The Economic Times reported technical trading calls on four Indian stocks for the Oct. 21 session, putting individual share levels in focus after the Nifty 50 fell 1.11%.
National Stock Exchange (NSE) data put the Nifty 50 at 22,888.95 at the Oct. 19 close, 257.20 points below its previous close. The exchange listed Oct. 20 as a Dussehra holiday for equity trading, leaving Oct. 21 as the next scheduled session. Private banks and IT stocks were among the sources of the market’s weakness.
The four calls came from two brokerage analysts, according to The Economic Times. Sachin Gupta, vice president of research at Choice Equity Broking, supplied levels for Federal Bank, ACME Solar and Dr Reddy’s Laboratories. Virat Jagad, senior technical research analyst at Bonanza Portfolio, provided the Union Bank of India call.
Gupta placed Federal Bank’s entry at ₹349, with a ₹385 target and ₹330 stop-loss, the outlet reported. His case rested on a daily-chart breakout and trading above the 20-day and 50-day exponential moving averages. The report also gave the stock a relative strength index reading of 64.43.
The Economic Times put Jagad’s Union Bank of India entry range at ₹180 to ₹182, with a ₹190 target and ₹175 stop-loss. The outlet said the call followed a move above a chart resistance level and cited trading above the 20-, 50-, 100- and 200-day exponential moving averages.
Gupta’s two other calls covered ACME Solar and Dr Reddy’s Laboratories. For ACME Solar, the reported entry was ₹418, paired with a ₹460 target and ₹398 stop-loss. The outlet described support near a rising trend line, a hammer candlestick pattern and a breakout accompanied by higher trading volume.
For Dr Reddy’s Laboratories, The Economic Times gave a ₹1,243 entry, ₹1,370 target and ₹1,180 stop-loss. It cited a move out of a sideways trading range and a close above the 200-day exponential moving average. NSE equity trading is scheduled to resume Oct. 21.
