“Indian equity markets extended their losses after a comforting rally in the previous session, as the US-Iran crisis disrupted crucial Middle Eastern oil and gas supplies, pushing oil prices higher. A sustained rise in oil prices could weigh on investor sentiment and India’s bilateral deficit and fiscal deficit position,” said Vinod Nair, director of research at Geojet Investments.
Here are two recommendations for Monday:
Data samples | Buy: Rs 3,350-3,360 | Avoid Wasting: Rs 3,150 | Target: Rs 3,500
The data pattern saw a strong breakout above the Rs 3,250 resistance zone, supported by sustained buying momentum. The stock is trading above its key moving average, indicating a positive trend formation. RSI remains
Near 70 in rich territory, suggests strength. As long as Rs 3,150 is maintained, the stock may rise to Rs 3,450-3,500 levels.
Nalko | Buy: Rs 394-396 | Avoid Wasting: Rs 380 | Target: Rs.425
National Aluminum formed a classic bear and pole continuation pattern on the weekly chart after a strong prior advance. Recent breakout signals from a consolidation phase have renewed momentum. The stock is trading above key moving averages, while the RSI remains in the bullish zone, indicating the strength of the current uptrend and potential continuation.
(Connell Campbell, 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.)
