Rupak De, senior technical analyst at LKP Securities, said the Nifty witnessed a bear attack for the second day in a row. “Sentiment has turned extremely weak, highs are being used as sell zones. At the lower end, the next support is seen at 24,750, while at the higher end, resistance is seen at 25,300,” Day added.
Here are 2 stock recommendations for Monday:
Buy Petronet LNG at Rs 357.85
Target Price: Rs 410
Stop Loss: Rs. 320
-
Stock trading
Derivative analysis made simple
-
Stock trading
Renko chart patterns made easy
-
Stock trading
Options Trading Made Easy: Options Trading Course
-
Stock trading
Technical Trading Made Easy: Online Certification Course
-
Stock trading
Candlesticks Made Easy: Candlestick Patterns Course
-
Stock trading
Stock Investing Made Easy: An Introductory Stock Market Investment Course
-
Stock trading
Options Scalping Made Easy
-
Stock trading
RSI Made Easy: RSI Trading Course
-
Stock trading
ROC Made Easy: A Master Course for the ROC Stock Indicator
-
Stock trading
Technical Analysis For Everyone – Technical Analysis Course
-
Stock trading
Market 101: Insights into Trendlines and Momentum
-
Stock trading
A2Z of Stock Trading – Online Stock Trading Course
-
Stock trading
Market 104: Options Trading: Kickstart Your F&O Adventure
-
Stock trading
Stock markets made easy
-
Stock trading
Commodity Markets Made Simple: Commodity Trading Course
Petronet has completed its fourth wave and has now launched a fifth impulsive wave, indicating that security is in an uptrend. It rebounded from the 0.618 Fibonacci zone and closed above the 0.786 level, indicating a potential upside. The price is trading above both the fast (20 EMA) and slow (50 EMA) moving averages, confirming an uptrend.
The increase in volume reflects strong buyer interest in the security, and the momentum indicator RSI is trending upward, supporting positive price action. Based on this technical setup, a long position can be considered as long as the stock remains above the 320 level.
TVS Motors Rs. Sell for 2,705.15
Target Price: Rs. 2,330
Stop Loss: Rs. 2,980
TVS Motor has formed a bearish Marubozu candlestick pattern in the weekly timeframe, indicating a negative trend. The stock has made lower lows and lower highs, further indicating that sellers have outstripped buyers. The RSI is supporting the price action by moving down, and recent selling pressure has nearly engulfed the five-week high, indicating strength in the downtrend. As long as it remains below the 2,985 level, a short position can be considered in TVS Motors.
(Analyst: Kunal Kamble, Senior Technical Research Analyst, Bonanza Portfolio)
(Disclaimer: Recommendations, suggestions, opinions and views given by experts are their own. These do not represent the views of Economic Times)
(You can now subscribe to our ETMarkets WhatsApp channel)