Rupak Dee, senior technical analyst at LKP Securities, noted that the index has also broken below the 200-day moving average (DMA), indicating continued weakness in the near term. “The RSI indicator has fallen sharply. In the short term, the index may remain under selling pressure, with the rial likely to sell. Immediate support is held at 25,000 and 24,750, while resistance is seen at 25,370,” De said.
Here are 2 stock recommendations for Monday:
purchase RR Kabul 1,562 at Rs Upside: 6%
Avoid wasting: Under Rs.1,515
Target: Rs 1,655
The RR cable shows a consistent sequence of events on a weekly schedule. The price broke above the multi-month consolidation zone near Rs 1,520-1,550, confirming a range breakout. The stock is trading above its 20/50/100/200 EMAs, indicating a strong trend correction and medium-term bullish formation. The 20 EMA has crossed above the 50 EMA, supporting a positive move. The RSI (14) is near 58-60, holding above the median line without being overbought, suggesting further bullish potential. Volume expansion on breakouts reinforces momentum. Higher highs and higher lows confirm a trend reversal from the previous corrective phase.(Dromil Vitlani, Technical Research Analyst, Bonanza Portfolio)
purchase Simmons 3,418 at Rs Upside: 6%
Stop wasting: Rs 3,315 – Rs 3,330
Target: Rs 3,590 – Rs 3,620
Simmons Ltd. presented a new breakout on the daily chart, with strong momentum closing in on a decisive move from recent swing highs. The price is trading above its 20/50/100/200 EMAs, indicating a well-established uptrend. The RSI is hovering near the 65 zone, reflecting a bullish move without entering overbought territory. Expanding volume on the breakout further confirms buying interest. Traders can consider initiating new long positions at current levels, maintaining strict risk management until the price continues above the breakout zone.
(Dromil Vitlani, Technical Research Analyst, Bonanza Portfolio)
(Disclaimer: The suggestions, recommendations, views and opinions given by the experts are their own. They do not represent the views of The Economic Times)
