The Indian stock market is likely to open on a cautious note on Friday, tracking weak global market cues, amid elevated crude oil prices. The trends on Gift Nifty also signal a tepid start for the benchmark indices, Nifty 50 and Sensex, today.
In the previous session, the domestic equity market rallied, with the Nifty 50 closing above 22,900 level.
Nifty 50 formed a long bull candle on the daily chart which indicates an emergence of sharp buying that surpassed the crucial hurdle around 22,800 levels.
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Nagaraj Shetti, AVP, Technical Research at HDFC Securities, noted that this was a positive indication.
“After a series of bearish pattern like lower tops and bottoms, the recent market action signals a confirmation of new higher bottom around 22,400 levels. This could possibly open bullish chart formations like higher highs and lows ahead,” said Shetti.
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According to him, the short-term trend of Nifty 50 continues to be positive, and one may expect the index to advance towards the next resistance of 23,200 in the short term.
“Any dips could be bought at the immediate support of 22,800 – 22,750 as per the concept of change in polarity,” said Shetti.
Stocks To Buy And Sell
Nagaraj Shetti has recommended two stocks to buy for short-term. He suggests trading in these stocks for a timeframe of 2-3 weeks.
The technical stock picks for short-term are Eternal and Zensar Technologies shares.
Eternal | Buy | Target Price: Rs 365 | Stop Loss: Rs 322
After showing a consolidation movement in the last couple of weeks, Eternal stock price has witnessed a decisive breakout recently. Larger degree bullish patterns like higher tops and bottoms are intact and the stock price seems to have formed a new higher bottom. Volume and RSI pattern indicates bullish outlook ahead, Shetti said.
He recommends buying Eternal shares at Rs 337, for a target price of Rs 365, while maintaining a stop loss of Rs 322. The timeframe for this trade is 2-3 weeks.
Zensar Technologies | Buy | Target Price: Rs 580 | Stop Loss: Rs 512
The consolidation movement of the last 5-6 sessions has eventually resulted in a sharp breakout on Thursday, and Zensar Technologies stock price closed higher.
Shetti observes breakout of bullish flag type pattern which signals continuation of uptrend. Volume has expanded during breakout in the stock price and daily RSI shows positive indication
He has a ‘Buy' call on Zensar Technologies shares, with a target price of Rs 580 and a stop loss of Rs 512 level.
Disclaimer: The views and opinions expressed by the investment advisers on NDTV Profit are of their own and not of NDTV Profit. NDTV Profit advises users to consult with their own financial or investment adviser before taking any investment decision.
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