Indian equities have entered the upcoming festive trading period on a high note, with the Nifty benchmark successfully reclaiming the 25,000-point mark. The market's performance, which marks a seven-session winning streak, has been driven by a combination of robust second-quarter corporate earnings, healthy auto sales figures reported in October, and steady GST collections. Furthermore, analysts noted that sentiment was bolstered by international developments, specifically the US midterm election results, which triggered hopes for a potential de-escalation in the Iran conflict and a shift toward a softer stance on global trade tariffs.
As investors prepare for the traditional Muhurat trading session, market experts have outlined five specific stocks that exhibit promising technical breakout patterns. Osho Krishan, Chief Manager of Technical & Derivative Research at Angel One, and Virat Jagad, Senior Technical Research Analyst at Bonanza Portfolio, have highlighted these equities based on recent price movements and momentum indicators.
Among the recommended stocks is Force Motors, which has shown a strong recovery from its historical support range of Rs 16,500 to Rs 17,000. Analysts suggest buying in the range of Rs 18,600 to Rs 18,880, with a target price between Rs 21,000 and Rs 21,200 and a stop loss set at Rs 17,200. The stock has successfully reclaimed key Exponential Moving Averages (EMAs), signaling underlying bullish strength.
ITC is also on the watchlist, having broken out from a downward-sloping channel. Following a sharp corrective phase, the stock is showing signs of a trend reversal. Analysts recommend a buy at Rs 280, targeting a range of Rs 300 to Rs 315, with a stop loss at Rs 260. The 14-day Relative Strength Index (RSI) has rebounded significantly from oversold levels, suggesting that the stock is regaining positive momentum.
State Bank of India (SBI) is another highlight, following its rebound from the critical support zone of Rs 940. With the potential formation of a double-bottom pattern, experts see a path toward a trend reversal. Buy recommendations for SBI are between Rs 1,000 and Rs 1,010, with a target of Rs 1,080 to Rs 1,100, and a stop loss at Rs 940. Both Moving Average Convergence Divergence (MACD) and RSI indicators are supporting the bullish outlook.
In the automotive sector, Mahindra & Mahindra (M&M) has displayed strong momentum, closing recently at Rs 3,127.50. Analysts suggest buying M&M between Rs 3,125 and Rs 3,130, with a target of Rs 3,375 and a stop loss set at Rs 3,000. The stock recently moved above its short-term moving average, indicating fresh buying interest.
Finally, ICICI Bank is recommended after a significant weekly gain of 7.30%. The stock has reclaimed its previous resistance zone between Rs 1,480 and Rs 1,500. Analysts suggest buying in the range of Rs 1,500 to Rs 1,505, with a target of Rs 1,620 and a stop loss of Rs 1,440. As with all market investments, readers are encouraged to review original research reports and assess their own financial goals before making investment decisions, as these recommendations are provided by external brokerages and analysts.
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