The Indian stock market is expected to see a muted opening on Friday, as sentiment remains cautious over the persisting geopolitical tensions.
The benchmark Nifty 50 continues its consolidation movement and formed a small negative candle on the daily chart with minor lower shadow. Technical charts show the long lower shadows of the last two sessions indicate uptick in Nifty 50 towards the closing session of CAS.
Nagaraj Shetti, AVP - Technical Research, HDFC Securities noted that the Nifty 50 is now placed above the crucial support of 24,300 levels, but the market has failed to sustain the upside so far.
“The underlying trend of Nifty 50 remains choppy with weak bias. If the index sustains above 24,200 – 24,300 levels, there is a possibility of bounce back from the lower levels,” said Shetti.
According to him, Nifty 50 may face immediate resistance at 24,500 levels.
Stocks To Buy
Nagaraj Shetti has recommended two stocks to buy today for short-term. He suggests buying these stocks for a timeframe of 1-2 weeks.
The technical stocks picks for today are ABB India and eClerx Services shares.
ABB India | Buy | Target Price: Rs 8,200 | Stop Loss: Rs 7,450
ABB India share price has been moving up gradually as per bullish chart pattern like higher tops and bottoms. Currently, it is placed near the upside breakout of crucial hurdle of around Rs 7,800 – Rs 7,850 levels. Volume and RSI patterns are showing positive indication, said Shetti.
He recommends buying ABB India shares for target price of Rs 8,200 apiece, while maintaining a stop loss of Rs 7,450.
eClerx Services | Buy | Target Price: Rs 2,020 | Stop Loss: Rs 1,785
After witnessing a sharp upside in last month, eClerx Services stock price has shifted to minor downward correction so far this month. It sustained above 200-day EMA and is now ready to resume its next leg of upside. The overall positive chart pattern indicates bullish flag type formation on the weekly chart, according to Shetti.
He has a ‘Buy' call on eClerx Services shares, with a target price of Rs 2,020 and a stop loss of Rs 1,785.
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