Rupak De, Senior Technical Analyst at LKP Securities said the index continues to trade below the critical 20 EMA, indicating that the broader trend remains bearish. “In the near term, a decisive move above 23,800 could trigger fresh upside momentum, potentially taking the index towards 24,200 and even higher levels. However, failure to sustain above 23,800 may invite renewed selling pressure and bring the bears back into control of the market,” De said.
Here are 2 stocks to buy:
Buy Zydus Lifesciences at Rs 993 | Upside: 7%
Stop Loss: Rs 960
Target: Rs 1,063
The stock has shown a strong recovery after forming a broad consolidation base near the 850–870 zone,indicating accumulation at lower levels. Price action has moved above key short-term and medium-term moving averages, reflecting improving momentum and strengthening trend structure. The recent breakout above the falling trend line resistance near 980–990, supported by rising volumes, signals renewed buying interest and the possibility of further upside. Short-term EMAs trading above long-term averages further reinforce the positive outlook. Additionally, RSI sustaining above the 60 mark highlights healthy momentum and bullish participation. As long as the stock sustains above breakout levels, the broader uptrend is likely to remain intact.(Kunal Kamble, Sr. Technical Research Analyst, at Bonanza Portfolio)
But Solar Industries: at Rs 16,665 | Upside: 15%
Stop Loss: Rs 15,544
Target: Rs 19,100
The stock has resumed its primary uptrend after successfully rebounding from the long-term support zone near 12,000–12,500, indicating strong buying interest at lower levels. Price action has decisively moved above key moving averages, while short-term EMAs are trading above long-term averages,
reflecting improving momentum and bullish sentiment. The breakout above the 15,500–16,000 resistance zones confirms strength and suggests continuation of the upward move. Rising volumes during the breakout phase further support accumulation and participation. Additionally, RSI sustaining above the 65 mark highlights healthy momentum. As long as the stock sustains above breakout levels, further upside potential remains favourable in the near to medium term.
(Kunal Kamble, 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)
