Commenting on the day’s action, the senior technical analyst of LKP Securities said that RSI continued to display a recession crossover on both daily and hour charts. In addition, a low-top, lower-boatum formation has developed on an hourly chart, indicating a weak tendency.
The “index” is likely to grow “until it remains below 24,850. In short -term, the index can move downwards to 24,400, which is expected to act as a significant support level based on continuous or closing. If the Nifty is faced below 24,400, it is a more serious improvement,” said that.
Here are 7 stock recommendations for Thursday:
Buy Interglob Aviation for Rs 5,893.50. Reverse: 6%
Stop loss: Rs 5,750
Target: 6,100/6,250 rupees
IndiGo is out of a contract range pattern formed over the last few weeks, supported by a strong rapid candle and value action above the major moving average. The stock is displaying signs of re-starting speed towards fresh all-time high. Stock has cleaned its short -term downward resistance trendline, indicating fresh purchases and continuity of large uptrends. The ATR has been elevated at 122.87, indicating scope for increased price range and speed-based moves.
(Technical Research Analyst at Dramil Vitalani, Bonanza)
Buy translissive lighting at Rs 794.65. Reverse: 9%
Stop loss: Rs 740
Target: 835 /865 rupees
Transail Lighting Limited has given a decisive breakout from its recent consolidation range with a breakway gap, indicating a fresh rapid leg. The price action is accompanied by an increase in volume, adding confirmation to the breakout. The RSI is currently at 63.37, which indicates the speed of speed with the room for the further reverse. ADX is studying at 27.49, confirming power in trend.
(Technical Research Analyst at Dramil Vitalani, Bonanza)
Bajaj Finance August Futures Sell negative for Rs 883-880: 2%
Stop loss: 896 rupees
Target: Rs 864
The stock has broken a consolidation on the daily chart, which indicates a change towards weakness. It is trading under its important 20-day and 50-day EMA, reflecting continuous sales pressure. On Wednesday, the stock faced rejection near its 100-day EMA, which was placed in 893, strengthening the recession. Additionally, RSI lives in a recession crossover, which suggests weak speed. Depending on these technical signals, the stock is expected to be reduced and tested a 200-day EMA placed around 845 levels in the near period.
(Senior Technical Analyst in Roopak Dey, LKP Securities)
2,766-2,780 Mezagon Dock August Futures Sell Negative: 4%
Stop loss: Rs 2,825
Target: Rs 2,660
Stock saw a sharp bottom rally on the daily chart after breaking its major support level of 3104, indicating the speed of strong recession. During a pullback, it faced resistance near the 20-day EMA and closed with a recession pattern, strengthening the negative spirit. These technical indicators suggest that the stock may move towards its 200-day EMA. Traders may consider starting a status of selling with a negative target of 2660 for a stoplaus and a favorable risk-inam setup at 2825 in the range of 2760-2780.
(Senior Technical Analyst in Roopak Dey, LKP Securities)
Buy CSB Bank for Rs 434. Reverse: 7%
Stop Loss: Rs. 417,
Target: 465 rupees
In recent steps, Stock has given a strong closing above its major resistance area of 420, supported by a rapid RSI crossover, indicating power in speed. The major trend remains positive with high high and high climbing structure on the daily chart and a stable rally on the weekly chart. It is also maintaining its 20-day EMA, strengthening the feeling rapidly. With a favorable risk-inam setup, the stock may be considered to buy with a stop loss of stop losses and 465 below 417 at 434.
(Senior Technical Analyst in Roopak Dey, LKP Securities)
Buy IndiGo for Rs 5,890. Reverse: 10%
Stop loss: Rs 5,600
Target: Rs 6,480
IndiGo has formed a classic flag and pole pattern on the daily chart, indicating potentially rapid continuity. The stock is currently consolidating a breakout of Rs 5,900 just below the zone, and a decisive over this level can be a fast rally towards around Rs 6,480. This bullish setup is supported by rising quantities, indicating an increase in purchase interest. In addition, the stock is taking support to 20-day and 50-day EMA, which strengthens the strength of the ongoing trend.
From a technical indicator perspective, the relative power index (RSI) is turning upwards and currently at 56.51, suggests the growing speed speed. The overall structure remains positive, and may offer opportunities for favorable entry to the minor dips traders towards the support levels.
Going forward, immediate support has been kept for Rs 5,800.
(Mandar Bhoomain, Equity Research Analyst, Choice Equity Broking)
Buy Metropolis Healthcare for Rs 2,056. Reverse: 11%
Stop loss: Rs 1,945
Target: Rs 2,280
Metropolis has confirmed a breakout from a cup and handle pattern on the weekly chart, setup a classic bullish continuity. This breakout supported by strong versions indicates a positive change in speed and increases the rapid approach of the moderate period. Technically, the stock is trading above all major EMAs (20, 50, 100 and 200), indicating strong trend alignment. The structure remains favorable, and any pullback towards support levels can be considered a purchase opportunity. 2,000 rupees is a significant support, and holding up it will be important to maintain uptrend.
(Mandar Bhoomain, Equity Research Analyst, Choice Equity Broking)
Buy Estra Microwave for Rs 992. Reverse: 11%
Stop Loss: Rs. 940
Target: Rs 1,100
Estra microwave products are currently trading at Rs 992 and recently reversed from a major support level, indicating freshly rapid interest. The stock is on the verge of a breakout from a falling trendline, with increasing versions supporting the strength of the move. A decisive will confirm a decisive brakeout above Rs 995 and can trigger a rally upwards towards an area of 1,100 in the near period.
The technical structure is creative, as the stock is trading above its 20, 100 and 200-day EMAs, reflecting a solid underlying trend. The RSI is at 49.47 and trending upwards, suggests to strengthen the speed and increase the punishment for purchase. From a risk management perspective, Rs 970 serves as an immediate support, providing a good purchase-on-Deeps opportunity.
(Mandar Bhoomain, Equity Research Analyst, Choice Equity Broking)
(Disclaimer: recommendations, suggestions, ideas and opinions given by experts are their own. They do not represent the ideas of economic time)