On October 9, 2024, the Indian stock markets experienced a volatile session as both Nifty50 and S&P BSE Sensex opened higher for the second day in a row but failed to sustain gains due to pressure from FMCG and Oil & Gas sectors. The Nifty50 ended 0.12% lower, losing 31.20 points to close at 24,982, while the Sensex dropped 0.21%, or 167.71 points, closing at 81,467.
Nifty Chart Pattern: Short-Term Trend Analysis
Rupak De, Senior Technical Analyst at LKP Securities, analyzed Nifty’s chart and noted that the index closed just above the 20-DMA on the hourly chart. This signals a short-term positive trend, which is expected to continue as long as the index stays above 24,940. However, a drop below this level could lead to a correction down to 24,800 or 24,700, while resistance is likely at 25,100.
Anand Rathi Wealth: Breakout Signaling Potential Upside
For traders looking for stock-specific opportunities, Anand Rathi Wealth is a strong pick. The stock is currently trading at ₹4,140 and has broken out of a falling trend line, indicating a potential uptrend. The stock also broke out of a range-bound trading pattern, further confirming buyer dominance. A long position can be considered with a target price of ₹4,560 and a stop loss at ₹3,930. The RSI is trading in the upper range, supporting the bullish sentiment, and volume increase during the breakout shows growing buyer interest.
Exide Industries Share Price: Positive Trend Continues
Exide Industries Share Price also presents a buying opportunity. Currently trading at ₹521, the stock recently broke out of a rounding pattern on the daily chart, signaling a strong trend shift. Exide is trading above both its 50-EMA and 200-EMA, further confirming a positive outlook. A target price of ₹573 is suggested, with a stop loss at ₹495 to manage risk. The RSI is also pointing upwards, supporting continued momentum.
Aurobindo Pharma Share Price: Channel Breakout Indicates Optimism
Aurobindo Pharma Share Price is another stock to watch, currently trading at ₹1,506. The stock has given a falling channel breakout on the daily chart, suggesting a rise in optimism. The price is above its 21-day EMA, signaling a positive trend. Traders can aim for a target price of ₹1,580, with a stop loss set at ₹1,464.
ICICI Prudential Life Insurance Share Price: Bullish Reversal in Sight
ICICI Prudential Life Insurance Share Price is showing bullish momentum as well, trading at ₹758. After forming a dragonfly Doji pattern, the stock indicates a possible bullish reversal. With a target price of ₹800 and a stop loss at ₹738, this stock is positioned for gains in the near term.
Symphony Share Price: Rounding Bottom Breakout
Another stock to consider is Symphony Share Price, which is currently trading at ₹1,787. It has broken out of a rounding bottom pattern, backed by an increase in trading volume. The breakout suggests potential bullish momentum, with a target range of ₹2,060 to ₹2,100. A stop loss at ₹1,720 is advised to protect against any downside risk.
Amber Enterprises Share Price: Cup-and-Handle Pattern
Amber Enterprises Share Price is trading at ₹5,155 and is showing signs of a potential breakout from a cup-and-handle pattern. The stock has been holding above key support levels, indicating a fresh breakout opportunity. Traders can look for a target price between ₹5,500 and ₹5,600, with a stop loss at ₹5,000 to minimize risk.
CDSL Share Price: Double Bottom Reversal Pattern
Lastly, CDSL Share Price has formed a double-bottom pattern, showing strong bullish reversal signals. Currently trading at ₹1,473, the stock is expected to move higher toward targets of ₹1,700 to ₹1,800. Traders should set a stop loss at ₹1,350 to manage potential downside.
Conclusion: Buy Recommendations for the Current Market
In conclusion, while the broader market shows short-term volatility, these stock recommendations present strong buying opportunities based on their technical setups. Traders should pay attention to the recommended target prices and stop losses to maximize gains and minimize risk in the current market environment.
Disclaimer: The content on India Hood related to share market news and stock recommendations is for informational purposes only and should not be construed as financial advice. Investing in the stock market involves risks, and you should consult a financial advisor before making any investment decisions. Past performance does not guarantee future results.
