Monday, December 23

Stocks to buy today: Angel One, HPCL and Anant Raj on investors' radar

The Nifty index experienced a steep decline on the final trading day of the week. Despite early optimism for a recovery, the rebound proved fleeting.Stocks that were in focus include names like Anant Raj, which rose 0.042% and Angel One, which fell 5.4% and HPCL, whose shares declined 1.8% on Friday.Here's what Pravesh Gour, Senior Technical Analyst at Swastika Investmart, recommends investors should do with these stocks when the market resumes trading today.Angel OneThe counter has demonstrated significant strength in recent sessions; however, market volatility has led to a sharp correction of nearly 500 points from its recent high.The counter faced considerable selling pressure at its major supply zone around the 3400 mark. The current structure appears weak, as the counter has slipped below both its 50-day and 20-day EMAs. As per the chart, the next key support level is at the 2800 mark, where the 100-day EMA aligns with a demand zone. A breach below the 2800 level could open the door to further downside, potentially extending to the 2660 mark, where the 200-day DMA provides additional support.On the upside, the immediate hurdle lies at the 3000 mark, which represents a psychological barrier as well as the alignment with the 50-day EMA.HPCLThe counter has formed a descending broadening wedge pattern, with a breakout still awaited above the 418 mark. Currently, it is trading within a narrow range of 40 points.A decisive breakout above the 420 level could drive the counter toward the 450 mark in the short term. On the downside, immediate support is positioned at the 388 level, where the 100-day DMA is aligned.A breakdown below this support could expose the counter to further downside, potentially targeting the 200-day DMA at 367.Anant RajThe counter is trading near its all-time high, demonstrating remarkable strength despite a weak market environment. It has recently given a trend line breakout on the daily timeframe.On the weekly charts, the counter is forming a consistent pattern of higher highs and higher lows, indicating sustained bullish momentum As per the chart, the counter could target the 1000 level in the near term, with 1111 as the next significant resistance level above that.On the downside, the first support is at the 800 mark, and a breach of this level could open the door for a decline toward the 720 mark, where the 20-day and 50-day SMAs are aligned.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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