Market Trading Guide: Aditya Birla Fashion among 2 stock recommendations for Wednesday
Indian shares recovered to close flat on Tuesday, with gains in metal stocks offsetting declines in other sectors. The S&P BSE Sensex closed 0.07% lower at 73,953, while the NSE Nifty50 index ended above the 22,500 level. Indian Bank has shown bullish trend on the daily chart with the breakout of an Inverse Head and Shoulders pattern. Aditya Birla Fashion witnessed a notable breakout of a pattern called the Cup and Handle, suggesting a likely uptrend ahead.
Benchmark declined nearly 53 points in a volatile trade on Tuesday amid weak trends from Asian and European markets and fresh foreign fund outflows. The 30-share declined 0.07% to settle at 73,953.31 as 18 of its constituents declined while 12 ended with gains. The index gyrated around 426 between a high of 74,189.19 and a low of 73,762.37 in day trade.The broader of , however, closed higher by 27.05 points or 0.12% to 22,529.05, driven by gains in . As many as 27 Nifty shares declined while 23 closed with gains.
"The index remained within the range of 22,400 and 22,600. Strong put writing at 22,400 and 22,500 might provide support to the Nifty. On the higher end, a decisive move above 22,600 might induce a rally towards 22,800 in the near term. Till then the index might continue consolidating as long as it remains within the range of 22,400 to 22,600," said Rupak De, .
Here are 2 for :
Buy Indian Bank at Rs 575-577
Target Price: Rs 620
Stop Loss: Rs 555
The bank stock has shown a bullish trend on the daily chart with the breakout of an Inverse Head and Shoulders pattern. The stock closed near its high, forming a bullish candle. It's currently trading above both the 21-day and 50-day EMAs, indicating a positive trend. The RSI is in a higher range, reinforcing the bullish trend.
(Virat Jagad, Technical Analyst, )
Buy Aditya Birla Fashion at Rs 280-282
Target Price: Rs 300
Stop Loss: Rs 270
Aditya Birla Fashion has experienced a notable breakout of a pattern called the Cup and Handle, suggesting a likely uptrend ahead. The increased trading volume in the stock indicates growing interest at the current price, which supports a positive outlook.
Furthermore, the price of is above important moving averages, indicating a consistent upward trend. This, coupled with a breakout in the RSI, suggests a strong upward movement and potential for further price increases.
(Virat Jagad, Technical Analyst, Bonanza Portfolio)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Source: Stocks-Markets-Economic Times
