Stock Market Analysis and what should be your approach for Friday
As of 10th March 2022
Indian equities ended another session in the green, gaining 250 points, bringing the total gain to 1,085 points in just three trading sessions.
The index is now approaching a key hurdle of 16,750–16,800 levels, a cluster of previous highs and lows following this massive advance.
A sustained trade beyond this resistance would extend the ongoing move to 16,960–17,000, being the 200-DMA.
However, profit-booking will occur if the index fails to hold above 16,800, dragging the index lower to 16,450–16,400.
Furthermore, a trade below 16,400 would prolong the slump, bringing the index down to 16,300–16,200 levels.
The technical indicator RSI has dropped down from the overbought zone on a shorter time frame, indicating that a brief profit-booking may be likely before the uptrend restarts.
Two stocks you should look for on Friday.
- Jindal Steel:
BUY: Rs 467
Target: Rs 505
Stop Loss: Rs 440
2. HDFC AMC
BUY: CMP Rs 2170
Target: Rs 2280
Stop Loss: Rs 2100
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