Rupak De, Senior Technical Analyst at LKP Securities said the 200-DMA is now positioned nearby and appears vulnerable. “Follow-up selling on Friday or Monday could lead to a breakdown below the 200DMA, which may reactivate the bearish trend. On the lower end, support is placed at 25,330/25,000, while on the higher end, resistance is seen at 25,650,” he added.
Here are 2 stock recommendations for Friday:
Buy ONGC at Rs 275 | Upside: 16%
Stop-loss: 248
Target: 295 / 320
ONGC is showing strong bullish momentum after a decisive breakout above the key resistance zone near Rs 263, supported by rising volumes and improving RSI, which is now trending above the midline. The stock has also reclaimed its short-term moving averages, indicating strengthening trend structure on the weekly chart. This breakout suggests potential continuation toward higher levels. Buying can be considered on dips around Rs 265– Rs 270 or on sustained strength above Rs 278. A prudent stop-loss can be placed at Rs 248 below the recent support zone. Upside targets are Rs 295 followed by Rs 320 as long as the stock holds above the breakout level and maintains positive momentum.(Technical Research Analyst, Drumil Vithlani at Bonanza Portfolio)
Buy Biocon at Rs 383 | Upside: 12%
Stop Loss: Rs 365
Target: Rs 410/430
Biocon is showing signs of gradual recovery after forming a base near the Rs 360–Rs 370 support zone. The stock has reclaimed its short-term moving averages and is attempting to move above the key resistance around Rs 385, indicating improving sentiment. RSI is trending higher, suggesting strengthening momentum on the daily chart. A sustained move above Rs 385 could trigger further upside. Buying can be considered on dips near Rs 375–Rs 380 or on a breakout above Rs 390, with a prudent stop-loss at Rs 365 below the recent support zone. Upside targets are Rs 410 followed by Rs 430 as long as the stock sustains above key moving averages and maintains positive momentum.
(Technical Research Analyst, Drumil Vithlani 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)
