Market Trading Guide: Buy Friday Data Patterns and Finolex Cables for Short Term Profits

Nifty ended largely unchanged on Thursday as selling pressure on financial stocks dragged the markets despite buying trends in auto and consumer stocks. The index has consistently failed to regain the 21-EMA on the daily chart, showing a general lack of strength. Decoding the charts, Rupak De, Senior Technical Analyst at LKP Securities, said that the RSI is in a bearish crossover, indicating weakening momentum. “Sentiment is likely to remain weak in the near term, with a possibility of decline towards 25,300. On the higher side, resistance is at 25,550-25,600,” he added.

Here are 2 stock recommendations for Friday: Buy Data patterns at Rs 3,244 | Benefit: 10%

Stop loss: Rs 3,045

Target: Rs 3,560

Data Patterns (India) Limited has made a decisive break above the 3,200 resistance zone, marking a new 52-week high and signaling a continuation of the broader uptrend. The breakout is supported by growing volumes, indicating strong and genuine buying interest. The stock is trading above its key short- and medium-term EMAs, which are positively aligned, while the 200 EMA is trending upward, confirming long-term strength. The RSI of near 73 reflects strong momentum, albeit slightly overbought, indicating strong bullish sentiment.(Kunal Kamble, Senior Technical Research Analyst, Bonanza Portfolio)

Buy Finolex cables at Rs 874 | Benefit: 10%

Stop loss: Rs 828

Target: Rs 965

Finolex Cables Limited is showing early signs of a bullish reversal after breaking the 835-840 resistance zone with improved price momentum. The stock has made a higher low near 760 and is now trading above its short-term EMAs, indicating a strengthening of the short-term trend. The RSI around 70 reflects strong momentum and buying interest, while recent volume growth indicates accumulation at lower levels. Although the stock still remains below the long-term limit of 200 EMA.

(Kunal Kamble, Senior Technical Research Analyst, Bonanza Portfolio)

(Disclaimer: Recommendations, suggestions, views and opinions expressed by the experts are their own. These do not represent the views of Economic Times)