Market Trading Guide: BSE among 2 stock recommendations for Wednesday
«For a sustained upward movement towards 22,300 level, the index needs to decisively break above the 22,150 mark. On the downside, the immediate support is located at 21,950, and a clear break below this level could trigger further corrections towards the 21,800 mark,» said Kunal Shah, senior technical & derivative analyst at LKP Securities.
Here are 2 stock recommendations for Wednesday:
Buy BSE at Rs 2,317-2,320
Target Price: Rs 2,450
Stop Loss: Rs 2,250
BSE is seen to be breaking out of a pattern formation and making a bullish candlestick on the daily timeframe, which indicates strength.
The supertrend indicator is bullish and the stock is seen to be sustaining above all its important EMAs. The momentum oscillator RSI (14) is around 66, showing strength by sustaining above 50.
(Mitesh Karwa, Research Analyst, Bonanza Portfolio)
Buy Biocon at Rs 285-286
Target Price: Rs 310
Stop Loss: Rs 272
Biocon is seen to be breaking out of a bullish pattern formation on the daily timeframe with a bullish candlestick, which indicates strength.
Momentum oscillator RSI (14) is around 67 on the daily time and is showing strength by sustaining above 50. The stock is also trading above all the important EMAs on the daily timeframe.
(Mitesh Karwa, Research Analyst, Bonanza Portfolio)
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own.
