Here's why Bharat Forge and EIH Hotels look attractive on technical charts
Nifty index is persistently encountering resistance at the 44,000 level, where the call side holds the highest open interest. The lower end of the support is noticeable around 43,600, which aligns with the presence of the 100-day moving average (DMA). If this support level is breached, it could trigger additional selling pressure in the market.
A break on either side will lead to trending moves. Meanwhile, the focus is on individual stocks. Here are two stocks that look attractive based on technical parameters: Bharat Forge | Recommendation: Buy | Target: ₹1,000 | Stop Loss: ₹940 Bharat Forge share price is on the brink of breaking out from a consolidation phase.
The momentum indicator, RSI, has shown a positive crossover, suggesting increasing buying interest. A solid support base is established around ₹940, which could act as a cushion for any potential downside moves. The stock's upside potential targets are at ₹1,000 and ₹1,015 levels.
EIH Associated Hotels | Recommendation: Buy | Target: ₹250 | Stop Loss: ₹ ₹209 EIH Hotels share price has shown reversal on daily charts, following a downwards consolidation breakout. Additionally, a positive crossover is apparent on the weekly Relative Strength Index (RSI), with a reading exceeding 50. Over the short term, the stock might rally up to ₹250 in the near term.
The stock’s price is trading above all the important moving averages. On the downside, a support level can be identified at ₹209. The author, Kunal Shah is Senior Technical & Derivative analyst at LKP Securities Disclaimer: The views and recommendations given in this article are those of individual analysts.
Read more on livemint.com
