Market Trading Guide: Grasim Industries, AMI Organics are among 4 stock recommendations for Thursday
Indian benchmark indices BSE Sensex and Nifty ended with minor declines on Tuesday dragged by IT and bank stocks. While the 30-stock BSE Sensex finished at 78,472.87, falling by 67.30 points or 0.09%, the broader Nifty50 finished at 23,727.65, declining by 25.80 points or 0.11%. Domestic markets were closed today (Wednesday, December 25) on account of the Christmas holiday.
Commenting on the day's action, analyst Rupak De, Senior Technical Analyst at LKP Securities said that Nifty closed below the 200-DMA on Tuesday for the first time in three days, confirming a short-term bearish trend. "It remained mostly range bound throughout the day before closing flat. The RSI is in a bearish crossover and continues to decline, reinforcing the negative outlook. On the downside, support is placed at the 23,500-23,400 zone, while resistance is seen at 23,860," De said.
Target Price: Rs 528
Stop Loss: Rs 455
The weekly timeframe chart of STARHEALTH indicates consolidation movement over the last one month. The stock price is showing a pattern of accumulation at the lows and is in an attempt of upside breakout of the hurdle of Rs 500, as per the concept of change in polarity. The overall chart pattern is indicating an important bottom formation for the stock price at the recent low of 453-mid of November 24. The Weekly 14 period RSI shows positive indication. Buying can be initiated at Rs 484 and add more on dips down to Rs 470, wait for the upside target of Rs 528 in the next 3-5 weeks. Place a stoploss of Rs 455.
(Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities)
Target Price: Rs 2,340
Stop Loss: Rs 2,620
Distribution type pattern is forming in the stock price-GRASIM, as per weekly timeframe chart. The medium-term uptrend that started from the year 2023-2024 is about to reverse down as per medium term charts. Currently, the stock price is in an attempt of a downside breakout of few months range around Rs 2,500-2,450 levels. Volume and RSI patterns are indicating negative bias for the stock price ahead. One may look to sell GRASIM at Rs 2,510, add more on rise up to Rs 2,560 and wait for the downside target of Rs 2,340 in the next 2-3 weeks. Place a stop loss of Rs 2,620.
(Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities)
Target Price: Rs 267
Stop Loss: Rs 237
GREAVESCOT has broken out from a pattern called Flag & Pole indicating that buyers have overpowered the sellers The sharp volume during the breakout highlights strong buying interest at current levels. Additionally, a bullish candlestick has formed exactly near the breakout zone (240-242) which again indicates a bullish setup in the counter. From the indicator perspective, the RSI (14) is currently positioned at the 67 level, supporting the ongoing upward movement.
(Drumil Vithlani, Technical Research Analyst at Bonanza)
Target Price: Rs 2,431
Stop Loss: Rs 2,233
On the daily timeframe, AMIORG surged 7.60%, forming a bullish candle and closing at an all-time high. The stock has successfully broken out of a previous resistance, highlighting a strong structural foundation. The bullish trend is expected to remain intact as long as the price sustains above the 2233 level. From a momentum perspective, the Relative Strength Index (RSI) is trending upward and remains above its moving average, signaling sustained positive momentum in the near term. This confluence of factors suggests a continuation of the upward trajectory.
(Drumil Vithlani, 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)
