Amid strong FII inflows, the Nifty is now at a kissing distance of 18,000 level after rising non-stop for seven consecutive days.
“The supports for Nifty have now shifted higher to 17,830 and 17,700 while resistances are seen around 18,100 and 18,180. Trading with a stock-specific approach could be a better strategy in the near term as the risk-reward in index trades is not favourable now,” said Ruchit Jain, Lead Research, 5paisa.com.
Here are two stock recommendations that analysts suggest for Thursday:
Buy
Target Price: Rs 760
Stop Loss: Rs 679
The stock moved above recent consolidation on the daily chart, suggesting bullishness. The momentum indicator RSI was in a bullish crossover and had been rising. On the higher end, the stock may move towards Rs 750. On the lower end, the support is visible at Rs 680.
Buy
Target Price: Rs 440
Stop Loss: Rs 387
The price has moved up after a brief consolidation on the daily chart and suggested a rise in optimism. Besides, the stock has moved above the important moving average on the daily timeframe. The daily momentum indicator was in a bullish crossover and had been rising. On the higher end, the stock may move towards Rs 440. On the lower end, support is visible at Rs 387.
(Analyst: Rupak De, Senior Research Analyst at )
(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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