“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:
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.
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)