“Nifty remained volatile within a narrow range as traders remained uncertain ahead of the Fed Chair’s scheduled speech tomorrow (Wednesday). On the daily chart, Nifty encountered resistance at the 21EMA and closed just below it. If it manages to surpass the 21EMA, which is currently around 19,414, it could potentially head towards the 19,650-19,700 range. On the downside, support is situated at 19,300,” said Rupak De, LKP Securities.
Here are 2 stock recommendations for Wednesday:
Buy Carysil at Rs 696-700
Target Price: Rs 740
Stop Loss: Rs 675
Carysil is seen to be breaking out of a bullish pattern on the daily timeframe and closing with a strong bullish candlestick with above-average volumes.
On the indicator front, RSI is showing bullish strength, and the stock is seen to be trading above all its important EMAs, which is why a buy recommendation is initiated for targets up to Rs 740. One can initiate ‘buy on dip’ in the range of Rs 696-700 with a stop loss below Rs 675 on a daily closing basis.
(Mitesh Karwa, Research Analyst, Bonanza Portfolio)
Buy Greenply Industries at Rs 172-173
Target Price: Rs 183
Stop Loss: Rs 167
Greenply Industries is seen to be breaking out of a pattern formation with a bullish candlestick on the weekly timeframe. Adding to it, the stock is seen to be trading above all its important EMAs and breaking out of the Ichimoku cloud. Buying is recommended for targets upto Rs 183. One can initiate a buy trade in the range of 172-173 with a stop loss of 167 on daily closing basis.
(Mitesh Karwa, Research Analyst, Bonanza Portfolio)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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