“The short-term trend of Nifty remains weak, and the downward correction seems to have gained momentum. Further weakness below 22,800 could drag the index down to the next lower trajectory around 22,350 in the near term. Any pullback rally from here could face resistance around 23,150,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
Here are 2 stock recommendations for Monday:
Buy Emami at ₹590–595
Target Price: ₹650
Stop Loss: ₹565
Emami has confirmed a breakout from a falling wedge pattern on the daily chart—a classic bullish reversal setup. The breakout is accompanied by a noticeable surge in volume, reflecting heightened buying interest and strengthening investor sentiment. Additionally, the 21-day EMA crossing above the 50-day EMA underscores persistent bullish momentum. The Relative Strength Index (RSI) is also trending upwards, further validating the positive price action.
(Virat Jagad, Technical Analyst, Bonanza)
Buy Paradeep Phosphates at ₹118–120
Target Price: ₹130
Stop Loss: ₹112Paradeep Phosphates Ltd has confirmed a breakout from a rounding bottom formation on the daily chart—a typically bullish continuation pattern. The breakout is accompanied by a significant increase in volume, signaling robust buying interest. Following a successful throwback, the stock is trading near recent highs, supported by upward-sloping Fast and Slow EMAs, indicating sustained bullish momentum. The RSI is also trending higher, reinforcing the strength of the current uptrend.
(Virat Jagad, Technical Analyst, Bonanza)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
