12 Apr 2022, 07:56 PM IST
The Nifty50 slipped lower as it broke the support of 17,600. On the lower end, the index found support around 17,400 before closing about 90 points off the day’s low, said Rupak De, Senior Technical Analyst at LKP Securities.
“The bias remains weak as the Nifty ended below the support of 17,600, which is likely to act as resistance. On the lower end, 17,400 may continue to act as support below which the Nifty may witness serious correction,” he added.
Below are four stock recommendations by analysts for the next trading session:
Agencies
Target: Rs 415-420
Stop Loss: Rs 365
Correction from September 2021 high is getting absorbed near previous support. The recent structure of consolidation & incremental highs is showing a different setup from its previous unstable rise.
Analyst: Kruti Shah, Equirus
Agencies
Target: Rs 2,200-2,150
Stop Loss: Rs 2,460
On a weekly timeframe, the stock is trading near the exhaustion zone. It has reacted sharply from the previous supply zone. Stock is garnering weakness below 2,400, suggesting an opportunity to create a short.
Analyst: Kruti Shah, Equirus
Agencies
Target: Rs 855
Stop Loss: Rs 762
Stock is trading in the higher top and higher bottom formation and is above key moving averages.
Analyst: Aamar Deo Singh, Angel One
Agencies
Target: Rs 172
Stop Loss: Rs 141
The stock has given a breakout on rising volumes in the last few sessions. Thus further up move is possible.
Analyst: Aamar Deo Singh, Angel One
Agencies
