Market Trading Guide: HDFC Life, Apollo Tyres are stock recommendations for Friday
Indian frontline indices closed marginally lower, influenced by IT stock declines, as traders awaited the May 1st holiday. Despite consolidation, the Nifty's bullish trend remains intact, supported by key technical indicators. Analysts recommend buying HDFC Life Insurance and Apollo Tyres, citing bullish patterns and strong momentum, with specific entry, stop-loss, and target levels provided.
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Here are 2 stock recommendations for Friday:
Buy HDFC Life Insurance at Rs 743.7
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Buy Apollo Tyres at Rs 471.9
Indian frontline indices ended flat on Wednesday, though with a negative bias, pulled down by IT stocks. The trade remained range-bound through the day. The BSE Sensex was down 46.14 points or 0.06% at 80,242.24, while the Nifty slipped by 2 points to end the day at 24,334.20.Commenting on the day's action, Rupak De, Senior Technical Analyst at LKP Securities, said that the Nifty is consolidating within a narrow range as traders preferred to remain on the sidelines ahead of the holiday on May 1, 2025, on account of Maharashtra Day.However, with the index sustaining above the critical 20 EMA on the daily timeframe, the bullish trend remains intact, he said. "Momentum also remains strong, with the RSI holding above 50 and showing a bullish crossover. On the higher end, resistance is placed at 24,550 — a sustained move above this level could trigger a decent rally in the market. On the lower end, support is seen at 24,200," De said.Stop Loss: Rs 720Target: Rs 780 HDFC Life Insurance Company Ltd has broken out of a classic rounding bottom pattern on the daily chart, signalling a bullish reversal. The breakout is backed by a significant rise in volume, indicating strong buying interest and positive market sentiment. A bullish crossover has occurred, with the 21-day EMA moving above the 50-day EMA, confirming upward momentum.Additionally, the RSI is trending higher, reflecting continued strength in the move. These technical indicators collectively suggest a firm bullish bias, with potential for further upside in the near term, as long as the stock sustains above key support levels post-breakout.(Virat Jagad, Technical Research Analyst at Bonanza)Stop Loss: Rs 455Target: 500 Apollo Tyres Ltd has witnessed a breakout from a rounding bottom pattern on the daily chart, a bullish continuation formation supported by strong volume, signalling increased buying participation. The stock is currently trading near its recent swing highs, with both the fast and slow EMAs trending upwards, indicating sustained positive momentum. Additionally, the RSI continues to rise, confirming the strength of the prevailing uptrend. These confluences of technical indicators suggest a robust bullish setup, with the potential for further upside as long as the stock remains above the breakout level.(Virat Jagad, Technical Research Analyst at Bonanza)(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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