Stocks To Watch: The stock market began the trading week on a muted note. In the second last trading session of 2024, the key equity benchmark indices remained heavily volatile and continued to pare their losses. Around 10:11 AM, the BSE Sensex slipped 84 points to touch 78,615.49, while the NSE Nifty50 tanked close to 50 points to reach 23,766 in the session. Let’s take a look at the stocks to watch out for today.
Stock Recommendations By Kunal Kamble, Senior Technical Research Analyst At Bonanza
AJANTPHARM broke out of a falling trend line, signalling a potential trend reversal to the upside. The breakout was accompanied by increased volumes, indicating strong buying interest. Based on this technical setup, a long position in AJANTPHARM can be considered, provided the stock holds support above Rs 2,876. The projected target range is Rs 3,380 to Rs 3,450.
GLENMARK broken out of an 18-day consolidation phase, indicating the start of an uptrend. The price traded above both the Fast 18 EMA and the Slow 50 EMA, trending upward, reinforcing the bullish sentiment. Based on this technical setup, a long position can be considered as long as the price remains above Rs 1,497, with an upside target of Rs 1,763.
CEATLTD displayed a higher high and higher low pattern, signifying an ongoing uptrend. In the previous session, the stock rebounded from the 0.382 Fibonacci retracement level, with a similar recovery observed during the current retracement. Based on this technical analysis, a long position can be considered in CEATLTD, with a stop-loss at Rs 2,974 and an upside target range of Rs 3,830 to Rs 4,160.
LUPIN successfully broke above its resistance level and closed higher, signalling a bullish breakout. The increase in volume during the breakout indicated buyer interest. Additionally, the stock trading above all major EMAs strengthened the bullish outlook. Based on this technical analysis, a long position can be considered in LUPIN, with a stop-loss at Rs 2,196 and an upside target of Rs 2,291.
JSW INFRA exhibited a higher high and higher low pattern, indicating an uptrend. In the previous session, the stock bounced back from the 0.236 Fibonacci retracement level, and a similar rebound was observed during the current retracement. The price traded above the Ichimoku Cloud, further confirming bullish momentum. Based on this technical setup, a long position can be considered in JSW INFRA, with a stop-loss at Rs 304 and an upside target range of Rs 350 to Rs 380.
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