Commenting on the day’s motion, Rupak De, Senior Technical Analyst at LKP Securities mentioned that he sees the bearish strain proceed and to accentuate because the index closed beneath 23,500 for the primary time in a number of days. “The index stays beneath the essential 50 EMA, reaffirming a bearish pattern. Moreover, the RSI stays in a unfavourable crossover, signaling weak momentum. Sentiment stays subdued within the brief time period, with the potential for a decline towards 23,300 or 23,000. On the upside, resistance is noticed at 23,550–23,600,” De mentioned.
Listed below are 5 inventory suggestions for Monday:
Purchase LTIMindtree at Rs 6,124.40
Cease Loss: Rs 5,850
Goal Value: Rs 6,500-6,700
LTI Mindtree has damaged out of a 13-day consolidation, signalling a bullish breakout. The elevated quantity through the breakout signifies robust shopping for curiosity on the present ranges. Moreover, the worth has closed above the 50-period Double EMA, additional confirming the bullish sentiment. The RSI is trending upward, aligning with the optimistic value motion. Based mostly on this technical setup, an extended place may be initiated in LTI Mindtree so long as it holds above 5,850, with an upside goal of 6,500–6,700.(Kunal Kamble, Sr. Technical Analysis Analyst at Bonanza)
Promote PNB future at Rs 99.15
Cease Loss: Rs 103
Goal Value: Rs 92-90
PNB Futures has damaged down from a rising wedge sample, indicating a continuation of the downtrend. The elevated quantity through the breakout highlights robust promoting curiosity on the present ranges. Moreover, the worth is buying and selling beneath each the Quick 20 EMA and the Sluggish 50 EMA, additional confirming
the bearish pattern. The RSI has additionally damaged beneath a falling pattern line, supporting the bearish value motion. Based mostly on this technical setup, a brief place in PNB January Futures may be initiated with a stop-loss at 103 and a goal vary of 92–90. To hedge the place, shopping for a 100 CE possibility is beneficial.
(Kunal Kamble, Sr. Technical Analysis Analyst at Bonanza)
Purchase Uno Minda at Rs 1,098
Goal: Rs 1,220
Cease Loss: Rs 1,044
The inventory has delivered a consolidation breakout on the day by day chart, indicating an increase in optimism round it. Moreover, the inventory has been sustaining above the crucial shifting common. The RSI is in a bullish crossover and trending upward. Within the brief time period, the inventory could transfer towards 1,220, with help on the decrease finish positioned at 1,044.
(Rupak De, Senior Technical Analyst, LKP Securities)
Promote HAL at Rs 4,000
Goal: Rs 3,800
Cease Loss: Rs 4,100
The inventory has given a breakdown from a consolidation on the day by day chart, indicating an increase in bearishness round it. In addition to, the inventory has been sustaining beneath a crucial shifting common. The RSI is in a bearish crossover and falling. Within the brief time period, the inventory could transfer down towards 3,800, with help on the decrease finish positioned at 4,100.
(Rupak De, Senior Technical Analyst, LKP Securities)
Purchase IRCTC at Rs 779
Goal Value: Rs 850
Cease Loss: Rs 759
The inventory has proven preliminary indicators of restoration from the present ranges. The current inexperienced candle was accompanied by respectable quantity, including to the optimistic sentiment. The RSI has entered a bullish crossover, and a optimistic divergence is seen on the day by day RSI. Within the brief time period, the inventory could transfer towards 850, with help positioned at 759.
(Rupak De, Senior Technical Analyst, LKP Securities)
(Disclaimer: Suggestions, recommendations, views and opinions given by the consultants are their very own. These don’t characterize the views of Financial Occasions)
