Market Trading Guide: Tata Communications, Motherson Sumi Wiring among 5 stock recommendations for Thursday – Stock Ideas

Alienx
Market Trading Guide: Tata Communications, Motherson Sumi Wiring among 5 stock recommendations for Thursday - Stock Ideas
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Target Price: Rs 74-80

Stop Loss: Rs 65

The stock recently formed a bullish engulfing candle, a bullish reversal pattern, at a significant support zone. This reversal candle was accompanied by strong volumes, indicating robust buying interest.

Additionally, the stock is on the verge of breaking above its 20-day moving average, currently positioned at 70, which could further reinforce the bullish sentiment. Moreover, early signs of reversal on the RSI suggest that momentum is likely to strengthen in the near term, potentially driving the stock’s upward movement.

(Kunal Shah, Senior Technical & Derivative Analyst, LKP Securities)

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