Market Trading Guide: JSW Steel, Hero MotoCorp are stocks to buy on Friday. Potential upside up to 6% in near term
India’s headline indices recovered from the day’s low to end with minor gains on Thursday, ending their two sessions losing streak. The recovery was led by index heavyweight HDFC Bank with strong support from IT stocks,
Commenting on the day’s action, Rupak De, Senior Technical Analyst at LKP Securities said that Nifty witnessed a roller-coaster session as the index oscillated between 24,350 and 24,650 although it briefly fell below 24,400, it did not sustain at lower levels and recovered smartly in the second half, closing near 24,600. "In the short term, the index may continue to recover; however, immediate resistance is seen at 24,660. A decisive move above this level could take the index towards 24,850. On the downside, support is placed at 24,400 on a closing or sustained basis," De said.
Here are 2 stock recommendations for Friday:
Stop Loss: Rs 1,046
Target: Rs 1,100
JSW Steel has staged a breakout from a symmetrical triangle pattern on the daily chart, backed by a strong bullish candlestick and volume exceeding the 20-day average signaling robust buying interest. The stock continues to trade confidently above its 20, 50, 100, and 200-day EMAs, reinforcing the strength of the prevailing uptrend. Meanwhile, the RSI stands at 63.52 and is trending upward, indicating sustained bullish momentum and the potential for continued upside in the near term.
(Kunal Kamble, Sr. Technical Research Analyst at Bonanza)
Stop Loss - Rs 4,515
Target: Rs 4,948
HEROMOTOCO has witnessed a breakout from a consolidation zone on the daily chart. Following a brief retracement post-breakout, the stock closed today with a strong bullish candlestick, supported by volume above the 20-day average indicating renewed buying interest. The stock remains firmly positioned above its 20, 50, 100, and 200 day EMAs, underscoring the strength of the ongoing uptrend. The RSI currently stands at 66.65 and is trending higher, reflecting robust bullish momentum and suggesting further upside potential in the near term.
(Kunal Kamble, Sr. Technical Research Analyst at Bonanza)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
