Commenting on the current trends, Rupak De, Senior Technical Analyst at LKP Securities said that the overall sentiment remains weak as the index consolidated after a positive start, supported by strong global cues.
“Nifty faced resistance near the 38.20% Fibonacci retracement level, resulting in a decline from the day’s high of 25,435 to 25,168 before closing near the midpoint of the session’s range. Although the index managed to close above the 200DMA for the second consecutive day, weakness continued as reflected by the elevated India VIX, which stood at 13.35. In the short term, the index is likely to remain volatile on Friday. Resistance is placed in the 25,480–25,500 zone, while support is seen around 25,125,” De added.
Here are 2 stock recommendations for Friday:
Buy Ujjivan SFB at Rs 62 | Upside: 8%
Target: Rs 57
Stop Loss: Rs 67Ujjivan Small Finance Bank has confirmed a trend reversal into a higher high higher low structure, indicating strengthening bullish momentum. The stock has decisively broken above the long-term downward sloping trendline, supported by expanding volumes, which validates the breakout. Price is trading comfortably above key moving averages, with the 20 and 50 EMA acting as dynamic supports near Rs 55–Rs 57, reinforcing a buy-on-dips setup. RSI is holding above 65, reflecting strong momentum without being excessively overbought. As long as the stock sustains above the breakout base, the trend remains constructive, with scope for further upside continuation in the medium term while dips are likely to attract buying interest.
(Drumil Vithlani, Technical Research Analyst, Bonanza Portfolio)
Buy SBI at Rs 1,048 | Upside: 6%
Target: Rs 1,080
Stop Loss: 990
State Bank of India is clearly exhibiting a classic HH–HL formation, confirming a sustained uptrend on the daily timeframe. Price has consistently made higher swing highs above Rs 1,000 and higher swing lows near the rising 20–50 EMA zone (Rs 980–Rs 995), indicating strong demand on dips. The recent consolidation just below Rs 1,050 followed by a breakout reinforces trend continuation rather than exhaustion. All key moving averages are stacked positively, which supports bullish structure. RSI holding in the 60–70 zone reflects healthy momentum without extreme overbought. As long as SBI holds above the last higher low near Rs 990, the HH–HL structure remains intact, keeping the bias bullish with buy-on-dips strategy; only a sustained break below this level would threaten the trend.
(Drumil Vithlani, 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)
