the 20EMA and the 50EMA today after spending several days below the 20EMA, indicating a strong sign of sustained recovery in market sentiment. “The bullish crossover in the RSI is further supporting the positive momentum in the market. In the short term, the trend is likely to remain strong, with the potential to move towards 24,200 and higher. On the lower end, support is placed at 23,800, which had acted as a resistance level in the recent past,” De added.
Here are 2 stocks to buy:
Buy Ram Ratna Wires at Rs 471 | Upside: 17%
Stop Loss: Rs 442
Target: Rs 550
Ram Ratna Wires has delivered a strong bullish breakout from a long-term ascending channel pattern, supported by sharp volume expansion and sustained buying momentum. The stock is trading comfortably above all key moving averages, indicating a strong trend continuation setup and improving market sentiment. Recent price action reflects aggressive accumulation as the stock surged past the 420 resistance zone and is now forming higher highs with strong follow-through buying. RSI remains above 70, signalling strong momentum and relative outperformance despite entering near-overbought territory.
Buy Tata Motors PV at Rs 374 | Upside: 10%
Stop Loss: Rs 353
Target: Rs 413
Tata Motors Passenger Vehicles has witnessed a strong breakout from a prolonged falling channel pattern, indicating a potential trend reversal on the daily chart. The stock has decisively crossed above the 20-day and 50-day EMAs and is now approaching the crucial 200-day EMA resistance near 371–373, reflecting improving bullish momentum. RSI has moved above 60, suggesting strengthening buying interest without entering extreme overbought territory. Volume activity has also improved during the recent upward move, supporting the breakout structure. Sustaining above 365 can trigger further upside towards 400 and 420 levels, while 353 remains a key support zone for maintaining the positive outlook.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
