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Analyst suggests buying CDSL, Hero Motocorp, Glenmark Pharma: Check TP
Stocks Recommendations
Buy CDSL CMP ₹1,360, Stop-loss: ₹1,310, Target: ₹1,480
The stock has broken above its 200 DEMA with rising volumes in the last few sessions. The RSI indicator is rising to support the positive momentum.
Buy HEROMOTOCO CMP ₹3,940, Stop-loss: ₹3,820, Target: ₹4,210
The price has breached above a falling supply trendline on the daily chart and surpassed above its 50 DEMA. The MACD indicator is rising to support the up move.
Buy GLENMARK CMP ₹1,412, Stop-loss: ₹1,375, Target: ₹1,475
The stock has bounced up from a rising support zone on the daily scale with a surge in volumes visible to support the price move. The Stochastic indicator has exited the oversold zones to confirm the price reversal.
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Mint
an hour ago
- Mint
Best stock recommendations today: MarketSmith India's top picks for 9 June
On Friday, the Nifty 50 surged 1.02% to close above 25,000, driven by the RBI's unexpected 50-basis-point repo rate cut and a 100bps CRR reduction, aimed at boosting liquidity and economic growth. This aggressive monetary easing lifted investor sentiment and triggered strong buying, especially in rate-sensitive sectors like realty, financials, autos, and metals. The RBI's shift to a neutral stance further supported the rally, resulting in broad-based market participation. Two stock recommendations for today, 9 June, by MarketSmith India: KEI Industries Ltd (current price: 3747.8) Why it's recommended: Strong market position, diversified revenue streams, strong product portfolio, and innovation Key metrics: P/E: 49.96 | 52-week high: ₹5,039.70 | Volume: ₹158.97 crore Technical analysis: Reclaimed 200 EMA Risk factors: Raw material price fluctuations, competitive pressure Buy at: ₹3,747.8 Target price: ₹4,290 in three months Stop loss: ₹3,490 Also Read: United Spirits is on a high after RCB's IPL win, JP Morgan upgrade and UK FTA. Can it keep buzzing? Bajaj Housing Finance (current price: ₹125.66) Why it's recommended: Strong market position, strong financial performance Key metrics: P/E: 174.44, 52-week high: ₹ 188.50, volume: ₹ 262.89 crore Technical analysis: Reclaimed 100-EMA Risk factors: Interest rate risk, regulatory risks, macro-economic risks Buy at: ₹125.66 Target price: ₹150 in three months Stop loss: ₹115 Nifty 50: How the benchmark index performed on 6 June On Friday, the Nifty 50 opened on a subdued note and witnessed volatility during the initial hour of trade. However, sentiment improved significantly following the RBI policy announcement, propelling the index past 25,000 intraday. The day's price action resulted in the formation of a strong bullish candlestick on the daily chart, with the index closing near the session's high. All major sectoral and broader market indices ended in positive territory. Notably, Nifty Realty, Metal, Banking & Financials, and Auto sectors outperformed, while Pharma, Energy, and FMCG lagged. The broader market participation remained robust, with the advance-decline ratio improving to 4:3, reflecting a healthy market breadth. From a technical perspective, the Nifty 50 is now trading above all its key moving averages across multiple timeframes, indicating underlying strength. The relative strength index (RSI) has turned upward and is currently hovering near 60, reflecting improving momentum. However, the MACD continues to display a negative crossover and has yet to confirm a sustained bullish trend. On a positional basis, a golden crossover, where the 50-DMA crosses above the 200-DMA, has occurred on the daily chart, signalling a potential resurgence of medium- to long-term bullish momentum. Also Read: Can this microfinance lender lead the industry's turnaround in FY26? As per O'Neil's methodology of market direction, the market status has been downgraded to "Uptrend Under Pressure" from 'Confirmed Uptrend" on 4 June. The Nifty 50 ended the session around 25,000 with a positive bias. However, for the index to exhibit further bullish strength, a sustained breakout and close above 25,200 is essential. Post-RBI policy announcement, overall market sentiment has turned positive, thereby increasing the likelihood of a near-term breakout. A decisive move above 25,200 could accelerate the upward momentum, potentially driving the index toward 25,700–25,800 in the coming weeks. On the downside, immediate support is placed near 24,500. How did the Nifty Bank perform yesterday? On Friday, the Nifty Bank decisively broke above 56,000, following the RBI policy announcement, after consolidating for five consecutive weeks. The index closed near the day's high in uncharted territory, registering a gain of 1.47% and forming a strong bullish candlestick on the daily chart. Additionally, a breakout above an ascending triangle pattern on the daily timeframe was observed, supported by robust price and volume action. On a weekly basis, the index advanced approximately 1.48% and formed a bullish candlestick, reinforcing the positive momentum. From a technical standpoint, the index is now trading above all its key moving averages across multiple timeframes, supported by strong positive momentum. The daily and weekly relative strength index (RSI) are trending upward, reflecting strengthening buying interest. Notably, the MACD has formed a positive crossover on the weekly chart, reinforcing the bullish trend. However, on the daily timeframe, the MACD continues to exhibit a negative crossover and would need to turn positive to confirm short-term strength. Additionally, the ADX/DMI indicator on the weekly chart also signals a firm bullish trend, further validating the upward bias. According to O'Neil's methodology market direction, the Nifty Bank has recently transitioned from an 'Uptrend Under Pressure" to a more constructive phase of a 'Confirmed Uptrend," highlighting renewed strength and resilience in the broader trend. Also Read: Russia-Ukraine war escalation: Impact on the Indian stock market The index is currently trading with a positive bias across multiple timeframes and is now navigating uncharted territory. As long as it remains above 56,000, the overall outlook remains positive. The recent breakout indicates potential for the index to advance toward 58,500–59,000 in the near term. Conversely, a breach below 56,000 could lead to a phase of sideways consolidation. Notably, the RBI's recent policy measures have had a significant positive impact on the sector, and it is likely to remain buoyant in the coming weeks. MarketSmith India is a stock research platform and advisory service focused on the Indian stock market. It offers tools and resources to help investors make informed decisions based on the CAN SLIM methodology, developed by legendary investor William J. O'Neil. You can access a 10-day free trial by registering on its website. Trade name: William O'Neil India Pvt. Ltd. Sebi Registration No.: INH000015543 Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
Time of India
14 hours ago
- Time of India
Nifty appears primed for breakout but wait for a pull back: Geojit's Anand James
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Stating that Nifty appears well primed to stage a breakout and embark on the 25460-26200 target, Anand James, Chief Market Strategist, Geojit Investments Limited, neither has the Bollinger band widened, nor has momentum indicators started showing strength to support a vertical rise."We will hence not be chasing prices right away on Monday, but instead wait for a pull back that will hopefully end before 24863. Major downside markers may be placed at 24640."Edited excerpts from a chat:Since the second half of April, Nifty had faced two stages of consolidation, the latter one having stretched over three weeks. Friday's spike has taken us to the upper band of this range. Nifty appears well primed to stage a breakout and embark on the 25460-26200 objective that we have been eying for the last fortnight. That said, neither has the Bollinger band widened, nor has momentum indicators started showing strength to support a vertical rise. This reluctance partly stems from Nifty lagging Bank Nifty , and even the SMIDs. We will hence not be chasing prices right away on Monday, but instead wait for a pull back that will hopefully end before 24863. Major downside markers may be placed at eyes are on 58400, but four hours of consolidation after Friday's initial rise point, point to the fact that we are not in a one way street yet. Adding reason to concern, RSI is still below the levels seen when Bank Nifty hit April's peak. This divergence does not call for a reversal yet, but a cautious approach is warranted at the start of the week, with downside marker placed at either 56400 or outperformance in the SMIDs was visible, as more of them rose above previous week's highs when compared to Nifty 50 constituents. While only 50% of Nifty 50 stocks closed above their respective 20 day SMA on Friday, 74.8% of small cap constituents closed above this benchmark on Friday. But while 50% of Nifty 50 stocks closed within the day's high on Friday, only 10% of small cap 250 constituents did so, suggesting that there is caution floating around, and a consolidation may be expected before a vertical rise vertical rise in the last few days had catapulted Cochin Shipyard's prices far beyond two standard deviations from mean, calling for caution. The red hammer candlestick pattern formed on Friday, which is usually a bearish reversal pattern adds to this conjecture. With this in the backdrop, we would be more comfortable with re entry, if a dip unfolds to either 2345 or (CMP:1194)View: BuyTarget: 1250 – 1340SL: 1098The stock formed its largest green candle since April 22, rebounding sharply from the Supertrend support at 1,146. On the daily chart, the SMIO histogram is showing signs of exhaustion at lower levels and is on the verge of crossing above the zero line—indicating a potential trend expect the stock to move toward 1,250 and 1,340 in the near term. All long positions should be protected with a stop-loss placed below 1,098. SHRIRAMFIN (CMP:688)View: BuyTarget: 820SL: 617After nearly two weeks of narrow-range trading, the stock has finally broken out decisively. It has formed a bullish Marubozu candle and witnessed a Supertrend breakout, signaling strong upward the SMIO has crossed above the zero line on both the daily and weekly charts, reinforcing the bullish outlook and pointing toward a potentially larger move in the coming expect the stock to move toward 820 in the near term. All long positions should be protected with a stop-loss placed below 617.(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
Economic Times
14 hours ago
- Economic Times
Nifty appears primed for breakout but wait for a pull back: Geojit's Anand James
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Stating that Nifty appears well primed to stage a breakout and embark on the 25460-26200 target, Anand James, Chief Market Strategist, Geojit Investments Limited, neither has the Bollinger band widened, nor has momentum indicators started showing strength to support a vertical rise."We will hence not be chasing prices right away on Monday, but instead wait for a pull back that will hopefully end before 24863. Major downside markers may be placed at 24640."Edited excerpts from a chat:Since the second half of April, Nifty had faced two stages of consolidation, the latter one having stretched over three weeks. Friday's spike has taken us to the upper band of this range. Nifty appears well primed to stage a breakout and embark on the 25460-26200 objective that we have been eying for the last fortnight. That said, neither has the Bollinger band widened, nor has momentum indicators started showing strength to support a vertical rise. This reluctance partly stems from Nifty lagging Bank Nifty , and even the SMIDs. We will hence not be chasing prices right away on Monday, but instead wait for a pull back that will hopefully end before 24863. Major downside markers may be placed at eyes are on 58400, but four hours of consolidation after Friday's initial rise point, point to the fact that we are not in a one way street yet. Adding reason to concern, RSI is still below the levels seen when Bank Nifty hit April's peak. This divergence does not call for a reversal yet, but a cautious approach is warranted at the start of the week, with downside marker placed at either 56400 or outperformance in the SMIDs was visible, as more of them rose above previous week's highs when compared to Nifty 50 constituents. While only 50% of Nifty 50 stocks closed above their respective 20 day SMA on Friday, 74.8% of small cap constituents closed above this benchmark on Friday. But while 50% of Nifty 50 stocks closed within the day's high on Friday, only 10% of small cap 250 constituents did so, suggesting that there is caution floating around, and a consolidation may be expected before a vertical rise vertical rise in the last few days had catapulted Cochin Shipyard's prices far beyond two standard deviations from mean, calling for caution. The red hammer candlestick pattern formed on Friday, which is usually a bearish reversal pattern adds to this conjecture. With this in the backdrop, we would be more comfortable with re entry, if a dip unfolds to either 2345 or (CMP:1194)View: BuyTarget: 1250 – 1340SL: 1098The stock formed its largest green candle since April 22, rebounding sharply from the Supertrend support at 1,146. On the daily chart, the SMIO histogram is showing signs of exhaustion at lower levels and is on the verge of crossing above the zero line—indicating a potential trend expect the stock to move toward 1,250 and 1,340 in the near term. All long positions should be protected with a stop-loss placed below 1,098. SHRIRAMFIN (CMP:688)View: BuyTarget: 820SL: 617After nearly two weeks of narrow-range trading, the stock has finally broken out decisively. It has formed a bullish Marubozu candle and witnessed a Supertrend breakout, signaling strong upward the SMIO has crossed above the zero line on both the daily and weekly charts, reinforcing the bullish outlook and pointing toward a potentially larger move in the coming expect the stock to move toward 820 in the near term. All long positions should be protected with a stop-loss placed below 617.(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
