1 week Ago
Indian frontline indices ended in the red on Friday, recording their second successive losses amid selling pressure in auto, bank, and FMCG stocks. The BSE Sensex fell by 588.90 points, or 0.
74%, to 79,212.53, while the Nifty declined 207.35 points, or 0.
86%, to end the day at 24,039.35. Commenting on the day's action, Rupak De, Senior Technical Analyst at LKP Securities, said that the Nifty technical charts show a rise in bearish sentiment as the headline index fell for the second session in a row after a consolidation on the daily chart.
"Additionally, the index has fallen below its 200-DMA, signaling a potential re-entry into a bearish trend. Investor sentiment remains weak, with a clear risk-off approach ahead of the weekend amid rising tensions between India and Pakistan. In the short term, sentiment is likely to continue driving the market trend, with the possibility of the index heading lower.
Support on the lower end is placed at 23,800/23,515," De said. Here are 5 stock recommendations for Monday: Stop Loss: Rs 423 Target: Rs 396 On the daily timeframe, Vedanta Ltd faced resistance near the 0.618 Fibonacci retracement level and formed a strong bearish candle in the latest session, accompanied by notable volume—signalling renewed selling pressure.
The stock continues to trade below its 20, 50, 100, and 200-day EMAs, highlighting a prevailing bearish trend. Additionally, the Relative Strength Index (RSI) stands at 46.83 and is trending downward, indicating weakening momentum and reinforcing the bearish sentiment.
(Wahid Ansari, Technical Research Analyst at Bonanza) Stop Loss: Rs 4,326 Target: 4,710 On the daily timeframe, Vedanta Ltd faced resistance near the 0.618 Fibonacci retracement level and formed a strong bearish candle in the latest session, accompanied by notable volume—signalling renewed selling pressure. The stock continues to trade below its 20, 50, 100, and 200-day EMAs, highlighting a prevailing bearish trend.
Additionally, the Relative Strength Index (RSI) stands at 46.83 and is trending downward, indicating weakening momentum and reinforcing the bearish sentiment. (Wahid Ansari, Technical Research Analyst at Bonanza) Target: Rs 650 Stop Loss: Rs 690 The stock has given a consolidation breakdown on the daily chart, indicating increased bearishness.
Additionally, the price faced rejection near the previous consolidation high, reinforcing weakness. The sentiment appears negative, with potential for further correction. A short position can be considered on a break below 675, with a downside target of 650.
A stop-loss can be placed at 690. (Rupak De, Senior Technical Analyst, LKP Securities) Target: Rs 3,700 Stop Loss: 3,200 The stock has recently entered a positive trend following a consolidation breakout. After a prolonged correction, it appears poised for a meaningful rally in the short term.
The momentum indicator RSI shows a bullish crossover and is trending higher. In the short term, the stock could move towards 3,700, while a stop-loss can be placed at 3,200 — a breach below which may signal renewed weakness. (Rupak De, Senior Technical Analyst, LKP Securities) Target: Rs 160 Stop Loss: Rs 173 The stock has slipped sharply following a consolidation on the daily timeframe, indicating increased bearish pressure.
It also faced strong rejection from the 200-DMA, confirming a bearish trend. The RSI is in a bearish crossover and is emerging from the oversold zone. The sentiment appears negative, with potential for further downside.
A short position can be considered around 168, with a target of 160. A stop-loss can be placed at 173. (Rupak De, Senior Technical Analyst, LKP Securities) (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own.
These do not represent the views of Economic Times).
