Decoding the chart, Rupak De, senior technical analyst at LKP Securities, said that the RSI is in a bullish crossover on the daily timeframe and is continuing to rise, indicating a strengthening momentum. “In the short-term, the trend may remain positive. On the other hand, if no solid ceasefire deal is reached by the end of the week, the market may react negatively. Immediate support is placed at 23,800, below which the index may fall to lower levels. On the upside, the 24,300-24,350 zone area is likely to act as a zone.”
Here are 2 stocks to buy:
buy SBI Rs. 1,067 at | Reverse: 6%
Stop Loss: Rs. 1,035
Target: Rs 1,120/1,130
State Bank of India shows strong rebound from key support with bullish momentum on weekly chart. The price remains above the long-term moving average, indicating the strength of the trend. RSI is steady, indicating room for upside. Traders Rs. 1,120 – Rs. 1,130 may consider buying with a target of Rs. A tight stop loss can maintain at 1,035.
(Kunal Kamble, Senior Technical Research Analyst, Bonanza Portfolio)
buy Bajaj Consumer Care At Rs 432 | Reverse: 6%
Stop Loss: Rs 420
Target: Rs 455/460
Bajaj Consumer Care is witnessing a strong breakout above its key resistance zone with rising volume, indicating bullish momentum on the daily chart. The price is trading well above its long-term moving average, confirming the strength of the trend, while the RSI remains elevated, supporting further upside. Traders Rs. 455 – can consider buying with a target of Rs 460 (5-6% upside) and Rs. A hard stop loss can be maintained at 420.
(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)
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