NEW DELHI: Surpassing Tuesday’s tall bearish candle’s high, the Nifty rallied for the second consecutive session; post a positive start, it traded in black throughout the session.
“Appearance of another bullish candle ensures an important low near 16,800 for near term perspective, throwbacks should be considered as buying opportunity as eventually Nifty could attempt to revisit levels of 17550,” said Amit Trivedi, Technical Analyst – Institutional Equities, YES Securities.
Stability in the Bank Nifty above 36,500 is likely to attract some positive momentum. Hence mild recovery till 37,200 is possible, he added. A sustained move above short term averages kept the outlook positive for Auto space and positive follow-up action could unlock further upside potential.
Below are some stocks that analysts recommend for Friday:
Ceat
Buy near Rs 1,140-1,145
Stop Loss: Rs 1,115
Target: Rs 1,205
After a multi-month decline, a recent swift reversal from lower levels indicates that the stock is due for mean reversion. Immediate support is near Rs 1,120 and sustenance above the same is likely to keep near term structure positive.
Analyst: Amit Trivedi, YES Securities
DLF
Buy near Rs 385-387
Stop Loss: Rs 376
Target: Rs 417
Snapping four sessions losing streak, bulls’ regained momentum on upside. Stability could lead to resumption of prevailing uptrend.
Analyst: Amit Trivedi, YES Securities
HCL Tech
Buy in the range of RS 1,060 – 1,050
Stop Loss: Rs 1,000
Targets: Rs 1200/1250
There is a possibility of mean aversion – suggesting relative outperformance in HCL Tech from the current levels.
Converting the ratio into constant gives a broader range of 1,050 to 1,250. Cumulative OI as of 19th April 2022 was at 22 million shares. Incremental option writers are playing below 1,050 -1,030 and above 1,120/1,140 unwinding in April 2022 series
.
Analyst: Kruti Shah, Equirus
Manappuram Finance
Sell in the range of Rs 118-120
Stop Loss: Rs 110
Targets: Rs 135/140
On monthly timeframe, stock is trading near support and max delivery zone. It has reacted sharply from the demand zone forming multiple bottoms in the range of Rs 112- 120.
Stock is garnering strength above 125, suggesting opportunity create long. Current OI at 34 million shares against 22 million of three-month average indicates long unwinding.
Analyst: Kruti Shah, Equirus
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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