Nifty found support around the 50-EMA on the hourly chart before the sharp intraday recovery, said Rupak De, Senior Technical Analyst at LKP Securities. He expects the current sentiment to remain strong, with the potential to move towards 26,200/26,350 in the short term. “Though meaningful resistance is placed around 26,000, the magnitude of the late-session recovery indicates a smart upside move in the coming days. On the lower end, support is placed at 25,700, and as long as the index holds above this level, the bulls are unlikely to face any major resistance,” De said.
Here are 2 stock recommendations for Monday:
Buy GRSE at Rs 2,904 | Upside: 10% | Stop Loss: Rs 2,739 | Target: Rs 3,196
Garden Reach Shipbuilders & Engineers has broken out of its consolidation zone and, after a healthy retracement, has now closed above the recent swing high on the daily chart with a strong bullish candlestick supported by volumes well above the 20-day average, signalling robust accumulation. The stock continues to trade firmly above its 20, 50, 100, and 200-day EMAs, reinforcing the strength of the prevailing uptrend, while the RSI at 72.75 and trending higher reflects strong bullish momentum, indicating the potential for further upside in the near term.
(Kunal Kamble, Sr. Technical Research Analyst, Bonanza Portfolio)Buy Thyrocare Technologies at Rs 1,568 | Upside: 12% | Stop Loss: Rs 1,471 | Target: Rs 1,756THYROCARE has broken out of a rounding bottom pattern on the weekly chart, ending the session with a strong bullish candlestick backed by volumes significantly above the 20-day average, signalling robust accumulation. The stock’s decisive positioning above the 20, 50, 100, and 200-day EMAs reinforces the strength of its prevailing uptrend, while the RSI at 75.21 and rising underscores powerful bullish momentum, indicating ample scope for further upside in the near term.(Kunal Kamble, Sr. Technical Research Analyst, Bonanza Portfolio)
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