Live Market Intraday Picks From the Net and Nifty Commentary 6th March
Stock Market Update: Nifty and Sensex Rebound Strongly – Top Stock Picks for Thursday
The Indian stock market witnessed a strong comeback on Wednesday as investors showed renewed buying interest in key sectors. The Nifty 50 broke its 10-session losing streak, closing at 22,337.30, up 254.65 points (1.15%). Meanwhile, the BSE Sensex ended its three-session decline, settling at 73,730.23, gaining 740.30 points (1.01%).
Market Insights & Technical Outlook
A senior technical analyst noted that Nifty rebounded from strong support in the 21,800-22,000 zone. The Relative Strength Index (RSI) has formed a bullish crossover, moving up from the oversold zone. This suggests that the market trend may remain strong, with the potential to move toward 22,700 and beyond, while support remains at 22,100/22,000.
Top 5 Stock Recommendations for Thursday
1. Buy Lloyds Metals – ₹1,034
- Target: ₹1,100
- Stop Loss: ₹984
- The stock has formed an inverted hammer pattern on the daily chart, indicating a reversal.
- It recently found support at the 200-day moving average, confirming strength.
- RSI is bullish, signaling positive momentum.
2. Buy Laurus Labs – ₹567
- Target: ₹620
- Stop Loss: ₹545
- The stock has broken out from a consolidation phase and crossed a critical moving average.
- The RSI has formed a positive crossover, indicating upward momentum.
3. Buy Quess Corp – ₹627.25
- Target: ₹660
- Stop Loss: ₹610
- The stock has given a breakout from a falling wedge pattern, a strong bullish signal.
- RSI above 60 suggests robust momentum.
- Higher-than-average trading volumes on breakout confirm trend strength.
4. Buy PI Industries – ₹3,150
- Target: ₹3,400
- Stop Loss: ₹3,050
- The stock has formed a bullish engulfing pattern after a prolonged correction.
- The RSI crossover indicates a strong short-term uptrend.
5. Buy Kaveri Seeds – ₹1,067.40
- Target: ₹1,125
- Stop Loss: ₹1,030
- The stock has broken out of a rising channel pattern, showing strong buyer interest.
- It is trading above key moving averages, confirming a bullish trend.
- The DMI+ surpassing DMI- supports positive momentum.
(Disclaimer: These stock recommendations are based on expert analysis freely available on the internet and should not be considered financial advice. Please do your own research before investing.)
Additional Market Analysis
Market Summary
The Indian stock market closed in the green on Wednesday, driven by positive global cues. The Nifty50 snapped its 10-day losing streak, while the BSE Sensex gained over 700 points.
Sectoral Overview
Strong buying was observed in telecom, metals, power, and utilities sectors.
Breakout Stocks
- Several stocks hit fresh 52-week highs, including:
- Avanti Feeds (+6%)
- Abbott India, which pared gains after hitting a high
- Coforge, which saw a spike in volumes along with strong price action
Stock Analysis for Thursday
1. Coforge Ltd
- Support Zone: ₹6,808-7,148
- Potential Upside Targets: ₹8,616, ₹9,441, ₹10,012
- Stop Loss: ₹6,636
- The stock reversed from a strong support zone last tested in October 2024.
- Positive returns of 19% in 6 months and 23% in 12 months.
- Crossed the 50-day moving average, indicating strong buying pressure.
2. Abbott India
- Key Resistance Level: ₹141.05
- Potential Upside Targets: ₹149.07, ₹159.54
- Stop Loss: ₹129.76
- The stock faced rejection from a key Fibonacci level but may rally if it closes above ₹141.05.
- Has given negative returns (-21% in 6 months, -16% in 12 months) due to selling pressure from its all-time high.
3. Avanti Feeds Ltd
- Breakout Level: ₹763-771
- Potential Upside Targets: ₹840, ₹882
- Stop Loss: ₹680
- The stock broke a strong resistance level, which was rejected three times previously.
- Positive returns of 17% in 6 months and 50% in 12 months.
- Crossed the 50-day moving average, confirming a strong uptrend.
Final Thoughts
With Nifty rebounding strongly and technical indicators showing bullish momentum, traders should keep an eye on these breakout stocks and sectoral trends. As always, risk management and stop-loss strategies are essential for navigating market volatility.
For more market insights and daily stock recommendations, stay tuned to Fortune Forward!
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Disclaimer: The stock picks and F&O recommendations listed below are based on publicly available information found on the internet. These calls are shared for educational purposes only and should not be construed as financial advice. Always conduct your own research or consult with a financial advisor before making any investment decisions. Trading stocks and derivatives involves risk, and past performance is not indicative of future results.
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Register and Unlock NowDisclaimer: The stock price targets and analysis presented are based on publicly available information from top brokerage firms and may change over time. Always consult with your financial advisor before making any investment decisions. The opinions expressed in this article are for informational purposes only and do not constitute financial advice.
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