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Day Trading Guide: MandM among 4 stock recommendations for Friday – Stock Ideas – Economic Times

16 Jun 2022, 09:07 PM IST


Stock Ideas

Despite a smart rally in morning trade, the BSE benchmark failed to hold on to the gains and plummeted 1,045.60 points or 1.99 per cent to settle at 51,495.79

“After taking a pause for a couple of days, the Nifty resumed its southward journey. Nifty opened with an upward gap above 15,800 but inability to sustain at higher levels erased early gains. Momentum on the downside picked up as the index sustained below levels of 15,700, eventually forming a sizable bearish candle and ending below 15,400. Minor recovery might be there, however, shifting range lower, levels of 15,700-15,800 are likely to act as an immediate hurdle,” said Amit Trivedi, CMT, Technical Analyst – Institutional Equities, Yes Securities.

“On technical parameters, the market is a bit in the oversold region, and the zone of 15,000-15,200 might provide a temporary stay to the bears. For now, the zone of 15,600-15,700 is considered a daunting task for the bulls,” said Osho Kishan, Senior Analyst, Angle one Limited.

Below are four recommendations that analysts suggests for Friday:


Sun Pharma Advanced Research Company


Sun Pharma Advanced Research Company

Sell at current levels
Target: Rs 180
Stop Loss: Rs 195

On the daily and weekly charts, the stock consistently faces selling pressure at higher levels. After a pullback rally from Rs 205 to Rs 220 again, it took the resistance near 20-day SMA and corrected sharply. In this week so far, the stock has corrected over 10 per cent and formed a long bearish candle, which is broadly negative. We are of the view that as long as the stock is trading below the 20-day SMA, the correction formation is likely to continue. Below which, it could hit the level of Rs 180-175. On the flip side, Rs 195 would be an immediate hurdle. Above the same, a minor pullback rally is possible till Rs 205-208.

Analyst: Amol Athawale, Kotak Securities


Delta Corp


Delta Corp

Sell at current levels
Targets: Rs 157/Rs 150
Stop Loss: Rs 180

In this quarter so far, the stock corrected over 50 percent. On daily and weekly charts it is consistently forming a lower top formation. The short-term texture of the stock is weak but oversold. We are of the view that as long as it is trading below 180 the correction wave is likely to continue. Below which it could hit the level of 157.

Further, downside may also continue which could drag the index up to 150. On the flip side, above 180 a pullback move could continue till 190-195.Analyst: Amol Athawale, Kotak Securities


Buy at current levels
Target: Rs 1,050-1,075
Stop Loss: Rs 980

In this month, the stock has rallied over 8 per cent. Despite weak market conditions, the stock maintains its positive momentum. Post-breakout, the stock hovers within the range of 1,000 to 1,040.
The texture of the stock suggests a strong possibility of a fresh uptrend rally if it succeeds to trade above 20 day SMA. For the traders, now Rs 1000 and Rs 980 would be the key support levels to watch out for. Above the same, it will move up to 1050-1075. On the flip side, below Rs 980, traders may prefer to exit from trading long positions.

Analyst: Amol Athawale, Kotak Securities

UBL June (Fut)


UBL June (Fut)

Sell between Rs 1,460-1,470
Target: Rs 1,400
Stop Loss: Rs 1,495

Since the start of the week, the stock is failing to sustain above levels of Rs 1500. The appearance of another red candle infers a bearish outlook for the stock.

Analyst: Amit Trivedi, Yes Securities(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)


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