“The momentum indicator maintains a positive crossover, suggesting ongoing strength. The bullish trend is expected to persist as long as it stays above 21350 consistently. On the upper side, Nifty is likely to encounter resistance from call writers at 21500. A definitive breakthrough above 21500 could potentially initiate a substantial market rally; until then, consolidation appears probable,” said Rupak De of LKP Securities.
Here are 2 stock recommendations for Wednesday:
Buy Torrent Pharmaceuticals at Rs 2,165-2,175
Target Price: Rs 2,280
Stop Loss: Rs 2,115
Torrent Pharmaceuticals Ltd has begun trading in a consolidation range, following an impressive run. Near the threshold mark it paused. The bulls were able to break above the upper band in previous trading, and we’ve seen a breakout of a flag pattern.
On the indicator front momentum indicator MACD, the MACD line has crossed the signal line confirming the positivity in the script. The Directional front DI+ is trading above DI- indicating a positive trend on the Daily time frame with ADX gaining strength on the upward move.(Virat Jagad, Technical Analyst, Bonanza Portfolio)
Buy Aarti Drugs at Rs 515-520
Target Price: Rs 540
Stop Loss: Rs 505
Aarti Drugs has built a strong hurdle zone around 500, where investors are actively buying shares and pushing stock above the threshold line in its daily chart. Aarti Drugs has broken the Rectangle pattern on the upside in a daily time frame, suggesting an upward trend of the share.
Additionally, On the EMA front, the price is trading above major EMAs, which indicates positive trend. The Slow EMA (50) is following the trend and trending upward, which is indicating a positive trend. On the momentum indicator MACD, the MACD line has crossed the signal line indicating a positive trend.
(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 Economic Times)