Market Trading Guide: Buy IEX and ABB India for Potential Gains - Stock Picks
The Nifty ended with marginal losses on Wednesday, marking its third consecutive decline amid selling pressure in auto and energy stocks, even as IT shares provided some support. Rupak De, Senior Technical Analyst at LKP Securities, said the near-term trend remains sluggish, with the Nifty likely to trade in the 26,000–26,300 range. “The Nifty remained volatile during the session, although the trading range was relatively narrow. On the downside, it found support at the 21-EMA before closing higher. A decisive fall below 26,000 could trigger further weakness, while a sustained move above 26,300 would be needed for a directional upside,” De said.
Here are 2 stock recommendations for Thursday:
Buy IEX at Rs 153–155 | Upside: 6.4%
Stop Loss: 145 Target: 165
Indian Energy Exchange (IEX) has shown a strong breakout after a prolonged consolidation phase, supported by a sharp rise in volumes, indicating fresh buying interest. The stock has decisively moved above its recent resistance zone near 150, improving short-term momentum. RSI has turned upward and is hovering near bullish territory, suggesting strength may sustain in the near term. As long as the price holds above the breakout zone, the bias remains positive.
(Drumil Vithlani, Technical Research Analyst, Bonanza Portfolio)
Buy ABB India at Rs 5,250–5,320 | Upside: 5%
Stop Loss: Below 5,050 Target: Rs 5,600
ABB India is showing signs of a bullish breakout from a symmetrical triangle pattern after an extended consolidation phase. Price has moved above the downward sloping trendline, indicating improving short-term momentum. Volumes are gradually picking up, supporting the breakout attempt. RSI is trending higher and remains above the 50 mark, reflecting strengthening buying interest. As long as the stock sustains above the breakout zone, the near-term bias remains positive with scope for further upside.
(Drumil Vithlani, Technical Research Analyst, Bonanza Portfolio)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
